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Other Forms of Payment

Other Forms of Payment. 4.02 E Students will understand the purposes of special checks. Other Common Payment Services. Special Checks Travelers check Requires 1 st signature when check issued Requires 2 nd signature when check used

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Other Forms of Payment

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  1. Other Forms of Payment 4.02 E Students will understand the purposes of special checks.

  2. Other Common Payment Services • Special Checks • Travelers check • Requires 1st signature when check issued • Requires 2nd signature when check used Go to link below and read about traveler’s checks and how they work. http://usa.visa.com/download/merchants/visa_travelers_cheques_acceptance.pdf

  3. Traveler’s Checks • Traveler’s Checks – Draft drawn by a well-known financial institution on itself or its agent, used when traveling • Go to website • http://www212.americanexpress.com/dsmlive/dsm/dom/us/en/personal/cardmember/additionalproductsandservices/giftcardsandtravelerscheques/travelerschequesandforeigncurrency.do?vgnextoid=6d17fc671492a110VgnVCM100000defaad94RCRD Answer the related questions on graphic organizer/guided notes.

  4. Traveler’s Check

  5. Certified Check A certified check is written by a bank for you from your bank account to give to someone. It's guaranteed funds that the bank reserves from your account. Go to website: http://www.superpages.com/supertips/what-is-a-certified-check.html Use the website to answer the questions on your graphic organizer/guided notes.

  6. Certified Check

  7. Certified Check Questions • Who issues a certified check? • Give two examples of when you might need a certified check? • Why can’t a certified check bounce? • Why does a creditor require a certified check? • Do banks charge a fee for a certified check?

  8. Cashier’s Check SampleCashier’s Check – A check the bank draws on itself

  9. Common Payment Services • Money Order • Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser • Orders issuing agency to pay amount printed on form to another party • Types of Money Orders: • Postal money order • Express money order • Telegraphic money order • Go to website http://en.wikipedia.org/wiki/Money_order Write questions 1-5 from next slide on notebook paper. Use the website to answer the questions.

  10. Money Order Questions • For what amount of money is a money order issued? • When was the Postal Order system established? • What is a concern about using money orders? • Who usually sells money orders in the United States? • Name 5 security features of a postal money order.

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