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Warm up Exercise The Perfect Check

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…………. Chapter Four: Checking Accounts. Objective:.

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Warm up Exercise The Perfect Check

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  1. Warm up ExerciseThe 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

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