1. 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…………

2. Chapter Four: Checking Accounts

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

11. Guided Activity Endorsements: – Blank – Restrictive – Endorsement in Full Complete bottom half of worksheet, check

12. Closure If I am depositing a paycheck for $100.00 into my checking account, take me through the steps. Student responses