1. September 28, 2011 Objective: Students will identify the purpose of a checking account

2. Check for Understanding I’m going to give you a small slip of paper. On the front you need to answer the following questions: 1.How is financial planning SIMILAR to creating a personal budget? 2.How is financial planning DIFFERENT from creating a personal budget? HOLD ON TO THESE YOU WILL HAVE ANOTHER QUESTION TO ANSWER ON THE BACK AT THE END OF CLASS.

3. What is a Checking Account? A checking account is a service provided by financial institutions (banks, savings and loans, credit unions, etc.) which allows individuals and businesses to deposit money and withdraw funds from a federally-protected account. The terms of a checking account may vary from bank to bank, but in general a checking account holder can use personal checks in place of cash to pay debts. He or she can also use electronic debit cards or ATM cards to access individual accounts or make cash withdrawals.

4. Purpose of a Checking Account Probably the two most important reasons are safety of your money and convenience for paying for goods and services. Video Clip – “Managing a checking account”

5. Safety When you keep your money in a checking account, you don’t need to carry as much cash with you—so your money is safer.

6. Convenience Convenience means that you can pay bills by check or online. For instance you can pay your car insurance and car payment by mailing checks or making transfers from your checking account. This means you don’t have to drive to your insurance agent and the car loan company to pay your bills with cash.

7. Other Purposes of a Checking Account Having a debit card tied to it so you can use your debit card to make purchases Having access to ATM machines to make deposits and withdrawals Checks make a good record of payment Depositing a paycheck by direct deposit can eliminate trips to the bank or ATM Some checking accounts pay interest No check cashing fees when you cash your paycheck with your bank

8. Conclusion What was our objective for today? Now on the BACK of you slip of paper I want you to name 4 reasons to have a checking account.