Insured Savings/ Checking Accounts. Skyler Nakamura Period 2. Definition.
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Like a savings account in which you put money in. You can then use checks to pay for things other than your actual money. You write the amount of money that the person you give it to can take out of your bank account and when you sign it you agree that they can have the money.
If you have insufficient funds in your checking account at the time you write the check it will “bounce” and you’ll get a fee for a bad check and having insufficient funds in your account. You’ll still owe the money you wrote on the check too.