Checking Account Flashcards
Deposit
money put into a bank account
Automatic Teller Machine (ATM)
bank machine that allows you to withdraw money electronically using a card
Personal Identification Number (PIN)
personal number on a bankcard that gives you access to your bank account electronically
Checking Account
a monetary account that allows the holder to write checks against money that has been deposited into it
Check
directs a bank to deduct money from your checking account to make a payment
Total Deposit = ?
(currency+coins+checks) - cash received
What are four things needed to open a checking account?
- valid government ID
- social security number
- minimum opening deposit
- parent or guardian (if under 18)
What are the six steps to writing a check?
- write the date
- write the name of the person/organization to whom the payment is for
- write the amount of the check as a numeral
- write the amount of the check in word form with cents as a fraction
- make a notation on the check to indicate its purpose
- sign the check
Check Register
a record you keep of your checking account deposits, withdrawals, and transfers
Balance
the amount of money you have in an account
Banking Statement
lists all your checks that the bank has cleared, including automatic transfers, ATM transactions, and deposits that the bank has recorded since your last statement
Service Charge
a fee charged for services rendered by the bank
Reconcile
to compare your check register with the bank statement of your checking account to make sure they agree
Online Banking
doing bank transactions, such as loan payments and fund transfers, electornically over the internet
Formula for new balance under payments
previous balance - check amount- automatic transfer
