1. Opening A Checking Account CONSUMER BANKING SIMULATION Mrs. Reed's Family and Consumer Sciences 1

2. Tracking your money  Even though people don't use checks as much as they used to, it is still important to know how to write checks and maintain a checking account.  You may find that the only way to pay some bills is by writing a check.  A checking account is an account that you draw (take money out from by writing check, using ATM card, Debt Cards, electronic transfers.  So a checking account is not limited to just writing checks. Over time they may be rename. Mrs. Reed's Family and Consumer Sciences 2

3. Opening an account  Opening a checking account is usually very easy.  The hard part is deciding which bank to use, and what kind of checking account to open.  Once you've made those decisions, just go to the bank and tell them you want to open an account.  They'll be happy to help you because you've just asked to become a customer, and they don't make money without having customers. Mrs. Reed's Family and Consumer Sciences 3

4. The first thing you'll fill out is called a signature card. Mrs. Reed's Family and Consumer Sciences 4 Signature Card Sample

5. compare checking accounts features location branch offices; hours of operation; availability of ATMs fees monthly fees; per check fees; printing of checks; balance inquiry fees; ATM fees other charges overdraft charge; stop-payment fees; certified check fees interest rate earned; minimum deposit to earn interest; compounding method; fee charged for falling below necessary balance restrictions minimum balance; deposit insurance; holding period for deposited checks special features direct deposit; automatic payments; overdraft protection; online banking; discounts or free checking for students, seniors, or employees of certain companies Mrs. Reed's Family and Consumer Sciences 5

6. Deposit Slips  Deposit Slips are used when you had money to your account. Mrs. Reed's Family and Consumer Sciences 6

7. Check Register  A check register is used for you to track, list your deposits (additions) as well as when you take away, (subtractions), check, ATM, Debt, Electronic Transactions. Mrs. Reed's Family and Consumer Sciences 7

8. Check  Checks are used when you are taking money out of your account. Mrs. Reed's Family and Consumer Sciences 8

9. Your Task  It is time to open your first checking account. Using the Internet, visit 3 different financial institutions. (Examples Bank of America, BB&T, Apple Federal Credit Union). After reviewing their sites. Describe the checking accounts offered by each. Complete the chart with the information you learn. Mrs. Reed's Family and Consumer Sciences 9