Some banks charge a fee for certain actions or if the account holder does not meet certain requirements.


Examples of fees that are charged by a bank are:

• Account fee (may also be called a service fee or maintenance fee) - a fee that is charged to keep the account open. This fee is typically charged monthly. Sometimes this fee is waived for maintaining a minimum balance or setting up direct deposit.
• ATM fee - a fee that is charged when a transaction is made at an ATM. This fee is typically charged every time an ATM is used, but it is often waived for that bank's account holders.
• Overdraft fee - a fee charged for making a withdrawal greater than the account balance.

Some benefits of a checking account are:

• The money in the account is insured by the federal government.
• A canceled check can be used as proof of payment, so there is a record of the transaction.

A credit card is a small plastic card issued by a financial institution which can be used to make purchases. The amount charged on the credit card is borrowed by the cardholder from the financial institution. The cardholder is responsible for paying the money back. If the money is not paid back immediately, the cardholder is typically charged interest.

A debit card is a small plastic card issued by a bank to an account holder which can be used for electronic transactions, such as purchases and ATM transactions.
When a payment is made with a debit card, the money comes from the cardholder's bank account.

CHECK NO OR CODE	DATE	DESCRIPTION OF TRANSACTION	PAYMENT FEE OR WITHDRAWAL (-)		DEPOSIT OR INTEREST (+)

A section of a blank check register is shown.

The column labeled "Check No or Code" is used to record the check number or a code that indicates the type of transaction.

The column labeled "Date" is used to record the date of a transaction.

The column labeled "Description of Transaction" is used to briefly describe the transaction or to record who a check was made payable to.

The column labeled "Payment, Fee, or Withdrawal" is used to record the amount of money that is taken from the checking account.

The column labeled "Deposit or Interest" is used to record the amount of money that is added to the checking account.

The last column is used to subtract or add the amount of the transaction to find the new amount of money available in the checking account.

A person's credit history is shown on their credit report.
A person's credit report indicates the risk of lending to that person.
Companies can use a person's credit report to determine loan terms and insurance rates.