Tracking Your Money Standard 4. Managing a Bank Account © 2008. Oklahoma State Department of Education. All rights reserved.

Explain the importance of reconciling a bank statement. Lesson Objectives Explain the importance of reconciling a bank statement. Distinguish between using a check, ATM machine, and a debit card. Demonstrate the ability to balance a checkbook and reconcile a statement. © 2008. Oklahoma State Department of Education. All rights reserved.

Automated Teller Machine Vocabulary Automated Teller Machine ATM A computer * used to conduct business with a * institution or * items such as postage stamps or transportation tickets; also known as a * machine © 2008. Oklahoma State Department of Education. All rights reserved.

Vocabulary Check A written * directing a bank or credit * to * a person or business a * sum of money A * document and must be filled in * © 2008. Oklahoma State Department of Education. All rights reserved.

Vocabulary * Card A plastic card that provides access to * funds transfer (EFT) from an automated machine (ATM) or a * (POS) terminal © 2008. Oklahoma State Department of Education. All rights reserved.

Vocabulary Reconcile The process of comparing * bank account records to the * records of that account balance in order to uncover any possible * © 2008. Oklahoma State Department of Education. All rights reserved.

Payee Vocabulary Person or company * your check © 2008. Oklahoma State Department of Education. All rights reserved.

Check Register or Ledger Vocabulary Check Register or Ledger A * that comes with your * checks Used to * your checks, * withdrawals, *, and deposits © 2008. Oklahoma State Department of Education. All rights reserved.

Check Routing Numbers Vocabulary Printed on your * and read by high speed * machines to move your check from place to place (mall to bank) © 2008. Oklahoma State Department of Education. All rights reserved.

Bank Account Number Vocabulary Printed on your checks and used to * route the * back to your * © 2008. Oklahoma State Department of Education. All rights reserved.

Withdrawals Vocabulary Include *, making purchases with a * card, and using ATMs to get *, and * © 2008. Oklahoma State Department of Education. All rights reserved.

Hot Check or Bounced Check Vocabulary Hot Check or Bounced Check A slang term for * written on accounts with * funds © 2008. Oklahoma State Department of Education. All rights reserved.

Overdrawn Vocabulary You have * more money than you * in your account © 2008. Oklahoma State Department of Education. All rights reserved.

Bank Statement Vocabulary A * of all of the * on your account during the past month © 2008. Oklahoma State Department of Education. All rights reserved.

Introduction * and debit card transactions are almost *, so it is very * to have the * in your account when you use them. * – a written document ordering a financial institution to * money from your account to another account. * Card – a plastic version of a *. © 2008. Oklahoma State Department of Education. All rights reserved.

Checks Vs. Cash Two reasons for using checks instead of cash: Checks are * and *. Cash * be * if lost or *. Many banks offer * accounts, but some charge fees. Explore options to get the most for your *. © 2008. Oklahoma State Department of Education. All rights reserved.

Debit Cards Most bank accounts come with a * card. Debit cards are * to use but it can be * to remember to * down your transactions. * and * the receipt to record the transaction © 2008. Oklahoma State Department of Education. All rights reserved.

Checks Must have your *, *, and * number printed on it or businesses will not feel comfortable taking it Will also contain * name and information along with the check no. NEVER have your * or * number printed on your check © 2008. Oklahoma State Department of Education. All rights reserved.

Checks Continued A * document and must be filled in * Banks may * to accept a check * properly completed © 2008. Oklahoma State Department of Education. All rights reserved.

Steps in Writing a Check © 2008. Oklahoma State Department of Education. All rights reserved.

Step 1 Write the date in the upper right hand corner Use the * date Do * write a check for a * date (called a * check) Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 © 2008. Oklahoma State Department of Education. All rights reserved.

Step 2 Write the name of the * or company * your check on the line that starts with “Pay to the Order of” or “Payable to.” This person or company is called the “*.” Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 © 2008. Oklahoma State Department of Education. All rights reserved.

Step 3 Write the * amount of the check in numbers in the small space that starts with a dollar sign ($). Write the cents as a * 76/100 Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 © 2008. Oklahoma State Department of Education. All rights reserved.

Step 4 Write the * amount using * for whole * amounts and a * for the cents on the line ending with the word “Dollar.” Draw a * line to fill up the remaining space on the line Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 © 2008. Oklahoma State Department of Education. All rights reserved.

Step 5 Sign your name on the signature line at the lower right Must * the name you placed on your * card Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 © 2008. Oklahoma State Department of Education. All rights reserved.

Step 6 If making a *, write your * number on the line following Memo. © 2008. Oklahoma State Department of Education. All rights reserved.

Writing a Check Step 7 – Write the check *, date, *, amount of the check or ATM transaction in the check *. Step 8 – * amount of check from the balance. © 2008. Oklahoma State Department of Education. All rights reserved.

Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Check Routing Numbers Bank Account Number Check Number © 2008. Oklahoma State Department of Education. All rights reserved.

Depositing Money Into Your Account Step 1 – Write today’s date. Step 2 – Write down any * deposited by the word “Currency.” Step 3 – Write down any * deposited by the word “Coin.” © 2008. Oklahoma State Department of Education. All rights reserved.

Depositing Money Into Your Account Step 4 - Write checks down *. Step 5 – * deposits and write in space marked “*.” Step 6 – Write down cash * following the words “Less Cash *.” © 2008. Oklahoma State Department of Education. All rights reserved.

Depositing Money Into Your Account Step 7 – * cash received from * and write that amount after “* Deposit.” Step 8 – If * cash, sign your * on the line below the date. © 2008. Oklahoma State Department of Education. All rights reserved.

Managing Your Account Key to managing your account – write down every *, *, and * charged to your account! If you * to accurately track your account, you may find that your account is “*” or that you have “* funds.” © 2008. Oklahoma State Department of Education. All rights reserved.

Managing Your Account You may be charged * fees for writing an insufficient or “*” check. You can be * or put in * for careless or criminal behavior for writing * checks. “* protection” is available, but it will * you. © 2008. Oklahoma State Department of Education. All rights reserved.

Maintaining an. record of your transactions is the only way to Maintaining an * record of your transactions is the only way to * yourself from costly * with your bank account. © 2008. Oklahoma State Department of Education. All rights reserved.

Reconciling Your Statement Bank statement – a * of all account transactions in the past *. * your statement - * your records to the bank’s records Allows you to check for * in recordkeeping – both yours and the Bank’s! © 2008. Oklahoma State Department of Education. All rights reserved.

Reconciling Your Statement Steps to reconciling your statement: Step 1 – Record * in your check register. Step 2 – * any bank charges. Step 3 – Find the * balance on your * and * deposits not included on your statement. Step 4 – * withdrawals not included on your statement. Amount remaining is your * account balance. © 2008. Oklahoma State Department of Education. All rights reserved.

Reconciling Your Statement The * of reconciling your account on a regular basis far * the time it takes to do so. If you are having problems reconciling your statement, you can go to your * and ask someone there to * you. © 2008. Oklahoma State Department of Education. All rights reserved.

Earnings Managing your accounts will help you to: Build financial *. * spending money on * fees by practicing good * management skills. Keep * records to avoid * and hot check charges. © 2008. Oklahoma State Department of Education. All rights reserved.

Review What is a deposit slip used for? © 2008. Oklahoma State Department of Education. All rights reserved.

Review When should you “reconcile” your account? © 2008. Oklahoma State Department of Education. All rights reserved.

Review What kind of information is included in your check register? © 2008. Oklahoma State Department of Education. All rights reserved.

Review What is the memo line on your check used for? © 2008. Oklahoma State Department of Education. All rights reserved.

Review Is it okay to write a “hot check?” © 2008. Oklahoma State Department of Education. All rights reserved.

Paid in Full Do you suppose Alexis forgot to reconcile her account this month?  If you said, “Yes,” you are correct! She had used her ATM card too many times without writing down the amount, and she had no money left in her account. Do not let that happen to you! © 2008. Oklahoma State Department of Education. All rights reserved.