<p>CHAPTER 5: Checking Accounts</p><p>SECTION 1: Basic Banking Concepts</p><p>1. What does the bank do with the money you put in a savings account?</p><p>2. The cost of the bank using your money is paid to you in the form of what?</p><p>3. How is a checking account different from a savings account?</p><p>4. A written request to your bank to take money from your account and pay it to someone else is called what?</p><p>5. What does a debit card allow you to do that checks can’t do?</p><p>6. What is the most common type of financial institution?</p><p>7. What agencies regulate these institutions?</p><p>8. What were savings and loan associations (S&Ls) originally set up to do? What do they do now?</p><p>9. Who owns and operates credit unions? 10. How do credit unions distribute profits?</p><p>11. What service do payday lenders provide?</p><p>12. Who do payday lenders target and why?</p><p>13. What is a postdated personal check?</p><p>14. What are two ways of renewing a payday loan?</p><p>15. What are five examples of different types of financial transactions?</p><p>16. Any paycheck, cash, or other money you put in your checking account is called a what?</p><p>17. What is the difference between a debit and a credit?</p><p>18. A movement of funds from one account to another is called a what?</p><p>19. What is the Automated Clearing House (ACH)?</p><p>20. What are four different types of checking accounts? SECTION 2: Checking Account Tools</p><p>1. What are the two major tools to use with your checking account?</p><p>2. What personal information is included on individual checks?</p><p>3. What special feature do duplicate checks have?</p><p>4. You can use your debit card to withdraw cash from what type of machines?</p><p>5. In terms of how fast money is removed from your account, what is the difference between checks and debit cards?</p><p>6. What is the leading reason for overdrafts?</p><p>7. What two types of fees may a bank charge you for use of their ATMs?</p><p>8. How were checks processed prior to 2004?</p><p>9. What has made it easier for companies to process checks since 2004?</p><p>10. What does “floating” a check refer to?</p><p>11. What two financial transactions do banks process immediately? 12. What are five types of checking account fees?</p><p>13. What do you call the fee that some banks charge for maintaining a checking account?</p><p>14. In 2007, banks charged nearly how much in ATM fees?</p><p>15. Online bill-pay services avoid using checks by allowing you to do what?</p><p>16. When do banks charge overdraft or NSF fees?</p><p>17. What is the typical fee for a stop-payment order?</p><p>18. What are four reasons you may request a stop-payment order?</p><p>19. To whom should you go for information and explanations when comparing the accounts at different institutions?</p><p>20. If a justified ATM fee hits your account, what should you do to avoid similar fees in the future? SECTION 3: Using a Checking Account</p><p>1. What is the purpose of a signature authorization form?</p><p>2. What special characteristics might a “student” checking account have?</p><p>3. What does it mean to balance your checkbook?</p><p>4. Physically writing checks for a period of time is the best way to learn what?</p><p>5. In what two ways do you fill in the dollar amount on a check?</p><p>6. If you don’t have check copies, where should you record the check information?</p><p>7. What should you do if you make a small mistake on a check?</p><p>8. What should you always do to unused checks before throwing them away?</p><p>9. Where are two places you can find deposit slips?</p><p>10. When depositing a check, where should it be endorsed? 11. What does it mean to reconcile your accounts?</p><p>12. Your account statement is a list of what?</p><p>13. What do outstanding checks and outstanding deposits have in common?</p><p>14. What are the five basic steps to reconciling your account?</p><p>15. If you find a legitimate bank error on your statement, what should you do?</p><p>16. What two things will you need to select in order to access your bank’s online features?</p><p>17. What is one of the great benefits of online banking?</p><p>18. What are at least three examples of bills that can be paid online?</p><p>19. What is the auto bill-pay feature?</p><p>20. To protect your account security, you should avoid accessing your online banking service from where?</p>