Checking Accounts
A checking account is _____ which means you can deposit/withdraw money with few limitations.
Transactional
A savings account is a ____ account which means you can put money into it but are penalized for taking money out too frequently.
Deposit
What name is given to the document attached to a paycheck that shows the details of the check?
Pay stub
What must checks be written in?
Blue or black ink
Debit cards are tied directly to which kind of bank account?
Checking account
Bills
Savings accounts are typically used for holding emergency funds and saving for...
Big ticket items
What is another name for paycheck 'net wages?'
Take-home pay
The person/business to whom a check is written is called the...
Payee
When do debit card transactions come out the account the card is tied to?
Immediately
What is the name of the record used to track the account balance and all account transactions?
Check register
What is the name of the type of money a savings account earns over time that helps money grow in the account?
Interest
What name is given to the calendar days included in a paycheck?
Pay period
In what two forms must a check's amount be written?
In number and word forms
What should you do to your debit card to ensure its authenticity if a place of business wants to view the card?
What two forms of payment are issued by the bank to checking account holders when opening an account?
Paper checks, debit card
Which is NOT required in order to open a savings account? ID, social security number, pay stub from employer, money for deposit
Pay stub from employer
Which is NOT a mandatory paycheck deduction/tax, especially for a part-time employee? Federal, state, retirement, social security, or medicare
Retirement
Paper checks are tied directly to which kind of bank account?
Checking
What's the name of the 4-digit security code used to withdraw cash from ATMs and verify debit card transactions at a store?
PIN (personal identification number)
What is the name of the fee imposed if you don't have enough money in your account to cover transactions made?
Insufficient funds fee/overdraft fee
What limitation does a savings accounts have that a checking account doesn't?
Withdrawal limit
The amount of money earned before pay check deductions are taken out.
Gross wages
What do we call a check writer's signature?
Endorsement
Which kind of ATMs are safest to use for withdrawing money with a debit card?
Bank-owned ATMs