1. Key Terms Section 7.1  Are funds you deposit in a bank more secure than money you keep in your bedroom? *Inflation *FDIC *Bartering *Currency *Check *Payee *Statement Question to think about!

2. The Role of Banks  Earn a Profit  Provide Security  Regulated  Insured  Make Borrowing Easier  Financial Transactions Section 7.1

3. Checking Account Activity Packet NumberDateTransactionDebits (-) Credits (+) Balance 1/3Deposit$717.20 Payroll + 50 cash$717.20 1011/8National Electric Company-$35.24 Jan Bill$681.96 1021/9Reader’s Service, Ins.-$24.00 12 month subscription$657.96 1031/15Tickets Forum-$40.00 Concert Tickets$617.96

4. Check Packet Check Number Your Signature Amount of Check Written in Words Amount in Numbers Payee Date

5. Deposit Form/Slip Packet

6. Key Terms Section 7.2  Are personal checks accepted as payment everywhere you choose to shop? *Checking Account *Check Register *Account Balance *Overdrawing *Endorsement *Third Party Check Question to think about!

7. Checking Account Activity Packet Payments Outstanding No. 102$24.00 106$33.93 108$450.00 Total$507.93 Ending Balance On Statement $16080 Add Deposits Not Shown$69237 Sub-Total$85317 Subtract Payments Outstanding $50793 Balance$34524 Account Reconciliation

8. Key Terms Section 7.3  What records could serve as proof of a checking account transaction? *Canceled Check *Bank Statement *Reconciliation/Balancing Question to think about! Checkbook Packet Work Time

9. Bank Statement Section 7.3  Page 233

10. Key Terms Section 7.4  How is the Internet becoming part of everyday banking for many consumers? *EFT *ATM *PIN *Direct Deposit *Debit Card *Automatic Withdrawal Question to think about!

11. Electronic Fund Transfer Act  Responsibilities  Two days to report missing card  Liability will be $50 unless you fail to notify  After 60 days you could be responsible for all losses. Section 7.4  Protects consumers  Receipts required  Informed of fees charged

12. Key Terms Section 7.5  Why would someone need to send money on the same day? *Certified Checks *Cashier’s Check *Money Order *Traveler’s Check *Wire Transfer *Safe Deposit Box Question to think about! Checkbook Packet Work Time