Checking Maintaining a checking account is a necessary skill to master before living independently.

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Presentation transcript:

Checking Maintaining a checking account is a necessary skill to master before living independently.

Did you know… In 2012, 87% of the U.S. population had a mobile phone and 21% of them had accessed mobile banking in that year. Additionally, 68% of consumers with regular internet access had used online banking in that year, and with more widespread us anticipated in the years ahead.

Checking Account Basics –write these Checking account- an account that grants check-writing privileges. Designed to make it easy for people to pay their bills or purchase things. Check- handwritten or computer-generated order specifying the amount of money to be paid and the name of the person who should receive the funds. People use checks to pay for items such as rent, mortgage, utilities, food, etc.

Checking account details – write these Privileges: Debit cards, electronic funds transfer, online banking. Meant to be used. Little or no interest paid on account balance. Some banks do charge for checking, others don’t.

Paper checks- what’s on there Turn to page 10 of Banking textbook. When you first open a checking account, the bank will provide you with: checkbook of blank checks deposit slips, and a check register

Definitions- write these A checkbook register is provided with your checks so that you can keep up with your balance. Deposit/credit- Money you put into the account. Debit- withdrawals from your account. When you write a check, use your debit card, or take out cash.

Definitions- write these Balance/reconcile- Add the credits(deposits) and subtract the debits (checks written, withdrawals, fees). (Account should be balanced at the end of each month.) Statement balance- how much money you have in your account as of the statement date.

Electronic, Online, and smartphone banking definitions- write these Debit card-a card made for making purchases or cash withdrawals electronically. Withdraws money from your account PIN- personal identification number- A 4-digit number connected to the debit card, to protect your identity. EFT- electronic funds transfer includes direct deposit, automatic bill-pay, etc.

Definitions- write these Online banking- Register through the bank’s website Check your balance, arrange for bills to be paid, transfer funds Most banks have mobile apps ATM- automated teller machine- a machine that allows you to withdraw cash, usually for a fee

Definitions- Write these Overdrawn- having a negative balance in your account. Overdraft penalty- a fee you will pay if you write a bad check. Often $25 or more for each back check. Overdraft protection- an arrangement with the bank to cover bad checks. Set this up on your account. (You are still responsible for the checks.)

Identity theft Stealing someone’s personal information for the purpose of making purchases NEVER share your PIN, Be cautious making purchases online Shred old statements Protect Yourself From Identiy Theft

Assignment Checking and savings competency- due by end of the week