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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…………
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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