Explain what a checking account is used for
A checking account allows the owner to deposit and take money regularly for various purposes. They may use their debit card to make a cash withdrawal, deposit a check, or set up direct deposit to receive paychecks.
One of the most important responsibilities of a checking account is to keep short-term cash safe and accessible for bills and other expenses.
Describe the consequences of not being in the banking system
The baking system is critical If someone does not have a bank account , people are not able to easily access their money. This can be a problem if something happens to the person’s checking account and they do not have another way to get their money. It also can be a problem if the person needs to borrow money and do not have a bank account.
Identify common checking account fees and how to avoid them
Some checking account fees include:
A monthly Maintenace fee
– A transaction fee for each time a bank account is used
– A withdrawal fee
– An overdraft protection fee
The best way to avoid these checking accounts fee is to have a high balance in the account. It will help avoid fees for making transactions and having a high overdraft protection balance. Other ways to avoid checking account fees are to use direct deposit to have your paycheck deposited directly into the account or to use a bank that does not charge any fees for using their checking account.
Explain how overdraft protection works and explain the impact of overdraft fees
Overdraft protection is a service offered by banks that allows a person to borrow up to a certain amount of money without paying an overdraft fee. This service can be helpful if someone does not have enough money in their checking account to cover a purchase. Overdraft protection can also be helpful if someone does not have another form of borrowing available and needs to borrow money for a short period.
With the knowledge I have learned, I will be able to make the best banking choice.
The steps I can take to apply this knowledge include;
Cheking and understanding the different types of saving accounts available and their features.
Identifying which account will offer me the best rate of interest and meet my other financial needs.
Five years from now, this knowledge will help me be more financially secure and make better decisions when it comes to my money.
For each category, you must write a thorough explanation of why this information is important.
Consider how you can use what you’ve learned in this class in your life. What would your first steps be?
How will what you’ve learned impact you in the future? What might you do with this learning five years from now?
What if you don’t do anything with what you’ve learned?
The information presented in the portfolio is logically organized.
There are no incomplete sentences, fragments, or run- on sentences.
There are minimal mistakes in grammar, spelling, or capitalization.
All sources are cited where appropriate.
checking Explain what a checking account is used for A checking account allows t
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