CHECKING ACCOUNT REFLECTION

Transcription

1 CHECKING ACCOUNT REFLECTION Directions: Complete the handout below and share your answers with your small group. Write down words that come to mind when you hear checking account. Do you or your parents have a checking account? What is a checking account and how does it differ from a savings account? What do you think are some advantages to having and using a checking account? Your homework assignment was to define these common bank fees. Provide a one-sentence definition below: 1. ATM User Fee/Foreign ATM Fee: 2. Overdraft Fee: 3. Monthly Service Fee/Maintenance Fee: 4. Minimum Balance Fee: Page 1

2 PARTS OF A DEBIT CARD Directions: Identify the parts of a debit card in the space provided. If you have a debit card, pull it out so you can get familiar with the information on your card. FRONT: (A)Bank of Vero BACK: (B) (C)Customer 2005 (D)Good Thru 12/12 Since Last Day of For Customer Service: (G) (H)191 Authorized Signature *Not Valid Unless Signed (E)Vero K Cruz (F) Bank of Vero (I)TTY: From Outside the US call collect at Label the Parts of a Debit Card: A. B. C. D. E. F. G. H. I. When you use your debit card to make purchases, you will be asked to enter your Personal Identification Number (PIN). Unlike credit cards, debit cards will immediately deduct the value of your purchase from your bank account. Make sure you have enough money in your account to cover your expenses and avoid paying overdraft fees! Page 2

3 CHECK WRITING BASICS Directions: Identify and label the parts of a check in the space provided. Proceed to writing a check, endorsing a check, and completing a register. (A) Maria Cruz (B) Express Way (C) Monarch Village, CA, Date (D) Pay to the Order of (E) $ (F) Dollars_ (G) Bank of California (H) For (I) (J) : : (K) Label the Parts of a Check: A. B. C. D. E. F. G. H. I. J. K. Now, fill in the check using the following scenario: On September 1, 2014, Maria ate lunch at Subway and spent $7.55. Complete the check as Maria would have for her purchase. Page 3

4 SCENARIO: That same day, Maria received her paycheck from her waitressing job. The check was in the amount of $ Maria decides to deposit her check into her checking account. She (1) endorses the bank of the check, (2) writes For Deposit Only, and (3) writes her bank account number of Complete the back of the sample check in the space provided. Endorse Here: X (1) (2) (3) DO NOT SIGN/WRITE/STAMP BELOW THIS LINE FOR FINANCIAL INSTITUTION USAGE ONLY REVIEW THE PARTS OF A CHECK REGISTER BEFORE COMPLETING THE SCENARIO. SCENARIO: Maria immediately logs her transactions in her check register when she returns home. Record Maria s transactions from the day in the register below. (A) Check Number (B) Date (C) Transaction Description (D) Payment/ Withdrawal (E) Deposit/ Credit (F) Balance: $ A. Check number: Number of the check that was written B. Date: Date the check was written/date of transaction C. Transaction Description: Enter the name of the payee (company/person you paid) D. Amount of payment/withdrawal E. Amount of deposit/credit F. Balance: Current amount of money in your account Page 4

5 ELECTRONIC BANKING SERVICES AND SAFETY Directions: Financial institutions offer many different electronic services including access to ATMs, banking by phone, and online banking to help customers manage their finances. Check off the different features that each one provides. Then identify which tips help prevent fraud and identity theft. ATM Conduct Banking Transactions Review Banking Transactions Obtain Cash Pay Bills Keypad or Voice Activated Requires a PIN Access a Customer Service Representative Requires Internet Access Requires a Username and Password Bank by Phone Online Banking Online Banking Allows You to: Direct Deposit Transfer Money Between Your Accounts Transfer Money to a Third Party Make Regular Transactions/Automatic Bill Pay Access Online Banking Assistance Access Budgeting and Money Management Tools Other? You can never be too safe with your financial information. Read the following statements and identify whether it is a smart decision: Send financial info through Use one low-limit credit card for purchasing items online Protect your social security number and PIN Click on hyperlinks that are sent to you from unknown sources Review your credit report every 2-3 years to make sure all information listed is accurate Shred old financial documents, including bank statements and old credit or debit cards Keep your virus protection, firewall, and spyware up-to-date Smart Decision (Yes/No) Page 5

6 STUDENT REFLECTION In today s workshop, I learned: The most helpful piece of information I learned was: After today s workshop, I plan to: HOMEWORK Talk with your parent(s) about how they manage their checking account. If your parent(s) do not have a checking account, explain to them what it is and how it works. PRE-WORK FOR WORKSHOP ON: Page 6