many checking accounts offer multiple ways of accessing money in addition to checks. which of these can be used to access money in a checking account? debit card credit card certificate of deposit passbook
LectureNotes said many checking accounts offer multiple ways of accessing money in addition to checks. which of these can be used to access money in a checking account? debit card credit card certificate of deposit passbook
Answer:
In addition to checks, there are several ways to access money in a checking account. Among the options listed, debit card and credit card are commonly used to access funds in a checking account.
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Debit Card: A debit card is directly linked to your checking account and allows you to make purchases or withdraw cash from ATMs. When you use a debit card, the funds are deducted directly from your checking account balance.
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Credit Card: While a credit card is not directly linked to your checking account like a debit card, it can also be used to access money. When you make purchases with a credit card, you are essentially borrowing money from the credit card issuer. You will need to repay the borrowed amount, usually with interest, at a later date.
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Certificate of Deposit (CD) and Passbook: These options are not typically used to directly access money in a checking account. A Certificate of Deposit (CD) is a time deposit that restricts access to the funds for a specified period. A passbook is a record of transactions in a savings account but does not provide immediate access to checking account funds.
Therefore, for accessing money in a checking account, the commonly used methods are debit cards and credit cards.