BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Date the check because it is usually proof of payment
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Use pencil to permit changes
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Make the check payable to cash
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Use the checkbook stub or register to keep a record of the date you write the check
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Detailed explanation-1: -People generally need three to six months’ of income in a savings account to cover unknown and unexpected events and expenses. The best suggestion you gave a friend who is writing a check for the first time is: Date the check because it is usually proof of payment, Date the check because checks are proof of payment.
Detailed explanation-2: -With a checking account, you have access to your funds through a variety of ways. You can withdraw funds in-person or at an ATM using your debit card. Or, you can access your funds for purchases by paying with your debit card or checks. You can transfer funds in and out of your account online or through a mobile app.
Detailed explanation-3: -To be endorsed correctly, the name signed on the back of the check needs to match the payee’s name on the front of the check. If your name was misspelled or written incorrectly, sign it with the incorrect version, and then sign again using your correct name.
Detailed explanation-4: -Reconciling your checking account means cross-checking all of the transactions in your own records with those of the bank to ensure they match. It can help you to find any mistakes on your part or that of the bank.
Detailed explanation-5: -A personal check is a paper slip from your bank, credit union or financial institution that is signed by you, the account holder. It comes from a personal checking account and includes the amount of money to be withdrawn, the checking account number, routing number and the payee’s name.