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Warm up Exercise The Perfect Check. Today’s Date Tony’s Exxon for car repairs 1,432.90 dollars Who cares if you write out a check perfectly, no errors, even if the bank will cash it…………. Chapter Four: Checking Accounts. Objective:.

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Warm up exercise the perfect check
Warm up ExerciseThe Perfect Check

  • Today’s Date

  • Tony’s Exxon for car repairs

  • 1,432.90 dollars

  • Who cares if you write out a check perfectly, no errors, even if the bank will cash it…………


Chapter four checking accounts

Chapter Four:Checking Accounts


Objective
Objective:

  • Understand checking accounts responsibilities and privileges

  • Calculate checking account balances

  • Learn key definitions of terms associated with checking accounts

  • Practice writing checks, recording debits and credits and balance a check register using a bank statement


Key terms
Key Terms

  • Check- written order specifying the amount of money to be paid and the name of the person or company who should receive the funds

  • Deposit/Credit- money you put into your account

  • Debit- withdrawal from you account

  • Balance/reconcile- compare the amount of money in an account with the net debits and credits at that point in time for that account


Key terms1
Key Terms

  • Statement balance- how much money you have in your checking account as of the statement date

  • Debit card- a card that allows the user to withdraw money from a bank account to obtain cash or make a purchase

  • PIN- Personal Identification Number, verifies your identity


Key terms2
Key Terms

  • EFT – Electronic Funds Transfer, movement of money using computer systems, telephones or electronic terminals

  • Online banking- allows account holders to access their account information, view transactions history and perform banking transactions via the internet

  • Overdrawn- having a negative balance in an account


Key terms3
Key Terms

  • Overdraft penalty- a fee to cover the cost of processing your bad check

  • Overdraft protection- arrangement with the bank to cover checks so they will not bounce

  • Minimum account balance- amount of money you must keep in the account to avoid service charges, qualify for special service or earn interest on the account

  • Interest bearing account- account that earns interest


Did you know
Did you know?

  • % of people who bank online in 2006 was:

  • 43% or 63 million bank online

  • Currently

    The number has doubled.

    Many still prefer to visit a bank for service and use the online system for routine transactions


Opening a checking account
Opening A checking Account

  • What are the advantages of a checking account?

  • Alternate ways of paying bills

  • Signature Card– signature, ink, ownership of account, joint, individual, etc.

  • Deposit Slip

  • Currency versus Coin?

  • Review pages 2 – 5 of practice set


Guided activity
Guided Activity

  • Complete the worksheet entitled WRITING a check

    • Make out a check to Mr. Peaco for $50.00

    • Today’s date,

    • Memo line: Nice Guy

    • Signature


Guided activity1
Guided Activity

  • Endorsements:

    • Blank

    • Restrictive

    • Endorsement in Full

  • Complete bottom half of worksheet, check


Closure
Closure

  • If I am depositing a paycheck for $100.00 into my checking account, take me through the steps.

  • Student responses


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