Select the TRUE statements. A check date is necessary so the bank will know the amount of money used in the processing of the check as well as the day of purchase. Over 95 percent of the country's money in circulation is in checking accounts. In some cases banks have charged anywhere from $18 to $250 for an overdraft. It is okay to overlook a "small" expense. It is not that much of your overall budget. The payee is your personal autograph attesting to the validity of the checking account. When you talk with a customer service representative, you can tell them of your particular needs in opening a checking account. One of the steps towards what many people call a "cashless society" was when checking accounts were introduced.