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Checking Accounts

Learn important banking terms such as signature card, overdraft, debit card, and more to better manage your checking account. Discover the different types of accounts and additional financial services offered by banks.

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Checking Accounts

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  1. CheckingAccounts And Banks

  2. Terms to Know • Signature Card – completed when opening an account, so the bank can identify the account with the person the account belongs to. • Bank fee –a small amount of money charged by banks to cover their services.

  3. Terms to Know • Overdraft – writing a check for more than the amount in the bank • Check –a piece of paper written for the amount of a purchase to be paid by your bank from your account. Money is withdrawn when check is cashed. • Debit card – used to pay for items. Money is deducted from the account immediately.

  4. Terms to Know • Overdraft fee – the amount the bank charges the depositor for writing a check for more than the balance in the account. Anywhere between $25 and $35 per check.

  5. Terms to Know • Certified check – a personal check that the financial institution guarantees payment. Amount is immediately withdrawn from your account • Cashier’s check – a check that is drawn from one’s account that a bank officer signs

  6. Terms to Know • Bank statement – an account statement sent to the depositor each month that list the deposits and withdrawals as well as interest earned on the account. • Check register – booklet where one keeps a record of all deposits and withdrawals from the account.

  7. Terms to Know • Balance – amount of money in your checking account. • Deposit – putting money into your account • Insufficient funds – not having enough money in your account to pay for the checks already written.

  8. Financial Services • Checking Accounts – called demand accounts – money is available on demand • Savings Accounts – these accounts pay varying amounts of interest. Some have restrictions on when the money can be withdrawn

  9. Financial Services • Debit Cards – looks like a credit card, but the amount is deducted from the account when you present the card. • ATM’s – Automated Teller Machine allows the depositor to bank any time of day or night. Must have a PIN number. Never give pin number to anyone.

  10. Financial Services • Loans – allows the depositor to borrow funds for long and short term goals. • Safe-Deposit Boxes – these are rented to customers in which they can store valuable items or papers.

  11. Other Financial Services • Credit cards • Drive-up Windows • On-line access to one’s account • Financial counseling • Traveler’s checks

  12. Types of Accounts • Some accounts require a minimum balance and others charge a service fee. Others will pay interest. • Individual Account – you are the only person who can write • checks on that account

  13. Types of Accounts • Joint Account – means that you and someone else can use the account. Both deposit and withdraw money.

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