Checking Accounts

The "Fed" is the nickname for

Fed is used as the clearinghouse when the payee's bank & the drawee are located in diff states.

It is okay to sign someone else's name on a check.

The payee of the check is...

The payee is the owner of the account and the person that signs the check.

A business is more likely to use check stubs than a check register.

A canceled/processed check is legal proof of payment.

FDIC stands for

What type of endorsement is this?

Which of the following is NOT an advantage of having a checking account?

You use your credit card to make a purchase at Best Buy.

Checking account transactions should be recorded on both the check stub and the check register.

Certified check is when a bank guarantees the check and freezes the money in the drawer's acct.

The FDIC insures an account up to...

If a check is lost or stolen, you may want to

EFT stands for

You got into college but cannot afford the entire cost on what you make at your part-time job

You want to starting saving to buy a house but are unsure how to begin

The drawee is the financial institution that pays the check.

A typical traveler's check requires two signatures.

Each month your auto insurance premium is automatically deducted from your account.

What type of endorsement is this?

You use your debit card to make a purchase at Target.

In his will your uncle left you his farm in Maine, but you are a minor.

What type of endorsement is this?

In this check the drawer is...

You do not feel safe leaving your mother's antique engagement ring in your home.

Outstanding checks might be 1 reason why a check reg balance & a bank state. bal don't agree.

You put the money you received from your birthday in your savings account.

The drawee of the check is...

Filing taxes is one of the six most common financial services.