1 / 17

Checking Accounts

Checking Accounts. Chapter 9. Possible Activities. Checkbook Simulation Balance Checkbook (file ) Online Check Writing Online Deposit Slips Use the information on page 208 (Solve Problems and Explore Issues) Go to bank website. #7 on p.207 Checkbook Unit (if need more practice).

winola
Télécharger la présentation

Checking Accounts

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Checking Accounts Chapter 9

  2. Possible Activities • Checkbook Simulation • Balance Checkbook (file) • Online Check Writing • Online Deposit Slips • Use the information on page 208 (Solve Problems and Explore Issues) • Go to bank website. #7 on p.207 • Checkbook Unit (if need more practice)

  3. Basics • Check: • Written order to bank to pay the amount stated to the person or business named on it. • Demand deposit: • Money may be withdrawn at any time.

  4. Basics • Process: • You write a check. • The payee cashes your check. • The bank that cashed the check returns it to your bank. • The bank withdraws money from your account and sends it to the bank that cashed the check. • Your bank then stamps the back of your check, indicating that it has a check that has cleared your account. • Canceled Check: a check that has cleared your accounts. Can be used as proof of payment.

  5. Advantages of Checking Account • Provides a convenient way to pay bills. • Safer than using cash, especially when making major purchases. • Built-in record keeping system that you can use to track expenses and create budgets. • Gives you access to other bank services, such as loans, online banking, and 24-hour access to your money through ATMs.

  6. Opening a Checking Account • You must fill out and sign a signature authorization form. • Provides an official signature that the bank can compare to the signature you write on the check.

  7. Parts of Check • Check Number • ABA Number • Name and Address of Maker • Date • Payee • Numeric Amount • Written Amount • Signature • Account and Routing Numbers • Memo

  8. Writing Checks • Always use pen (blue or black). • Write legibly. • Sign name the same as on signature card. • Avoid mistakes. (VOID) • Make sure you have adequate funds. • Go to online checking link.

  9. Why Paying Bills Online? • Safer than sending checks in mail. • Faster than mailing. • Convenient • Saves money for postage and costs of checks.

  10. Paying Bills Online Choice #1 Choice #2 • Can register at website of business to which you will be making payments. • You can authorize payments. • Can bills from your own account. • Register at your bank’s website. • Some banks charged monthly fee.

  11. Making Deposits (use Internet) • Date of transaction. • Cash Section: write amount of $ you are depositing • Checks Section: write amount of check along with ABA number. • Total the currency, coin, and check amounts. Write figure on “subtotal” line. • If you wish to receive some cash, complete “Less Cash Received” line • Complete “Net Deposit” • If you receive some cash, “Sign Here for Less Cash Received” • The teller will give you copy of deposit slip or receipt. • Go to online deposit slip.

  12. Checkbook Register • Definition: booklet used to record checking account transactions. • Practice: use handout • Complete ‘Balance Checkbook’

  13. Reconciling Your Account • Bank Reconciliation: the process of matching your checkbook register with the bank statement • Use sample to explain.

  14. Endorsing Checks • Blank Endorsement • Only the signature of the payee • Special Endorsement • Transfers the right to cash the check to someone else. • “Pay to the order of…” • Restrictive Endorsement • Limits to the use of the check. • “For deposit only…”

  15. Types of Checking Accounts • Joint Accounts • Opened by 2 or more people. • Any person who signs the account has the right to the amount deposits. • Interest Bearing Accounts • Can earn interest. • Must maintain a minimum balance

  16. Banking Services • Money Orders • Debit Cards • Bank Credit Cards • Overdraft Protection • ATMs • Online and Telephone Banking • Stop Payment Orders • Safety Deposit Boxes • Loans and Trusts • Notary Public • Financial Services

  17. Banking Fees • Monthly Service Fees • Overdraft Fees • NSF check charges • ATM fees • Safe deposit box fees

More Related