Checking Accounts

1. Checking Accounts Section 3.1

2. Checking Accounts • What is the difference between a checking account and a savings account? • Checking account • Little to no interest earned on money • No limit to the number of transactions • Savings Account • Earn interest (or more interest) • Limited number of transactions per month • Minimum balance

3. Checking Accounts • Why do people have checking account? • What are some ways to access the money in a checking account? • Going to the bank • By using an ATM • Writing checks • Using a debit card • EFT

4. Key Terms • Balance • The amount of money in the account • Deposit • Money going into the account • Withdrawal • Money going out of the account • Maintenance Fee • A fee that is charged by the bank to maintain your account • Interest • Money earned by keeping your money in the account

5. Checking Accounts • Finding the balance of a checking account: • Deposits are added into the account • Cash deposit • Interest • Withdrawals are taken out of the account • Writing a check • Maintenance Fees

6. You currently have a balance of $2,300 in your checking account. You deposit a $425.33 paycheck, a $20 rebate check, and a personal check for $550. You want to receive $200 in cash. How much will be in your account?

7. Checking Accounts You currently have a checking account of Bank of America. The balance at the beginning of the month was $4,895. During the month, you make deposits totaling $2,578, and wrote checks totaling “c” dollars. You were charged a maintenance fee of $15, and had an ending balance of $5,973. Find “c”.

8. Checking Accounts Olivia cashed a check for $113. The teller gave her four twenty-dollar bills, “x” ten-dollar bills, and three one dollar bills. Find the value of x.

9. Classwork Page 120, 2-11

10. Checking Accounts Section 3.1

11. Checking Accounts • Yesterday, we went over: • The difference between a checking account and savings account • Defined key terms of checking accounts • Calculated the balance of accounts after transactions

12. Checking Accounts 2) Jackie deposited a $865.98 paycheck, a $623 stock dividend check, a $60 rebate check, and $130 cash into her checking account. Her original balance was $278.91. Assuming the checks clear, how much was in her account after the deposit was made?

13. Checking Accounts 3) Rich has t dollars in his checking account. On June 3, he deposited w, h, and v dollars, and cashed a check for k dollars. Write an algebraic expression that represents the amount of money in his account after the transaction.

14. Checking Accounts 4) John cashed a check for $630. The teller gave him three fifty-dollar bills, eighteen twenty-dollar bills, and t ten-dollar bills. Determine the value of t.

15. Checking Accounts 5) Gary and Ann have a joint checking account. Their balance at the beginning of October was $9,145.87. During the month, they made deposits totaling $2,783.71, wrote checks totaling $4,871.90, paid a maintenance fee of $12, and earned $11.15 in interest on the account. What was the balance at the end of the month?

16. Checking Accounts 6) Anna has a checking account at Garden City Bank. Her balance at the beginning of Feb. was $5,195.65. During the month, she made deposits totaling $6,873.22, wrote checks totaling c dollars, was charged a maintenance fee of $15, and earned $6.05 in interest. Her balance at the end of the month was $4,200.00. What is the value of c?

17. Checking Accounts 7) Queens Meadow Bank charges a monthly maintenance fee of $13 and a check writing fee of $0.07 per check. Last year, Mark wrote 289 checks from his account at Queens Meadow. What was the total of all fees he paid on that account last year?

18. Checking Accounts 8) Joby had $421.56 in her checking account when she deposited g twenty-dollar bills and k quarters. Write an expression that represents the amount of money in her account after the deposit.

19. Checking Accounts 9) Neka cashed a check for $245. The teller gave him two fifty-dollar bills, six twenty-dollar bills, and f five-dollar bills . Determine the value of f.

20. Checking Accounts 10) Olivia cashed a check for $113. The teller gave her four twenty-dollar bills, x ten-dollar bills, and three one-dollar bills. Find the value of x.

21. Checking Accounts 11) Hector had y dollars in his savings account. He made a deposit of twenty-dollar bills and dollar coins. He had four times as many dollar coins as he had twenty-dollar bills and the total of his twenty-dollar bills was $60. Write an expression for the balance in Hector’s account after the deposit.

22. Checking Accounts • What do the following terms mean: • Balance • Deposit • Withdrawal • Maintenance Fee • Interest • Rebate Check

23. Checking Accounts • What are the important parts to writing a check? • Return Address • Date • Pay to the Order of • Amount (words & numbers) • MEMO • Signature

24. Checking Accounts Return Address

25. Checking Accounts Date

26. Checking Accounts Pay to the Order of

27. Checking Accounts Amount (in words)

28. Checking Accounts Amount (in numbers)

29. Checking Accounts MEMO

30. Checking Accounts Signature

31. Total: 12% Discount: Sale Price: 6% Sales Tax: Total Cost:

32. Checking Accounts As a project grade (30% of your total grade), complete number 12 on page 121 of the text book. Your final answer will the table completely filled in, as well as the check correctly filled out.

33. Checking Accounts

34. Checking Accounts

35. Checking Accounts

36. Checking Accounts

37. Checking Accounts

38. Checking Accounts

39. Algebraic Expressions • We are going to create algebraic expressions to express transactions in checking accounts • Money going into your account • → Deposit • Money going out of your account • → Withdrawal

40. Starting Balance: d Deposits: x 5y Withdrawals: 250 Algebraic Expression: d + x + 5y - 250 You have a total of d dollars in your account. You make a cash deposit of x dollars and deposit 5 checks worth y dollars. You would like $250 cash back. Express this as an algebraic expression.

41. Starting Balance: m Deposits: 225 p 85 Withdrawals: t 100 Algebraic Expression: m + 225 + p + 85 – t - 100 = m + p + 210 - t You have a total of m dollars in your account. You make cash deposits of $225, p dollars, and $85. You also cashed a check for t dollars and one for $100. Write an algebraic expression for this.

42. Starting Balance: $5,000 Deposits: m i Withdrawals: 2,850 f Algebraic Expression: 5,000 + m + i – 2,850 – f = m + i + 2,150 - f You and your parents have a joint checking account. Your starting balance was $5,000. During the month, you made deposits of m dollars, wrote checks totaling $2,850, paid a maintenance fee of f dollars, and earned i dollars in interest.

43. Starting Balance: x Deposits: 1,478 2 → 1,480 Withdrawals: 855 12 → 867 Algebraic Expression: → x = $1,579 x + 1480 – 867 = 2,192 You open a checking account. In October, you had deposits totaling $1,478 and wrote checks totaling $855. You pay a maintenance fee of $12 and earn interest of $2. At the end of the month, you have $2,192. What was your starting balance?

44. Classwork Answers Page 120, 2-10

45. Starting Balance: $278.91 Deposits: $865.98 $623 $60 $130 In her account now: 278.91 + 865.98 + 623 + 60 + 130 = $1,957.89 2. Jackie deposited a $865.98 paycheck, a $623 stock dividend check, a $60 rebate check, and $130 cash into her checking account. Her original balance was $278.91. How much is in her account?

46. Starting Balance: t Deposits: w h v Withdrawals: k Algebraic Expression: t + w + h + v - k 3. Rich has t dollars in his checking account. On June 3, he deposited w, h, and v dollars, and cashed a check for k dollars. Write an algebraic expression representing this.

47. Starting Balance: $630 Three fifties: $150 Eighteen twenties: $360 Amount paid in tens: = 120 630 – 150 - 360 $120 in tens would be 12 tens 4. John cashed a check for $630. The teller gave him three fifty-dollar bills, eighteen twenty-dollar bills, and t ten dollar bills. What is the value of t.

48. Starting Balance: $9,145.87 Deposits: $2,783.71 $11.15 Withdrawals: $4,871.90 $12 Final Balance: $7,056.83 5. Gary and Ann have a joint checking account. Their balance at the beginning of Oct. was $9,145.87. During the month they made deposits totaling $2,783.71, wrote checks totaling $4,871.90, paid a maintenance fee of $12, and earned $11.15 in interest.

49. Starting Balance: 5,195.65 6,873.22 6.05 Deposits: c = $7,859.92 Withdrawals: c 15 5,195.65 + 6,873.22 + 6.05 – c -15 = 4,200 6. Anna has a checking account. Her balance at the beginning of February was $5,195.65. During the month, she made deposits totaling $6,873.22, wrote checks totaling c dollars, paid a maintenance fee of $15, and earned $6.05 in interest. Her balance was $4,200. What is c?

50. Maintenance: $13 / month → $156 / year → $20.23 Checks: $0.07 x 289 → $176.23 Total: $156 + $20.23 7. Queens bank charges a monthly fee of $13 and a check writing fee of $0.07 per check. Last year, Mark wrote 289 checks. What was the total of all his fees?