Intro to Business; Checking Accounts Quiz

northern highlands regional high school ; Introduction to Business Unit 2; checking accounts quiz. Mrs. Mazzocoli

You CAN'T write checks from this account

Savings account

You CAN write checks from this account

CHECKing account

Another name for a checking account

demand deposit

deposits today

direct deposits
PayPal
Venmo
Zelle
Cash-App

withdrawals today

Amazon
Checks
Debit/Credit cards

what do student checking accounts NOT have

FEES - compared to adult checking accounts

what is online

transfer money, deposit checks, send money somewhere

benefits from online banking

easier to use money *SOMETIMES YOU CAN BE SCAMMED*

how to track your money

Online
The app
Call the company
Go to the ATM
Set up alerts
Ask a worker

what do banks make money from

FEES and LENDING money

a check is written in order to...

a bank to pay the amount stated on the person's account

the steps in a banking system

1. Payee cashes check
2. payee's bank returns the check to your bank
3. bank withdrawals money from your account to other banks
4. Bank stamps check; it's cleared

cancelled check

a check that has cleared your account

overdraft

spending more money that you have in your account

what a bank does when a check is bounced

stamps the check with "non sufficient funds" and returns it

floating a check

writing a check now and hoping you have the money in your account before it reaches the bank

ILLEGAL!

how to open a checking account

fill out signature form - signing a check clarifies to the bank it's you

check book register

booklet used for recording checking account transactions

special endorsement

endorsement that transfer the right to cash a check to someone else

restrictive endorsement

Endorsement that limits the use of a check

bank reconciliation

matching the checkbook register to bank statement

blank endorsement

Endorsement is the most dangerous and uses just a name.

bank fees

Monthly account fees
- Min balance fees
- ATM fees
- Bounced check fees
- Bank overdraft fees
- Returned deposit fees
- Paper statement fees

FDIC,

insurance that insured up to 250,000 dollars per account

debit cards

plastic cards that DEDUCT money from the checking account

overdraft protection

an automatic loan made to an account if the balance will not cover checks written

ATM

Automated Teller Machine: a machine that allows bank customers to deposit or withdraw money without visiting their bank

stop-payment orders

a request that the bank not honor a specific check; there is a fee to this

safe deposit box

a secure container locked in a bank vault

money orders

You give a store or the post office money and they give you a money order which can be used like cash; it looks like a check

certified check

a personal check that the bank guarantees or certifies to be good

cashier's check

a check written by a bank on its own funds

traveler's check

check forms in specific denominations that are used instead of cash while traveling

cashier and certified checks both are;

More secured personal checks
Used for large purchases
Authorized by financial institutions
Service fees may apply.