Chapter 29: Checking Accounts - Section 29.1: The Basics of Checking Accounts

Vocabulary flashcards covering the basics of checking accounts, types of accounts, money movement, and associated banking services from Business Studies Grade 10.

Checking account

A bank account used for everyday money tasks, including receiving money, spending, paying bills, and tracking transactions.

Deposit

Money that enters a bank account.

Withdrawal

Money that leaves a bank account.

Direct deposit

An electronic payment method commonly used for salaries where money goes straight into the bank account.

Regular checking account

A basic everyday bank account designed for simple spending and payments.

Interest-bearing checking account

A checking account that operates like a regular account but can earn interest if money stays in the account.

Joint account

A bank account shared by two or more people, such as family members or business partners, who share responsibility.

Debit card

A card used to pay for purchases where funds are deducted directly from the linked checking account.

Online banking

A service accessed via an app or website allowing customers to check balances, transfer money, and pay bills.

ATM

A banking terminal or service used to withdraw or deposit cash.

Stop payment

A service where an account holder asks the bank to cancel or stop a specific check payment from being processed.

Overdraft

A situation that occurs when an account holder spends more money than is currently available in the account.

Overdraft protection

A bank service that helps cover a transaction when the account balance is too low, though fees may apply.