Chapter Five

Overdraft protection is _____.

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

A(n) _____ is a report that accounts for the differences between a bank statement and a checkbook balance.

bank reconciliation

What is money placed in a checking account called?

demand deposit

Many companies offer _____, which is an automatic deposit of net pay to an employee's designated bank account.

direct deposit

According to the Truth in Savings law, financial institutions have to inform you of all of the following EXCEPT _____.

number of deposits held in the bank

A debit card allows you to _____.

pay for purchases directly from your checking or savings account

A _____ is a financial institution that traditionally specialized in savings accounts and mortgage loans but now offers many of the same services offered by commercial banks.

savings and loan association

A _____ is a request that a bank or other financial institution not cash a particular check.

stop-payment order

Your bank statement will include all of the following EXCEPT _____.

the number of years you have had the account

The calculation for the rate of return is _____.

total interest earned ÷ original deposit