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Security First Bank. A Banking Customer Simulation. Types of Money. Currency Coin. What is a bank?. Webster defines it as “an establishment for the custody, loan, exchange, or issue of money, for the extension of credit, and for facilitating the transmission of funds.”

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Security first bank

SecurityFirstBank

A

Banking

Customer

Simulation


Types of money

Types of Money

  • Currency

  • Coin


What is a bank

What is a bank?

  • Webster defines it as “an establishment for the custody, loan, exchange, or issue of money, for the extension of credit, and for facilitating the transmission of funds.”

  • A bank can be a traditional community bank, a savings and loan association, or a credit union.


Money substitutes

Money Substitutes

  • Bank Check

  • A bank check is a bank depositor’s written order requiring the bank to pay a certain amount to a specified party on demand.


Money substitutes1

Money Substitutes

  • Bank Draft

  • A bank draft is a check drawn on one bank by another bank.

  • The principal uses of a bank draft are to transfer funds from one bank to another and to disburse money as part of a loan.


Money substitutes2

Money Substitutes

  • Traveler’s Check

  • A traveler’s check is a cash substitute that is insured against loss or theft.

  • Most common examples are American Express and Visa Travel Money


Money substitutes3

Money Substitutes

  • Money Order

  • A money order is a check drawn on an agency’s or bank’s own account by an authorized officer of that agency or bank.

  • Western Union and USPS and examples of companies that provide these services.


Money substitutes4

Money Substitutes

  • Cashier’s Check

  • Sometimes called an officer’s check – is drawn on a bank by one of its own officers.

  • Example would be buying a car thru a newspaper ad. They don’t know you so they may ask for a cashier's check.


Money substitutes5

Money Substitutes

  • Bank Card

  • Many banks allow bank customers to deposit, transfer, or withdraw money electronically by using an ATM at a convenient location outside the bank.


Money substitutes6

Money Substitutes

  • Credit Card

  • Some banks issue credit cards to qualifying customers, which enable those customers to charge purchases up to a maximum amount set by the bank.


Money substitutes7

Money Substitutes

  • Bank Debit Card

  • You may pay for purchases from cooperating businesses with this card, and the transactions are recorded directly to your bank account if enough money is available in the account.

  • Unlike the credit card, the use of a debit card is not a loan.


Security

Security

  • Don’t give out your pin number to anyone.


Other services

Other services

  • Loans

  • Electronic Banking

  • Safe-deposit boxes

  • Financial Counseling

  • They will give you a tour of their facility to show you all the services that they can provide you.


Your job

Your Job

  • You are a single person who has earned a high school diploma.

  • After studying computer science at JSRCC, you are qualified to work as a computer technician.

  • You are hired by Metro Computer Consultants, located at 11708 Parkway Avenue, Dallas, Texas 75205-7205.

  • Your beginning salary is $2000 a month.

  • You are paid twice monthly, one half on the 1st of the month and the other half on the 15th.


Examples

Examples

Changing Percentages to Decimals

62.1% = _____

5.24% = _____

125% = _____

.621

.0524

1.25


Activity 1

Activity 1

Practice changing these percentages to decimals:

85% = .85

9% = .09

.3% = .003

14.8% = .148

103% = 1.03

25.75% = .2575


Multiplying and rounding

Tenths

Thousandths

Hundreths

Multiplying and Rounding

$ 61.40

x .28

49120

12280

$17.1920

$17.1920


Security first bank

$17.19


Activity 2

Activity 2

Practice rounding the following numbers to two decimal places:

.086= .09

.493= .49

.5646 = .56

.376= .38


Activity 2 cont

Activity 2 cont.

Multiply the following amounts by the percentages shown. Locate the decimal points and round the answers to two decimal places, if necessary:

$500.00 times 5% is $25.00

$650.00 times 10% is $65.00

$435.50 times 12% is $52.26


Activity 3

Activity 3

Now figure what the deductions will be from your monthly salary.

Your salary for one month: $2000.00

Deductions include:

Income tax: $300.00

FICA tax:$160.00

Medical and dental plan $104.00

for one month

Total Deductions$564.00

Your net pay will be:$1436.00

You will receive $718.00 every pay check.


Security first bank

You charge $1000 on your credit card with 20% interest rate and decide to pay $200 and month. How much will be on your credit card after 2 months?

  • 1st 1000 x .20 =200

  • Then 200 / 12 = 16.67

  • At the end of month 1 you would have:1000 + 16.67 – 200 = 816.67

  • Then month 2 you would have:816.67 + 13.61 – 200 = 630.28


Activity 4

Activity 4

Figure the following simple-interest problems

What will the monthly payments be if you borrow $800 for six months at 12% interest?

Step 1

Principal$800.00

x Interest rate.12

= Interest charge for 1 year$ 96.00

Step 2

Interest charge for 1 year$96.00 ÷ 2 = Interest charge for 6 months$48.00

Step 3

Principal$800.00

+ Interest charge for 6 months$48.00

= Total bank loan$848.00

Step 4

Total bank loan$848.00

÷ 6 = Total payment for 1 month$141.33


Activity 5

Activity 5

Now you have a good idea of how much money you can spend for each expense category during one month. At the end of this simulation, you can figure out what you actually spent, how well you followed your original plan, and whether this plan works for you.


Security first bank

SecurityFirstBank

New Account

Dallas Texas

October 7, 2007

0075-0197-66

Date: Opened: ___________________ Account No. _______________

Individual

1

Type AccountType: _____________ No. Signatures Req. __________

Your Name

543-34-4857

Title of Account: ____________________ Soc. Sec.: ______________

8086 Fenton Ave., Apt. 12

Home Address: _____________________________________________

Dallas, Texas 75221-4255

___________________________________________________________

Same as above

Mailing Address: ___________________________________________

(214) 555-3871

(214) 786-4443

Home Phone: ________________ Cell Phone _________________

Computer Technician

Business or Occupation: ____________________________________

Metro Computer Consultants

Employer: ____________________________ Phone - ______________

(214) 555-7384

11708 Parkway Avenue

Dallas, TX 75205-7205

Address: __________________________________________________

O

O

ATM OR DEBIT CARD: Y N INTERNET BANKING: Y N

H3857293

D.L. No. ____________

Suntrust Bank

321-39-28

Previous Bank: ________________________ Acct. No. ____________

Richmond, Virginia

Bank Address: ____________________________________ _________

Reference Name

(804) 555-1234

Reference: __________________________Phone:________________

Reference Name

(804) 555-5678

Reference: __________________________Phone:________________

Balance of amount,

Suntrust Bank

$198.60

Amount of Deposit ________ Deposit Description _______________

Register style

Type of Personalized Checks ________________________________

200

A

Blue

No. of Checks ___________ Style ____________ Color ___________

Blue

101

Cover ___________ Starting No. ____________


Bank check

Payee: Party to whom

you are paying money

Drawee: Party who pays

The money to the payee

Drawer: Party who request

Orders that payment be made

Bank Check

Godwin High School

2101 Pump Road

Richmond, VA 23233

April 19, 2006

Coach Thomas

5,000,000

Five Million and 00/100 ----------------------------

Dallas

Texas

SecurityFirstBank

Mr. Myers


Selecting a checking account

Selecting a Checking Account

  • Different Types of Checking Accounts

    • Individual

      • This checking account is used by only one person.

    • Joint

      • This checking account is to be used by more than one person such as a husband and wife

    • Business

      • This checking account is used by a business and are signed by one or more employees.

    • Partnership

      • Is another type of business account signed by two or more partners.


Signatures

Signatures

Legal Signature

Shawn L.. Herkins

S.L.. Herkins Jr.

Shawn Herkins

Incorrectly Written:

Shawn L. Herkins

Mr. Shawn L. Herkins


Security first bank

SecurityFirstBank

Dallas Texas

Signature Authorization Card

May 28, 2014

Date: _______________

0075-0197-66

Account No: _______________

Your Name will go here

Name:______________________________________________

8086 Fenton Ave., Apt. 12 Dallas, Texas

Address:____________________________________________

75221-4255

(214) 555-3871

__________________Phone:____________________________

Social Security No:

5

4

3

3

4

4

8

5

7

Individual

Type of Account:

Joint

Business

Partnership

You are hereby authorized to recognize any* of the signatures subscribed here

In the payment of funds or the transaction of any business for this account. It

Is agreed that all transactions between the bank and the depositor shall be governed by the contract printed on the reverse side of this card.

Authorized Signatures:

Your Signature goes here


Deposit slip

Deposit Slip

  • I have:

  • a $5.00 bill and 5 $1 bills

  • 5 quarters

  • A $125 check from Bob Smith

  • A $35 check from Beth Spivey

  • I also would like to get $50 cash

Deposit Slip

10

00

Coach Thomas

8086 Fenton Ave., Apt. 12

Dallas, TX 75221-4255

1

25

Bob Smith

125

00

Beth Spivey

35

00

Wednesday, April 19, 2006

0

00

Date _________________________

Coach H. W. Thomas

171

25

_______________________

50

00

ACKNOWLEDGE RECEIPT OF CASH RETURNED BY SIGNING ABOVE

SecurityFirstBank

121

25

Dallas

Texas

:111001273 : 00750197 66


Check stub

BALANCE BROUGHT FORWARD

DEPOSIT

DATE

No. 101

DATE ________________________

TO __________________________

_____________________________

FOR _________________________

_____________________________

AMOUNT THIS CHECK

BALANCE

OTHER DEDUCTIONS

BALANCE

Check Stub

$100 00

March 1, 2008

$430 50

$530 50

Total

March 7, 2008

Texas Central

Telephone Company

Feb. telephone bill

Installation service

$25 00

$505 50

ATM

3/7

$40 00

$465 00


Regular checkbook

Regular Checkbook


Check register

Check Register

$557 93

$286 75

Deposit

5/2

$844 68

286 75

Rush Creek

Apartments

$525 00

106

5/3

525 00

Rent

$319 68

Corner

Market

107

5/4

82 88

Groceries


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