Chapter 9. Checking Accounts and Other Banking Services

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Chapter 9. Checking Accounts and Other Banking Services"

Transcription

1 Chapter 9 Checking Accounts and Other Banking Services

2 Checking Account Basics Checking Account - An account that allows depositors to write checks to make payments. Check - A written order to a bank to pay the stated amount to the person or business (payee) named on it. Also know as a Demand Deposit

3 Checking Account Basics n Maker n The person who writes and signs the front of the check. n Payee n The person to whom the check is made out to. n The person who cashes the check.

4 Checking Account Basics Canceled Check a check that bears the bank s stamp, indicating that it has cleared the bank.

5 Checking Account Basics Substitute Check A check that is exchanged electronically to make processing faster and more efficient between banks. An image of the check. Electronic Check Conversion Used by merchants to convert a check into a debit transaction instead of processing the check.

6 Checking Account Basics Advantages of A Checking Account Convenient way to pay your bills. Writing a check is often safer than using cash A checking account has a built-in record keeping system that you can use to track expenses and create budgets. As a checking account customer, you have access to other bank services, such as instant loans and 24 hour access to your money through ATM s.

7 Checking Account Basics Overdraft A check written for more money than your account contains. Not Sufficient Funds (NSF), Bounced Floating a Check Writing a check when there are insufficient funds in the account, hoping that a deposit will clear before the check is cashed.

8 Opening a Checking Account Fill out and sign a signature authorization form. This will be the official signature that the bank can compare to the signature on your checks. Make an initial deposit to open the account.

9 Parts of a Check Pay Andy Johnson 581 Phone: West 18th Avenue Date JULY Chica go, IL Payee Maker s Pre- Printed Name and Address Date Written Amount ABA Number Numeric Amount To The Orde r of FOOD MART $ Check Number THIRTY-SIX AND 12/100 Dolla rs DU B Daws o n Un ited B an k B er lin, NJ Memo Me m o GROCERIES ANDY JOHNSON Check Number Checking Account Number Bank s Identification Number Drawer or Maker

10 Using Your Checking Account Writing Checks Always use a Pen Write Legibly Sign Your Name As it Appears on the Preprinted and Signature Card Avoid Mistakes. When a mistake occurs cancel the check by writing Void across the front of it. Make sure proper funds are in the account to cover the amount of the check written.

11

12 Example #1 n Date: December 6, 2012 n Maker: You n Payee: Target n Amount: $ n Bought School Supplies

13 Assignments n p. 207 Apply What You Know # 1 n Chapter 9 Vocabulary n Stock Market Project: Lesson 1 and 2

14 Using Your Checking Account (Cont d) Andy Johnson Dollars Cents Phone: Cash West 18th Avenue Chicago, IL Date July Checks Be sure Subtotal each item SIGN HERE FOR LESS CASH IN TELLER'S PRESENCE Less Cash Received is properly Net Deposit endorsed DUB Dawson United Bank Berlin, NJ Checks and Other Items are Received for Deposit Subject to the Terms and Conditions of this Institutions Collection Agreement Making Deposits Insert the date of the transaction In the Cash section, write in the amount of currency being deposited. In the Check section, write the amount and the ABA number being deposited. Total the currency, coin, and check amounts. Write this figure on the subtotal line. Then carry it down the Net Deposit row.

15

16 Example #2 n Date: April 7, 2012 n Cash: $ n Checks: # 6-52 $ # 2-86 $125.00

17 Assignments n p. 207 Apply What You Know # 2 n Chapter 9 Vocabulary n Stock Market Project: Lesson 1 and 2

18 Using a Checkbook Register Checkbook Register a booklet used to record checking account transactions Checkbook Register Guidelines Record the current amount in your account at the top of the Balance column. As soon as a check is written or a deposit is made, record the transaction in your checkbook register. Write the preprinted check number in the first column. Write the month, day, and year of the transaction in the Date column.

19 Using a Checkbook Register (Cont d) Checkbook Register Guidelines Enter the name of the payee on the first line of the Description section Enter the amount of the check, withdrawal, or service charge in the Amount of Payment. If the amount is a deposit, write the amount in the Amount of Deposit column. Repeat these amounts in the Balance column. If the amount is a check, withdrawal, or service charge, subtract it from the previous balance. If the amount is a deposit, add it to the previous balance. Write the new balance on the next line of the column.

20 Example #3 n Balance Brought Forward: $ Item Payment Issued To Amount Amount of Balance Forward No. Date or Description of Deposit of Payment X Deposit $ To: For: To: For: To: For: To: For: To: For: To: For: Deposit Balance Deposit Balance Deposit Balance Deposit Balance Deposit Balance Deposit Balance

21 Example #3 n July 1 st you write check #581 to Food Mart for $36.12 Item Payment Issued To Amount Amount of Balance Forward No. Date or Description of Deposit of Payment X Deposit $ /1 To: FOOD MART Deposit (36.12) For: GROCERIES Balance To: For: To: For: To: For: To: For: To: Deposit Balance Deposit Balance Deposit Balance Deposit Balance Deposit

22 Example #3 n July 15 th you deposit your pay check in the amount of $ Item Payment Issued To Amount Amount of Balance Forward No. Date or Description of Deposit of Payment X Deposit $ /1 To: FOOD MART Deposit (36.12) For: GROCERIES Balance /15 To: DEPOSIT $ Deposit For: PAYCHECK Balance To: For: To: For: To: For: To: Deposit Balance Deposit Balance Deposit Balance Deposit

23 n July 16 th you go to the ATM and use your debit card to withdraw $20.00 n Example #3 Item Payment Issued To Amount Amount of Balance Forward No. Date or Description of Deposit of Payment X Deposit $ /2 To: FOOD MART Deposit (36.12) For: GROCERIES Balance /15 To: DEPOSIT $ Deposit For: PAYCHECK Balance /16 To: DEBIT CARD Deposit (20.00) For: ATM Balance To: For: To: For: To: Deposit Balance Deposit Balance Deposit

24 Example #3 n July 20 th you pay your rent to Bellvue Apt. with check #582 in the amount $ Item Payment Issued To Amount Amount of Balance Forward No. Date or Description of Deposit of Payment X Deposit $ /1 To: FOOD MART Deposit (36.12) For: GROCERIES Balance /15 To: DEPOSIT $ Deposit For: PAYCHECK Balance /16 To: DEBIT CARD Deposit (20.00) For: ATM Balance /20 To: BELLVUE APTS Deposit (600.00) For: RENT Balance To: For: To: Deposit Balance Deposit

25 Example #3 n July 31 st the bank charges you a service fee of $5.00 Item Payment Issued To Amount Amount of Balance Forward No. Date or Description of Deposit of Payment X Deposit $ /1 To: FOOD MART Deposit (36.12) For: GROCERIES Balance /15 To: DEPOSIT $ Deposit For: PAYCHECK Balance /16 To: DEBIT CARD Deposit (20.00) For: ATM Balance /20 To: BELLVUE APTS Deposit (600.00) For: RENT Balance /31 To: SERVICE CHARGE 5.00 Deposit (5.00) For: JULY Balance To: Deposit

26 Assignments n Keeping a Checkbook Worksheet n Stock Market Project: Lesson 1 and 2 n Chapter 9 Vocabulary

27 Endorsements n Blank Endorsement Anyone can cash the check

28 Endorsements n Special Endorsement Transfer the check to another party. Pay to the Order of

29 Endorsements n Restrictive Endorsement More secure than a blank endorsement. For Deposit Only

30 Reconciling Your Checking Account n Each month the bank will send a bank statement to every customer. n Listed on the bank statement will be all: checks received and processed by the bank other withdrawals deposits made services charges interested earned

31 Bank Statement Dawson Bank For the Month Ended March 31, 2011 Beginning Balance as of March 1, 2011 $ Date Check Number Withdrawals Deposits Balance March 1, 2011 $ March 7, $24.75 $ March 8, 2011 $30.00 $ March 10, $13.00 $ March 12, $10.00 $ March 20, $3.80 $ March 30, 2011 $1.20 $ Ending Balance as of March 31, 2011 $77.25

32 Reconciling Your Checking Account n Bank Reconciliation n The process of matching your checkbook register with the bank statement. n Usually a reconciliation form will be printed on the back of your bank statement.

33 Bank Reconciliation 1. Ending Bank Balance as shown on the Bank Statement as of March 31, 2011 $ 2. Add Deposits not Shown on Bank Statement $ 3. Total Lines 1 and 2 $ 4. Subtract Checks Written but not shown on the Bank Statement $ Check Number Amount 5. Adjusted Balance (Should be the same as Ending Balance in Checkbook $

34 Item Payment Issued To Amount Amount of Balance Forward No. Date or Description of Deposit of Payment X Deposit $ /1 To: Grocery Mart Deposit For: Groceries Balance /3 To: Independent Phone Co Deposit For: Feb. Charges Balance /5 To: Deposit $30.00 Deposit For: Balance /8 To: Local High School Deposit For: Band Donation Balance /10 To: Alan's Bakery 3.80 Deposit 3.80 For: Bread Balance /15 To: Grocery Mart Deposit For: Groceries Balance /18 To: Deposit $42.00 Deposit For: Balance /20 To: Acme Hardware 4.18 Deposit 4.18 For: Hammer Balance To: Deposit For: Balance

35 Bank Statement Dawson Bank For the Month Ended March 31, 2011 Beginning Balance as of March 1, 2011 $ Date Check Number Withdrawals Deposits Balance March 1, 2011 $ March 7, $24.75 $ March 8, 2011 $30.00 $ March 10, $13.00 $ March 12, $10.00 $ March 20, $3.80 $ March 30, 2011 $1.20 $ Ending Balance as of March 31, 2011 $77.25

36 Reconciling Your Checking Account 1. Write ending balance from bank statement: 2. Add credits or deposits not on statement: 3. Total line 1 and 2: 4. Write total checks outstanding: Check No. Check Amount #105 $ #106 $ Subtract line 4 from line 3. (Should agree with checkbook balance) (22.38) 96.87

37 Assignments n p. 207 Apply What You Know # 3 n Reconciling an Account Worksheet n Stock Market Project: Lesson 2

38 Checking Accounts n Standard Accounts n Set monthly service fee of between $5 and $12 but no per-check free. n If you keep a certain minimum balance you can avoid service fees all together. n Packaged services for this type of account Travelers checks ATM card Free safe deposit box

39 Checking Accounts n Joint Accounts n Opened by two or more people. n or Account-one or the other persons are required to sign checks. n and Account - Both persons on account are required to sign checks. n Survivorship Account Any person who signs on the account has the right to the entire amount deposited.

40 Checking Accounts n Special Accounts n Checking accounts to customers who write only a small number of checks per month. n Fee charged per transaction

41 Checking Accounts n Interest-Bearing Accounts n Must maintain a minimum balance. n Share Accounts n Checking accounts with low (or no) average daily balance requirements and no service fees. Credit Unions

42 Assignments n On Chapter 9 Website complete: p Assessment n Checkbook Register and Bank Reconciliation Worksheet (p. 92) n Stock Market Project: Lesson 1 and 2

43 n Certified Check Banking Services A personal check that the bank guarantees or certifies to be good n Cashier s Check A check written by a bank on its own funds. n Traveler s Check n A check forms in specific denominations that are used instead of cash while traveling.

44 n Money Order Banking Services n People who don t have cash or a checking account. They never bounce. n Debit Cards n A plastic card that immediately deductions from checking account to pay for purchases. n Bank Credit Cards n Visa or MasterCard n Will have to pay an annual fee and interest on unpaid account balance.

45 Banking Services n Overdraft Protection n Checks will be covered even if you have insufficient funds in your checking account. n Automated Teller Machines (ATM) n 24 hour banking services. n Electronic Funds Transfer (EFT) n Uses a computer-based system that enables you to move money from one account to another.

46 Banking Services n Stop Payment Orders n A request that a bank not cash a specific check. n Safe Deposit Boxes n To store valuable items or documents at the bank. n Loans and Trusts n Notary Public n Financial Services

47 Bank Fees n Month service fees n Overdraft fees n NSF check charges n ATM fees n Safe deposit box fees

48 Assignments n p Assessment n Checking Account Activity Worksheet

Purpose of a Checking Account- Money is deposited into an account and checks or drafts can be written to withdraw money from the account.

Purpose of a Checking Account- Money is deposited into an account and checks or drafts can be written to withdraw money from the account. CHAPTER 9 CHECKING ACCOUNTS AND BANKING SERVICES Purpose of a Checking Account- Money is deposited into an account and checks or drafts can be written to withdraw money from the account. Demand Deposit-

More information

Checking and Banking

Checking and Banking Chapter 5 Checking and Banking 5.1 Checking Accounts 5.2 Banking Services and Fees Lesson 5.1 Checking Accounts Learning Objectives LO 1-1 Describe the purpose of a checking account and the forms associated

More information

Checking Accounts and Banking Services

Checking Accounts and Banking Services Chapter 9 Checking Accounts and Banking Services 9.1 Checking Accounts 9.2 Banking Services and Fees 2010 South-Western, Cengage Learning Lesson 9.1 Checking Accounts GOALS Describe the purpose of a checking

More information

Checking and Banking

Checking and Banking Chapter 5 Checking and Banking 5.1 Checking Accounts 5.2 Banking Services and Fees Lesson 5.1 Checking Accounts Learning Objectives LO 1-1 Describe the purpose of a checking account and the forms associated

More information

Checking Account Unit FINANCIAL LITERACY

Checking Account Unit FINANCIAL LITERACY Checking Account Unit FINANCIAL LITERACY Kentucky Core Content Financial Management practices (e.g. maintaining bank accounts, budgeting, saving, using credit cards wisely, financing large purchases) are

More information

Introductions. Student Introductions. Purpose. Objectives (Continued) Objectives

Introductions. Student Introductions. Purpose. Objectives (Continued) Objectives Introductions Instructor and student introductions Module overview 1 2 Your name Student Introductions Your expectations, questions, and concerns about checking accounts Purpose will teach you how to use

More information

Unit 2 The Basic Accounting Cycle

Unit 2 The Basic Accounting Cycle Unit 2 The Basic Accounting Cycle Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Business Transactions and the Accounting Equation Transactions That Affect Assets, Liabilities, and

More information

Banking Procedures. Online Resources CHAPTER 5

Banking Procedures. Online Resources CHAPTER 5 CHAPTER 5 Banking Procedures Getty Images/PhotoDisc C hapter 5 discusses banking activities for consumers and banking in the United States. Many benefits and services for consumers are available from financial

More information

Participant Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum

Participant Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum Check It Out Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum TABLE OF CONTENTS Page Determining Your Checking Account Needs 1 Checking Account Fees 2 Practice Exercise: Choosing

More information

Standard 4: The student will demonstrate the ability to balance a checkbook and reconcile financial accounts. Standard 4.

Standard 4: The student will demonstrate the ability to balance a checkbook and reconcile financial accounts. Standard 4. TEACHER GUIDE 4.1 MANAGING A BANK ACCOUNT PAGE 1 Standard 4: The student will demonstrate the ability to balance a checkbook and reconcile financial accounts. Standard 4. Tracking Your Money Priority Academic

More information

lesson six banking services overheads

lesson six banking services overheads lesson six banking services overheads beware of these high-cost financial services pawn shops charge very high interest for loans based on the value of tangible assets (such as jewelry or other valuable

More information

Standard 4: The student will demonstrate the ability to balance a checkbook and reconcile financial accounts. Standard 4.

Standard 4: The student will demonstrate the ability to balance a checkbook and reconcile financial accounts. Standard 4. STUDENT MODULE 4.1 MANAGING A BANK ACCOUNT PAGE 1 Standard 4: The student will demonstrate the ability to balance a checkbook and reconcile financial accounts. Standard 4. Tracking Your Money Alexis stops

More information

Checking Account & Debit Card Simulation and Student Worksheet. Understanding Checking Accounts and Debit Card Transactions

Checking Account & Debit Card Simulation and Student Worksheet. Understanding Checking Accounts and Debit Card Transactions Checking Account & Debit Card Simulation and Student Worksheet Understanding Checking Accounts and Debit Card Transactions What is a Checking Account? Common financial service used by many consumers Funds

More information

What is a Checking Account? Checking Account & Debit Card Simulation. What is a Check? Bouncing a Check. Other Checking Components

What is a Checking Account? Checking Account & Debit Card Simulation. What is a Check? Bouncing a Check. Other Checking Components Checking Account & Debit Card Simulation Understanding Checking Accounts and Debit Card Transactions What is a Checking Account? Common financial service used by many consumers Funds are easily accessed

More information

lesson six using banking services teacher s guide

lesson six using banking services teacher s guide lesson six using banking services teacher s guide using banking services web sites web sites for banking services The Internet is probably the most extensive and dynamic source of information in our society.

More information

Share Draft/Checking Account Basics

Share Draft/Checking Account Basics Goals Share Draft/Checking Account Basics By the end of this session, students will be able to explain and understand: How and why checks are used What factors to compare when shopping for an account How

More information

Learning about. Checking. Accounts WHAT YOU NEED TO KNOW. 2010 Deluxe Corp. All Right Reserved.

Learning about. Checking. Accounts WHAT YOU NEED TO KNOW. 2010 Deluxe Corp. All Right Reserved. Learning about Checking Accounts WHAT YOU NEED TO KNOW 2010 Deluxe Corp. All Right Reserved. Contents Learn About Checking Accounts................................3 Write a Check....................................................4

More information

lesson six banking services overheads

lesson six banking services overheads lesson six banking services overheads beware of these high-cost financial services pawn shops charge very high interest for loans based on the value of tangible assets (such as jewellery or other valuable

More information

Checking Account & Debit Card Simulation. Understanding Checking Accounts and Debit Card Transactions

Checking Account & Debit Card Simulation. Understanding Checking Accounts and Debit Card Transactions Checking Account & Debit Card Simulation Understanding Checking Accounts and Debit Card Transactions What is a Checking Account? Common financial service used by many consumers Funds are easily accessed

More information

Student Activities. Lesson Six. Banking Services 07/10

Student Activities. Lesson Six. Banking Services 07/10 Student Activities $ Lesson Six Banking Services 07/10 name: date: choosing a checking account name of bank: branch information Branch nearest your home: Branch nearest your work: Number of branches: number

More information

Checking Accounts. Open, Manage, and Reconcile

Checking Accounts. Open, Manage, and Reconcile Checking Accounts Open, Manage, and Reconcile 1. What is a checking account? A checking account is opened at a bank or other financial institution. Banks offer several different types of checking accounts.

More information

Using Banking Services

Using Banking Services Teacher's Guide $ Lesson Six Using Banking Services 04/09 using banking services websites websites for banking services The internet is probably the most extensive and dynamic source of information in

More information

Table of Contents... 1. Money Smart... 2. Check It Out... 3. Determine Your Checking Account Needs... 4. Checking Account Fees...

Table of Contents... 1. Money Smart... 2. Check It Out... 3. Determine Your Checking Account Needs... 4. Checking Account Fees... $ Table of Contents Table of Contents... 1 Money Smart... 2 Check It Out... 3 Determine Your Checking Account Needs... 4 Checking Account Fees... 5 Types of Checking Accounts... 7 Choosing a Checking Account...

More information

Presentation Slides. Lesson Six. Banking Services 04/09

Presentation Slides. Lesson Six. Banking Services 04/09 Presentation Slides $ Lesson Six Banking Services 04/09 beware of these high-cost financial services pawn shops charge very high interest for loans based on the value of tangible assets (such as jewelry

More information

keeping a running balance

keeping a running balance keeping a running balance Record checks, a check card payment, an ATM transaction and a deposit in the checkbook register below. Include the date, description, and amount of each entry. Calculate the balance.

More information

FDIC Money Smart Financial Education Program

FDIC Money Smart Financial Education Program Check it Out Use this tip sheet to help you in the process of selecting, opening, and maintaining a checking account. This tip sheet covers the following topics: Determining your checking account needs

More information

Learn to Manage Your Checking Account and Protect Your Money

Learn to Manage Your Checking Account and Protect Your Money Managing Your Checking Account Learn to Manage Your Checking Account and Protect Your Money Benefits of Your Checking Account Maintaining your TFCU share draft (checking) account responsibly and accurately

More information

MBTeam Banking. Personal Banking Checking Basics

MBTeam Banking. Personal Banking Checking Basics MBTeam Banking Personal Banking Checking Basics What is a Checking Account? A checking account allows you to write checks or use a debit card to pay bills and buy goods. Benefits of a Checking Account

More information

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Check It Out 2

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Check It Out 2 Check It Out Welcome 1. Agenda 2. Ground Rules 3. Introductions Check It Out 2 Objectives: Part 1 State the benefits of using a checking account Determine which checking account is best for you Identify

More information

Teacher's Guide. Lesson Six. Banking Services 04/09

Teacher's Guide. Lesson Six. Banking Services 04/09 Teacher's Guide $ Lesson Six Banking Services 04/09 banking services websites Students will make wise choices about their banking services once they understand such fundamentals as: selecting and managing

More information

Checking 101. Checking Out Checking Accounts

Checking 101. Checking Out Checking Accounts Checking 101 Checking Out Checking Accounts Checking Account Basics A check is a written order that represents cash Credit Union checking accounts are also called SHARE DRAFT accounts A share draft is

More information

Accounting for Cash. College Accounting. Heintz & Parry CASH INTERNAL CONTROL OPENING A CHECKING ACCOUNT

Accounting for Cash. College Accounting. Heintz & Parry CASH INTERNAL CONTROL OPENING A CHECKING ACCOUNT Heintz & Parry 0 th Edition Chapter 0 th Edition College Accounting Accounting for Cash CASH INTERNAL CONTROL Includes: Currency, coins, and checking accounts Checks received from customers Money orders

More information

lesson six banking services supplemental materials 04/09

lesson six banking services supplemental materials 04/09 lesson six banking services supplemental materials 04/09 banking terms account Money deposited with a financial institution for investment and/or safekeeping purposes. assets Items of monetary value (e.g.,

More information

Savings and Bank Accounts

Savings and Bank Accounts LESSON 2 Savings Savings and Bank Accounts Quick Write Suppose a relative gives you a generous gift of $1,000 for your sixteenth birthday. Your parent or guardian says that you can spend $50 on things

More information

Checking Account and Debit Card Simulation

Checking Account and Debit Card Simulation Checking Account and Debit Card Simulation Student Instructions and Worksheets Introductory Level Take Charge Today May 2006 Checking Account & Debit Card Simulation Page 1 Checking Account Student Instructions

More information

Learn about. How to deposit money. How to make withdrawals and write checks. How to keep track of your money

Learn about. How to deposit money. How to make withdrawals and write checks. How to keep track of your money Cumberland Security Bank s Checking School Learn about How to deposit money How to make withdrawals and write checks How to keep track of your money Depositing Money You can deposit cash and/or checks

More information

Checking Account and Debit Card Simulation

Checking Account and Debit Card Simulation Checking Account and Debit Card Simulation Student Instructions and Worksheets Get Ready to Take Charge of Your Finances Family Economics & Financial Education May 2006 Get Ready to Take Charge of Your

More information

Your Checking Account

Your Checking Account Your Checking Account What You Need to Know Getting Started Staying in Balance Practice Examples Provided by Farmers & Merchants Union Bank Contents Learn About Checking Accounts 1 How to Write a Check

More information

Vocabulary Financial Institutions Student Worksheet

Vocabulary Financial Institutions Student Worksheet Vocabulary Student Worksheet Page 1 Name Period Primary 1. Bounced Check: Vocabulary Financial Institutions Student Worksheet 2. ATM Charge: 3. Stop Payment Fee: 4. Travelers Checks: 5. ATM: 6. FDIC: 7.

More information

Checking 101. Property of Penn State Federal Credit Union

Checking 101. Property of Penn State Federal Credit Union Checking 101 Checking 101 Checking Account Basics A check is a written order that represents cash Credit Union checking accounts are also called SHARE DRAFT accounts A share draft is equivalent to a check,

More information

Anytime Adviser Checking Account Coach

Anytime Adviser Checking Account Coach Anytime Adviser Checking Account Coach Welcome. This interactive guide coaches you in managing your checking account. You may move from chapter to chapter by selecting headings from the left. Click on

More information

FINANCIAL/BANKING LITERACY ASSISTANCE FOR LATINO AMERICANS

FINANCIAL/BANKING LITERACY ASSISTANCE FOR LATINO AMERICANS FINANCIAL/BANKING LITERACY ASSISTANCE FOR LATINO AMERICANS REASONS WHY YOU SHOULD OPEN A BANK ACCOUNT Safety Carrying cash on payday or keeping large amounts of money at home or in your wallet can make

More information

Instructor Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum

Instructor Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum Check It Out Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum TABLE OF CONTENTS Page Module Overview 1 Purpose 1 Objectives 1 Time 1 Materials and Equipment Needed to Present

More information

CHECKING BASICS101. 701.255.0042 www.capcu.org

CHECKING BASICS101. 701.255.0042 www.capcu.org CHECKING BASICS101 701.255.0042 www.capcu.org This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended,

More information

Banking Basics 101. How to Manage Your Finances and Still Have Money Left Over For Pizza. Course objectives learn about:

Banking Basics 101. How to Manage Your Finances and Still Have Money Left Over For Pizza. Course objectives learn about: Banking Basics 101 Course objectives learn about: Using a checking account Various types of payment vehicles Benefits of a savings account How to Manage Your Finances and Still Have Money Left Over For

More information

Accounting. Chapter 6

Accounting. Chapter 6 Accounting Chapter 6 Lesson 6-1 Money is referred to as cash in accounting Check Checking account When open a checking account sign a signature card for all people who are allowed to sign checks Deposit

More information

Tips on Managing Your Checking Account

Tips on Managing Your Checking Account Tips on Managing Your Checking Account How to Successfully Manage Your Checking Account By Liberty Check Printers Credit Union members have access to one of the most powerful checking account management

More information

AV Equipment: Overhead projector with overheads of a blank check register and a bank reconciliation form.

AV Equipment: Overhead projector with overheads of a blank check register and a bank reconciliation form. Section 2 Financial Basics Title of Lesson/Subject: Manage Your Checking Account Prepared by: LaRee Misek Contact : E-mail address: laree.misek@sendit.nodak.edu Time Allotment: 2 weeks Grade: 8, 9 or 10

More information

Why should I have a bank account and how do I use one?

Why should I have a bank account and how do I use one? Take it to the Bank! 2 Money Matters The BIG Idea Why should I have a bank account and how do I use one? AGENDA Approx. 45 minutes I. Warm Up: Why a Bank? (5 minutes) II. Checking Accounts: Putting Your

More information

Checking Account. Money Smarts for Kids. Money Skills for Life. Member FDIC. Welcome! What Is a Checking Account? Why Is a Checking Account So Great?

Checking Account. Money Smarts for Kids. Money Skills for Life. Member FDIC. Welcome! What Is a Checking Account? Why Is a Checking Account So Great? Checking Account Welcome! Welcome to Young Americans Bank, the only bank in the world designed specifically for young people! Mr. Bill Daniels started Young Americans Bank in 1987 because he thought it

More information

Checking Account and Debit Card Simulation

Checking Account and Debit Card Simulation Checking Account and Debit Card Simulation Student Assessment Answer Key Introductory Level Directions Step One: View s monthly transactions described below and complete all necessary transactions using

More information

Elkhorn Federal Credit Union

Elkhorn Federal Credit Union Accounts 101 Elkhorn Federal Credit Union First and foremost the number one principle to managing your checking account is to make sure there is enough money in your account to cover the transactions that

More information

Adults Version. Instructor guide. 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394

Adults Version. Instructor guide. 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 Adults Version Instructor guide 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 Welcome to Wells Fargo s Hands on Banking program! This fun, interactive, and engaging financial

More information

BAnKinG PROCeDUReS. ONLINf Rf~OURCf~ u.s. savings bonds Federal Reserve System monetary policy. search terms: bank reconciliation online banking

BAnKinG PROCeDUReS. ONLINf Rf~OURCf~ u.s. savings bonds Federal Reserve System monetary policy. search terms: bank reconciliation online banking BAnKinG PROCeDUReS c hapter 5 discusses banking activities for consumers and banking in the United States. Many benefits and services for consumers are available from financial institutions. Some accounts

More information

Option 1 Teacher Information Page 1 Teacher Information

Option 1 Teacher Information Page 1 Teacher Information Option 1 Teacher Information Page 1 Teacher Information FINANCIAL INSTITUTIONS 1. Ask students where they keep their money. Discuss with them the three most common financial institutions in which the majority

More information

CHECKING ACCOUNTS. published by AAA Fair Credit Foundation

CHECKING ACCOUNTS. published by AAA Fair Credit Foundation CHECKING ACCOUNTS published by AAA Fair Credit Foundation Checking Accounts 1. What is a checking account?................................................... 2 2. Opening a checking account...................................................

More information

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account.

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account fee the amount charged by a financial institution for the

More information

Checking Account Simulations

Checking Account Simulations Checking Account Simulations ADVANTAGES AND DISADVANTAGES OF A CHECKING ACCOUNT Even though you have already opened an account, you need to be aware of the advantages and the disadvantages of using a checking

More information

Checking Account and Debit Card Simulation

Checking Account and Debit Card Simulation Checking Account and Debit Card Simulation Student Assessment Get Ready to Take Charge of Your Finances Family Economics & Financial Education April 2006 Get Ready to Take Charge of Your Finances Checking

More information

Controlling and Reporting Cash

Controlling and Reporting Cash Controlling and Reporting Cash Essential Principles for Safeguarding Cash and Reporting It On Financial Statements Gregory Mostyn, CPA Worthy and James Publishing www.worthyjames.com Controlling and Reporting

More information

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest Basic Banking When choosing a bank, you should look for a bank that offers the type of accounts and services you are looking for. You might look for convenience of branch locations, great customer service,

More information

Part I: Checks and Checking Concepts

Part I: Checks and Checking Concepts Part I: Checks and Checking Concepts Managing a checking account is an easy, step-by-step process that anyone can learn. In spite of the rise of ATM, debit and credit cards, direct deposit, automatic bill

More information

Unit 5: Banking Options

Unit 5: Banking Options Read Chapter 5 in the text. Unit 5: Banking Options Read this unit including websites. Suggestions: you may want to write down some key points. This information will be very basic for some of you. For

More information

MODULE 27 Describe how to open a checking account, balance a checkbook, and apply for a loan.

MODULE 27 Describe how to open a checking account, balance a checkbook, and apply for a loan. Student name: Date: MODULE 27 Describe how to open a checking account, balance a checkbook, and apply for a loan. Objectives: A. Describe how to open a checking account. B. Demonstrate how to balance a

More information

Member FDIC. Checking Account Guide

Member FDIC. Checking Account Guide Member FDIC Checking Account Guide Table of Contents o Introduction. 3 o Checking Account Management.. 4 o Documents. o Check Register o Checks o Debit Card o o o Making a Purchase 4 Writing a Check..5

More information

Banking Test - MoneyPower

Banking Test - MoneyPower Banking Test - MoneyPower Multiple Choice Identify the choice that best completes the statement or answers the question. 1. If a person makes a deposit of $10,000 or more into a bank account, the bank

More information

Student Take Home Guide. Money Smart. Check It Out

Student Take Home Guide. Money Smart. Check It Out Student Take Home Guide Money Smart Check It Out Table of Contents Table of Contents...1 Money Smart...2 Check It Out...3 Determine Your Checking Account Needs...4 Checking Account Fees...5 Types of Checking

More information

Write Checks the Right Way

Write Checks the Right Way Write Checks the Right Way Guide G-220 Revised by Fahzy Abdul-Rahman 1 Cooperative Extension Service College of Agricultural, Consumer and Environmental Sciences CHECKS VS. OTHER PAYMENT METHODS Checks

More information

Use Your Checking Account

Use Your Checking Account Use Your Checking Account Demonstrate the ability to write, endorse, record, and deposit checks Explain types of checking accounts and checking account fees Your Checking Account A Checking account is

More information

How to manage manage your your checking checking account. account.

How to manage manage your your checking checking account. account. How How to manage to manage your your checking checking account. account. Introduction Welcome to Desert Schools Federal Credit Union. Congratulations on your first checking account! It s the perfect time

More information

Money and Banking. Introduction. Learning Objectives

Money and Banking. Introduction. Learning Objectives Money and Banking Introduction Money and Banking Learning Objectives Lesson 1 Time Value of Money: Time is Money! Distinguish between simple interest and compound interest. Calculate simple interest and

More information

keeping a running balance answer key

keeping a running balance answer key keeping a running balance answer key record deposits and keep a running balance in the checkbook register below. 1. On May 26, your balance is $527.96. 2. On May 27, you write check #107 to your landlord,

More information

G.A.P. Federal Credit Union. Click to Continue

G.A.P. Federal Credit Union. Click to Continue G.A.P. Federal Credit Union Click to Continue MAKE YOUR PAYMENTS THE EASY WAY WRITE A CHECK Click to Continue Knowing how to use a share draft/checking account is an important skill for today. It provides

More information

Unit on Checking. Activity Points Possible Points Received Pre- test 10

Unit on Checking. Activity Points Possible Points Received Pre- test 10 Unit on Checking CHECKLIST Listed below are the activities that will be graded in each area and the amount of points each activity is worth. There is also a grading scale at the bottom of the page, which

More information

BANKING & CHECKWRITING PACKET CHAPTER 7

BANKING & CHECKWRITING PACKET CHAPTER 7 BANKING & CHECKWRITING PACKET CHAPTER 7 Use your textbook and the information discussed in class to answer the following questions: Define the following terms: 1. Direct deposit: 2. Debit card: 3. Commercial

More information

Checking Account and Debit Card Simulation

Checking Account and Debit Card Simulation Checking Account and Debit Card Simulation Student Assessment Answer Key Get Ready to Take Charge of Your Finances Directions Step One: View s monthly transactions described below and complete all necessary

More information

Choose Alaska USA and save!

Choose Alaska USA and save! Choose Alaska USA and save! Open a new personal checking account with Alaska USA and get your first box of checks FREE. Alaska USA doesn t charge per-check fees regardless of how many you write per month.

More information

Choosing and Using a Checking Account

Choosing and Using a Checking Account LESSON 8 Choosing and Using a Checking Account LESSON DESCRIPTION AND BACKGROUND The students learn the fundamentals of maintaining a checking account. They examine electronic banking methods, the writing

More information

Getting and Keeping A Checking Account

Getting and Keeping A Checking Account Getting and Keeping A Checking Account You've decided to get a checking account. That's a good idea. Your money will be safe and you'll have a record of what you've paid for. You'll know how much you have

More information

BANKING BASICS WHY YOU WANT TO KEEP YOUR MONEY IN THE BANK

BANKING BASICS WHY YOU WANT TO KEEP YOUR MONEY IN THE BANK BANKING BASICS WHY YOU WANT TO KEEP YOUR MONEY IN THE BANK REASONS TO KEEP MONEY IN A BANK Why keep your money in a bank? Safety Convenience Cost Security Financial Future BENEFITS OF CHECKING ACCOUNTS

More information

Banking Basics: Choosing a Bank

Banking Basics: Choosing a Bank 1 Banking Basics: Choosing a Bank Opening a bank account is an important step in managing your money. Every bank in New York is required to offer a basic bank account with a low minimum balance of 25 or

More information

BANKING & FINANCE (06)

BANKING & FINANCE (06) 8 Pages Contestant Number Total Work Time Rank BANKING & FINANCE (06) Regional 2005 Objective Questions (25 @ 2 pts. each) (50 pts.) Production Portion Job 1 Check Writing (12 pts.) Job 2 Check Register

More information

Name: Date : Period:

Name: Date : Period: Checking Account Vocabulary Check An order to pay money from your checking account to a person or company. Deposit Deposit Slip Putting money into a bank account A paper that you fill out which tells you

More information

OVERDRAFT PRIVILEGE PROGRAM

OVERDRAFT PRIVILEGE PROGRAM OVERDRAFT PRIVILEGE PROGRAM At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be

More information

Personal Financial Skills: WORKBOOK 2: Working With Checking and Savings Accounts

Personal Financial Skills: WORKBOOK 2: Working With Checking and Savings Accounts Personal Financial Skills: WORKBOOK 2: Working With Checking and Savings Accounts Personal Financial Skills Realizing Your Financial Goals Whether you want to buy a home, start a business or pay off your

More information

This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved.

This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved. This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved. 8 Reading for Meaning After reading the chapter, outline the key points and compare your

More information

OPENING A CHECKING ACCOUNT

OPENING A CHECKING ACCOUNT 2 OPENING A CHECKING ACCOUNT SKILL 1 SKILL 2 SKILL 3 SKILL 4 SKILL 5 SKILL 6 SKILL 7 How to Compare Banking Services How to Open a Checking Account How to Keep Accurate Records How to Write a Check How

More information

Islanders Bank. Make the Switch Kit

Islanders Bank. Make the Switch Kit Make the Switch Kit Do you still think all banks are alike? Maybe you think it s too much trouble to open a new account at a different bank? Well, it s certainly NO trouble with Islanders Bank! When you

More information

Controlling and Reporting Cash

Controlling and Reporting Cash Controlling and Reporting Cash Essential Principles for Safeguarding Cash and Reporting It On Financial Statements Gregory Mostyn, CPA Worthy and James Publishing www.worthyjames.com Controlling and Reporting

More information

Important Update to Your Deposit Account

Important Update to Your Deposit Account Important Update to Your Deposit Account Beginning February 12, 2012, U.S. Bank changed the way we post transactions to your deposit account to better align with the way you actually make those transactions.

More information

Agenda. Lecture Chapter 9 Quiz Chapter 8 Exercises & Problem Chapter 8. Objective. Cash Receipts. Cash Receipts, Payments, & Banking Procedures

Agenda. Lecture Chapter 9 Quiz Chapter 8 Exercises & Problem Chapter 8. Objective. Cash Receipts. Cash Receipts, Payments, & Banking Procedures Cash Receipts, Payments, & Banking Procedures Agenda Lecture Chapter 9 Quiz Chapter 8 Exercises & Problem Chapter 8 Cash Receipts, Payments, & Banking Procedures Objective Cash Receipts 1.cash receipts

More information

Banking Guide for International Students usbank.com/northwestern

Banking Guide for International Students usbank.com/northwestern Banking Guide for International Students usbank.com/northwestern Member FDIC Opening a U.S. Bank Checking Account Q. What form of identification will I need to open a U.S. Bank checking account? A. International

More information

New Account Conversion CHECKLIST

New Account Conversion CHECKLIST New Account Conversion CHECKLIST You may check the boxes next to the items you have completed (if any). And then print out and keep this checklist handy. As you continue completing items, simply check

More information

Choosing and Using a Checking Account

Choosing and Using a Checking Account LESSON 8 Choosing and Using a Checking Account Introduction Buying a new mp3 player is not a snap decision. You have to know the storage capacity of the player the larger the capacity, the more music and

More information

Computing Your 4-1 Total Checking Account Deposit deposit automated teller machine (ATM), personal identification number (PIN).

Computing Your 4-1 Total Checking Account Deposit deposit automated teller machine (ATM), personal identification number (PIN). 4-1 Computing Your Total Checking Account Deposit A deposit is a sum of money you put into your bank account. When you visit the bank, you use a deposit slip to record the exact amounts of currency, coins,

More information

Savings & Checking. { http://youth.macu.com }

Savings & Checking. { http://youth.macu.com } Savings & Checking { http://youth.macu.com } Mountain America Credit Union knows that it s never too early to start learning critical money management skills. That s why we ve put this information together

More information

Checking Account Management

Checking Account Management Checking Account Management 595 Market Street, 16th Floor San Francisco, CA 94105 888.456.2227 www.balancepro.net Whether you have a history of overdraft or nonsufficient funds charges or you just want

More information

Make the right move.. and let A.J. Smith Federal Savings Bank... Make it Easy for You!

Make the right move.. and let A.J. Smith Federal Savings Bank... Make it Easy for You! Make the right move.. and let A.J. Smith Federal Savings Bank... Make it Easy for You! Make the right move Switch your checking account to A. J. Smith Federal Savings Bank! We know that switching your

More information

Personal Financial Literacy: Checking

Personal Financial Literacy: Checking Personal Financial Literacy: Checking Overview In this lesson, students will learn the benefits of checking accounts, as well as precautions one must take with these accounts. They will practice using

More information

Simply Banking Teacher Version. Revised 06/11

Simply Banking Teacher Version. Revised 06/11 Simply Banking Teacher Version Revised 06/11 Introduction The Louisiana Bankers Education Council (LBEC) is the educational outreach division of the Louisiana Bankers Association (LBA). The mission of

More information