Checking Account
A checking account usually serves as the safest and
the easiest way for you to keep track of your money. A
checking account is a financial arrangement with a
bank, savings and loan association, or credit union for
safeguarding money. It provides a system that allows
you to account for your money—both what you’ve
received and what you’ve spent. Money you receive
might be your paycheck, while money you expend
might be a bill you pay.
Some terms that deal with checking accounts are
shown below.
Check. A check (fig. 17-2) is a written order telling your
bank to withdraw a sum of money from your
account to pay another person or business.
Check register. A check register is a booklet used to
record transactions involving your checking
account.
Deposit ticket or deposit slip. A deposit ticket (fig. 17-3)
is a slip of paper used to place money into your
account. Deposits can be done either electronically
or by you actually going to the bank, filling out a
deposit ticket, and handing it to a teller.
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Student Notes:
Figure 17-2.—A check and check register.
