Chapter 4 Checking Accounts Deposits How do you

Chapter 4 Checking Accounts

Deposits ● How do you think most people receive their pay from their employer?

Terms to Know ● Deposit – Amount of money put into a bank account ● Automatic teller Machine (ATM) – Electronic withdrawal or deposit ● Personal Identification Number (PIN) – A series of numbers that allow access to an account at an ATM.

Deposit Slip

4 -1 Deposits ● Total Deposits = (currency + coins + checks) – Cash Received (Money Back) ● For your birthday, you receive 2 checks, one is for $235. 42 and another for $55. 47. You want to deposit the 2 checks, and keep $40 cash for the weekend. How much would the total deposit be? ● Making a deposit: ● Check 1001 worth $235. 42 ● Check 302 worth + $55. 47 $290. 89 ● Add the two above then, subtract the Cash Received (Back) ● Need $40 cash back

Do Now What is the total deposit? ● Account Number: 753 243 3332 ● Check #201 = $235. 42 ● Check #304 = $55. 47 ● Cash Back = $40 $235. 42 $55. 47 $290. 89 $40 $250. 89

Deposit Slip #1 60 10 302. 33 404. 85 777. 18 20 757. 18

Deposit Slip #2 40 5 155. 23 325. 22 525. 45 30 495. 45

Deposit Slip #3 100 245. 32 246. 32 591. 64 20 571. 64

Deposit Review ● Checks: $231. 09 and $987. 67 Cash 9 one-dollar bills, 9 five-dollar bills, 8 ten-dollar bills, 14 quarters, 25 dimes, 18 nickels, and 64 pennies. Less $40 (CR) Cash Received. What is the total deposit? ● (231. 09+987. 67)+(9 x 1)+(9 x 5)+(8 x 10)+(14 x. 25)+(25 x. 10)+(1 8 x. 05)+(64 x. 01)= $1, 360. 30 ● $1, 360. 30 – 40 =$1, 320. 30

Deposits & Checks ● Classwork ● Page 180 (1&2) (15 -18) *Show work ● When finished move onto numbers (5 -14) ● Complete the worksheet handout show work

Do Now ● Oliver Baker, School club treasurer, deposits the clubs receipts. She has 4 checks for $10. 00 each, 12 for $7. 50 and cash consisting of six 20 -dollar bills, five 10 -dollar bills, and 18 one-dollar bills. What's the total deposit?

Do Now Deposits Review ● Lain Decker is making a daily deposit into her boss’ bank account. She has checks in the amounts of $524. 89, $326. 96, and $287. 39. Her cash consists of 8 twenty-dollar bills, 10 ten-dollar bills, 9 five-dollar bills, and 18 one-dollar bills. She has coins in the following denominations: 6 quarters, 18 dimes, 7 nickels, and 4 pennies. What is her total deposit?

Check Writing 4 -2 Lesson Goal Learn the importance of using checks and how to properly write a check. Content Vocabulary checking account checking account A paper directing depositdocument account held at a a bank to deduct from that gives money you convenient your checking access to youraccount money. and make a payment to the person named on the check.

CHECKS ● What do we use checks for? ● Payment of funds to another party for goods or services. ● Has anyone ever wrote a check?

CHECKS ● Their are many different ways to make payments, How many can you name? ● Cash, Credit Card, Debit Card, Money Orders, Pay. Pal, Bitcoin, etc… ● Do you think checks will be outdated one day? Why or Why Not?

Importance of Paper Checks ● Some business charge extra fees for Credit Card Payments. (third party processing fee) ● You can pay during Utility Outages. (Without electricity credit card machines wont work) ● Some Business Prefer Paper Check or Money Orders.

Importance of Paper C hecks ● Some Retail Shops Enforce a Minimum of Credit Card purchases. ● Checks are traceable. ● Gift Giving ● Checks are less costly than money orders.

PROTECTING YOUR CHECKS ● Why is it important to protect and keep track of your checks ?

PROTECTING YOURSELF ● Guard your checks. ● Record your check use. ● Only use checks when necessary. ● Securely Mail your checks. ● Be Cautious about what you print or Write on checks ● Check your account transactions.

CHECKS VS CASH ● If you had to pay rent would you use a check or cash? Why? ● PAPER TRAIL

4 -2 Writing Checks (Always use a PEN) ● Step 1: Write the date ● Step 2: Write the name of the person or organization to whom payment will be made. ● Step 3: Write the amount of the check in numeral. ● Step 4: Write the amount of the check in words with cents expressed as a fraction of a dollar. ● Step 5: Make a notation on the check to indicate its purpose. (Memo) ● Step 6: Sign the Check.

Make out the following check for $156. 92

Make out the following check for $246. 75

4 -2 Check Writing ● Classwork ● Page 183 -185 ● #’s 1 -22 ● Classwork ● Worksheet Handout ● Make Checks out to Mr. Christopher Conway

Do Now ● Write the following in word form: $277. 89. ● (As if you are filling out a check)

Make out the following check for $352. 32

Make out the following check for $122. 52

Make out the following check for $246. 75

Classwork ● Worksheet From Workbooks ● Pages 46 -48 ● Blank Checks Worksheets ● Classwork ● Page 183 -185 ● #’s 1 -22

Do Now ● Lani Decker is making a daily deposit into her boss’ bank account. She has checks in the amounts of $524. 89, $326. 96, and $287. 39. Her cash consists of 8 twenty-dollar bills, 10 ten-dollar bills, 9 five-dollar bills, and 18 one-dollar bills. She has coins in the following denominations: 6 quarters, 18 dimes, 7 nickels, and 4 pennies. What is her total deposit? ● $1, 465. 93 total deposit

Do Now ● Write the following in word form: $357. 19. ● (As if you are filling out a check) ● Three hundred fifty-seven and 19/100 ---------Dollars

Lesson Objective Calculate the balance in a check register. Content Vocabulary check register balance check register A record of checking The amount of money account deposits, you have in an account. withdrawal, and electronic transfers.

4 -3 Check Registers ● A Check Register keeps a record of your deposits, electronic transfers, and checks you have written. The Balance is the amount in your account. ● Choose the correct formula to find the new balance: ● 1: New balance = Previous balance – Check Amount – Automatic Transfers OR ● 2: New Balance = Previous Balance + Deposit Amount

Example 1 ● The previous balance in your checking register is $345. 98. You make a deposit of $75. 00. You write a check for $45. 00. What is your new balance? ● 345. 98+75 - 45= $375. 98

Example 2 ● Checking account balance is $313. 54. You write a check for $45. 78 on March 2 nd at Shoprite. The bank made an Automatic Payment (AP) of $52. 55 on March 3 rd for Verizon Bill. You then make a deposit for $240. 32 on March 10 th. Fill out the register. What is your new balance? 313. 54 101 3/2 AP 3/3 AD 3/10 Shoprite Verizon Deposit 45. 78 267. 76 52. 55 215. 21 240. 32 $455. 53

Classwork ● Page 187 -188 #’s 1 -9 (Check Register) ● Page 184 #’s 3 -4 (Check Writing) ● Page 185 #’s 19 -20 (Check Writing) ● ALWAYS SUBTRACT PAYMENTS/DEBITS ● ALWAYS ADD DEPOSITS/CREDITS

Do Now ● Morgan Meers stopped at his bank to deposit his paycheck for $201. 20, a refund check from a store for $19. 78, and deposit $34. 23 in cash. What was his total deposit? ● $255. 21

Check Register Payment/Debit Deposit/Credit Balance 448. 35 46. 92 ? $401. 43 216. 84 ? $618. 27 251. 55 ? $366. 72

Check Register Review ● Your balance is $131. 02 on April 4 th ● Write a 31. 28 check on April 9 th ● Write a $45. 92 check on April 14 th ● At Deposit of paycheck for $215. 48 on April 15. ● What is your new balance? ● $269. 30

Classwork ● Text Book Page 188 ● Page #’s 6 -8 ● Workbook Pg. 49 ● numbers #’s 1 -3 ● Worksheet handout

Check Register Balance ● Mac Valent opened a new checking account and deposited his paycheck for $209. 81. The check register shows his transactions since opening his account. What is his balance after each transaction? Date Payment/ Description Debit(-) Deposit/C redit (+) Balance $209. 81 8/12 Electric 47. 15 A? 8/18 Grocery 53. 03 B? 8/20 Department Store 107. 30 C?

Check Register Balance ● Mike’s checkbook balance was $149. 21 on Oct. 5, 2015. His check register shows his transaction since then. What is his balance after each transaction? Date 10/6 Deposit/C Balance Payment/ Description redit Debit(-) $149. 21 (+) Pettisville 45. 79 $103. 42 A? Flower 10/9 Deposit 213. 80 $317. 22 B? 10/10 Bookstore 16. 94 $300. 28 C? 10/19 Phone Co. 75. 25 $225. 03 D?

Classwork ● Keep a Running Balance worksheet. ● Workbook ● 4. 3 check register

Do Now � Your previous balance is $625. 00. Find the new balance if you write three checks in the amount of $35. 25, $33. 28 and $123. 50. � Your previous balance is $336. Find the new balance if the bank makes automated transfers of $35. 55, $42. 38 and $55. 26.

Do Now Answers � 1) � 2) $625 -$35. 25 -$33. 28 -$123. 50= $432. 97 $336. 36 - $35. 55 - $42. 38 - $55. 26= $203. 17

Bank Statements ● Bank Statements are a statement of all your account transactions sent to you each month by your bank. ● It lists all your checks that the bank has cleared, bills paid, transfers, ATM transactions & fees (service charges), and deposits recorded. ● Bank Statements are either mailed to you or e-mailed to you.

Notes Lesson Objective Calculate the current balance on a checking account bank statement. Content Vocabulary bank statement service charge From yourbybank, listsfor all Charges a bank, activity your account. servicesinrendered, to your account.

Bank Statements ● Formula: Present balance = Previous balance + Deposits – Withdrawals – Service Charges + Interest ● Example: Your bank shows a previous balance of $944. 50. You make deposits of $755. 50 and $210. 40, and write checks for $355. 50 and $125. 50. You have a $3. 00 service charge and earn $. 25 in interest. What is your present balance? 944. 50+755. 50+210. 40 -355. 50 -125. 50 -3. 00+. 25= $1, 426. 65

Bank Statements ● Calculate the Balance in the Account? 913. 40 554. 54 672. 40

Concept Check ● Complete concept check ● Pg 190 #’s 1 &2 ● What are you subtracting? ● What are you adding?

Classwork ● Workbook Pg. 49 ● #’s 1 -3 ● Workbook Pg. 50 ● #’s 1 -6 ● Textbook Page 191 (#’s 4 -11)

Do Now ( Collection Today) �Joey’s previous balance was $2, 000. Last month he made a cash deposit for $2, 100. He wrote checks for $1, 500 and $380. 00. In addition the bank charged service fees totaling $8. 00 and paid him $. 75 in interest. What is his present balance?

Do Now Answer! �Joey’s previous balance was $2, 000. Last month he made a cash deposit for $2, 100. He wrote checks for $1, 500 and $380. 00. In addition the bank charged service fees totaling $8. 00 and paid him $. 75 in interest. What is his present balance? �$2, 000 + $2, 100 - ($1, 500 + $380. 00) – $8. 00+ $0. 75 = �$2, 000 + $2, 100 - $1, 880 -$8. 00 +$0. 75 = $2, 212. 75

Announcements �Quiz Tomorrow �CTE Application Due 12/15 (Next Friday) �Seniors Only

Previous balance was 271. 31 what is the new balance? Write down deposits, withdrawals and present balance. Bank Statement Check/Date Amount 304 6/11 $19. 45 305 6/15 $21. 02 307 6/30 $95. 98 Deposits/Credits Payments/Debits Date Amount Description 6/12 $115. 90 Deli Payroll 6/26 $25. 85 Crestview Gas 6/19 $115. 90 Deli Payroll 6/28 $2. 00 Service Charge 6/26 $345. 85 Deposit

Previous Balance 271. 31 Deposits 577. 65 Withdrawals 164. 30 Present Balance 684. 66

Previous balance was 323. 31 what is the new balance? Write down deposits, withdrawals and present balance. Bank Statement Check/Date Amount 304 6/2 $19. 45 305 6/7 $21. 02 307 6/23 $95. 98 Deposits/Credits Payments/Debits Date Amount Description 6/15 $500. 25 Shoprite Payroll 6/23 $33. 23 Deli 6/25 $234. 23 Shoprite Payroll 6/29 $4. 00 Service Charge 6/26 $323. 34 Deposit

Previous Balance 323. 31 Deposits 1057. 82 Withdrawals 173. 68 Present Balance 1207. 45

Bank Statement �Your bank shows a previous balance of $1000. 25. You make deposits of $345. 50 and $145. 40, and write checks for $235. 34 and $124. 83. You have a $5. 00 service charge and earn $0. 34 in interest. What is your present balance? �$1, 126. 32

Classwork �Workbook (worksheets) page 49 #’s 1 -3 �Workbook (Worksheets) page 50 #’s 1 -6 �(Extra)Textbook 4 -11 & #12 Page 192 #’s

DO NOW • WRITE THE FOLLOWING NUMBERS OUT IN WORD FORM AS YOU WERE WRITING A CHECK? • $3, 000. 50 • $150. 30 • $425. 01

DO NOW • THREE THOUSAND 50/100 DOLLARS • ONE HUNDRED FIFTY AND 30/100 DOLLARS • FOUR HUNDRED TWENTY-FIVE AND 01/100 DOLLARS

BANK STATEMENT RECONCILIATION MR. CONWAY

Lesson Objective Reconcile a check register with a bank account statement. Content Vocabulary reconcile To compare your check register with your bank statement to make sure they agree.

• FORMULA: ADJUSTED BALANCE = STATEMENT BALANCE – OUTSTANDING CHECKS/PAYMENTS OR DEBITS + OUTSTANDING DEPOSITS EXAMPLE: YOUR STATEMENT BALANCE IS $598. 67. YOU HAVE AN OUTSTANDING CHECK FOR $125. 44 AND AN OUTSTANDING DEBIT OF $235. 42 THAT DIDN’T POST YET. YOU ALSO HAVE OUTSTANDING DEPOSITS OF $231. 98. WHAT IS YOUR ADJUSTED BALANCE?

TEXTBOOKS • OPEN YOUR TEXTBOOKS TO PAGE 194 -195 FOR EXAMPLE 2.

RECONCILE REVIEW • Margaret Miller’s check register balance is $2, 261. 50. She compares her statement and check register. For each check and deposit listed on her statement, she places a check mark next to the information in her register. She notes that the bank paid her. 86 in interest. Miller finds these outstanding checks and deposits. • Check #525 $341. 50, Check #527 $266. 25, Deposit $709. 75

Reconciliation Statement CONCEPT CHECK Check Registers $2, 261. 50 Balance Service Charge Interest A) B) 0. 86 Statement Balance $2, 160. 36 Outstanding Checks/Payments/De bits Check 525 $341. 50 Check 527 $266. 25 D) Total Outstanding Checks/Payments/De bits (Outstanding Deposits/Credits) New balance $2, 262. 3 C) 6 Deposits Adjusted Balance 607. 75 709. 75 E) F) $2, 262. 36

Concept Check 3 Reconciliation Statement CONCEPT CHECK Check Registers $8, 754. 33 Balance Service Charge Interest A) B) 1. 20 2. 86 Statement Balance $11, 158. 49 Outstanding Checks/Payments/De bits Check 845 $751. 75 Check 847 $2, 455. 89 D) Total Outstanding Checks/Payments/De bits (Outstanding Deposits/Credits) $8, 755. 99 New balance C) Deposits Adjusted Balance 3207. 64 805. 14 E) F) $8, 755. 99

CLASSWORK • TEXTBOOK PG. 195 -196 • #’S 4 -6 • USE FIGURE 4. 9 A, 4. 9 B & 4. 9 C TO FIND YOUR ANSWERS ABOVE

DO NOW SHOW WORK • YOUR STATEMENT BALANCE IS 900. 50. YOU HAVE AN OUTSTANDING CHECK FOR 220. 25 AND AN OUTSTANDING DEBIT OF 321. 00 THAT DIDN’T POST YET. YOU ALSO HAVE AN OUTSTANDING DEPOSIT OF 431. 21. WHAT IS YOUR ADJUSTED BALANCE?

DO NOW ANSWER • YOUR STATEMENT BALANCE IS 900. 50. YOU HAVE AN OUTSTANDING CHECK FOR 220. 25 AND AN OUTSTANDING DEBIT OF 321. 00 THAT DIDN’T POST YET. YOU ALSO HAVE AN OUTSTANDING DEPOSIT OF 431. 21. WHAT IS YOUR ADJUSTED BALANCE?

NUMBER 6 Reconciliation Statement CONCEPT CHECK Check Registers $801. 33 Balance Service Charge A) $6. 50 Statement Balance Outstanding Checks/Payments/De bits Check 049 Interest B) $648. 35 $44. 89 $0 D) Total Outstanding Checks/Payments/De bits (Outstanding Deposits/Credits) $794. 83 New check register balance C) Deposits Adjusted Balance 44. 89 $191. 37 E) F) $794. 83

RECONCILE REVIEW • Margaret Miller’s check register balance is $2, 261. 50. She compares her statement and check register. For each check and deposit listed on her statement, she places a check mark next to the information in her register. She notes that the bank paid her. 86 in interest. Miller finds these outstanding checks and deposits. • Check #525 $341. 50, Check #527 $266. 25, Deposit $709. 75

Reconciliation Statement CONCEPT CHECK Check Registers $2, 261. 50 Balance Service Charge Interest A) B) 0. 86 Statement Balance $2, 160. 36 Outstanding Checks/Payments/De bits Check 525 $341. 50 Check 527 $266. 25 D) Total Outstanding Checks/Payments/De bits (Outstanding Deposits/Credits) New balance $2, 262. 3 C) 6 Deposits Adjusted Balance 607. 75 709. 75 E) F) $2, 262. 36

DO NOW (COLLECTION TODAY) Previous Interest Bal. 355. 25 2. 25 Find the new balance Deposi Withdrawa New t ls Balance 125. 25 65. 32 ?

DO NOW ANSWER

ONLINE BANKING MR. CONWAY

Lesson Objective Compute online banking charges and update the check register. Content Vocabulary online banking Internet banking allows you to view your account, pay bills, and transfer money any time.

ONLINE BANKING FORMULA • FORMULA: TOTAL FEES = BASIC CHARGE + BILL PAYMENTS + STATEMENT + ATM SURCHARGES +CASH ADVANCE FEE.

ONLINE BANKING EXAMPLE: ALYSSA PEREZ USES ONLINE BANKING FOR HER BUSINESS, ALYSSA’S PERSONAL SHOPPING. SHE PAYS THE SERVICE CHARGE AND 7 BILLS, AND SHE REQUESTS A PRINTED STATEMENT. SHE ALSO HAS ATM TRANSACTIONS, INCLUDING 1 OUT OF NETWORK, AND A CASH ADVANCE OF $400. WHAT IS HER TOTAL SERVICE CHARGE INCLUDING FEES FOR THE MONTH? 6. 95+(2*. 50)+4. 00+3. 00+(400*2%)= $22. 95 $1. 00 Online Banking Service Charge Service $8. 00 ATM Transaction Log Basic monthly service charge 6. 95 Local Network N/C Bill paymentfirst 5 N/C . 50 Regional Network 1. 00 Printed Statement 4. 00 2. 00 Replace Lost Card 5. 00 National Network 3. 00 Overdraft 25. 00 Out of Network Cash 10. 00 Max

CONCEPT CHECK • Use Figure 4. 10 on page 197 to compute the total service charge in the following problems. Check your answers in the back of the back. • Alan bookers service charges: basic charge, 8 bills paid, a lost card replacement, and 4 ATM transactions, 2 national and 2 out-of-network. • $6. 95+(3 x$0. 50)+5. 00+(2 x$2. 00)+(2 x$3. 00)= $23. 45 $1. 50 $4. 00 $6. 00 • Cindy Parker’s Service charges: the basic charge, 6 bills paid, 1 overdraft, 3 regional ATM transactions, and a $500 advance. • 6. 95+. 50 + 25 + (3*1. 00) + ($500 x 2%)= $45. 45 $3. 00 $10

CLASSWORK • PAGE 200 -201 #’S 3 -6 • *SHOW WORK* • (EXTRA TIME) WORKSHEET HANDOUT

ONLINE BANKING EXAMPLE: MICHELLE USES ONLINE BANKING FOR HER BUSINESS. SHE PAYS THE MONTHLY CHARGE AND 10 BILLS, AND SHE REPLACED HER CARD. SHE ALSO HAS 1 REGIONAL ATM TRANSACTION, AND A CASH ADVANCE OF $1, 000. WHAT IS HER TOTAL SERVICE CHARGE $6. 95 + (5*. 50) +5. 00+ 1. 00 +FOR (1, 000 x 2%)= $25. 45 INCLUDING FEES THE MONTH? 2. 50 Online Banking Service Charge 20 (Max of 10) ATM Transaction Log Local Network N/C Basic monthly charge 6. 95 Bill payment- first 5 N/C . 50 Regional Network 1. 00 Printed Statement 4. 00 National Network 2. 00 Replace Lost Card 5. 00 3. 00 Overdraft 25. 00 Out of Network International Wire Transfer 20. 00 Cash Advance 2% 10. 00 Max

Date ONLINE BANKING REVIEW Amount Check Number Description 04/01/2014 1661. 57 Deposit 04/01/2014 . 50 Bill Fee 04/01/2014 38. 49 1290 Verizon Bill Joe had these online transactions on April 1. Note the Balance is $500. Using the information above fill in the check register handout.

ONLINE BANKING REVIEW Transact Date Descripti ion/Type on Payme Deposit/Cr nt edit Balance $500. 00 AT 4/1 Deposit 1661. 57 $2, 161. 57 Online 4/1 Bill Payment . 50 $2, 161. 07 Online 4/1 Bill Payment 38. 49 $2, 122. 58

Service Fee ATM Transaction Charges Fee Basic Monthly 5. 95 Local Network No Charge Bill Payment First 5 N/C . 50 Regional Network surcharge 1. 50 Printed Statement 3. 00 National Network 2. 22 Surcharge Replace Lost Card 6. 00 Out of Network Surcharge 3. 75 Overdraft 50. 00 Cash Advance 2% Bill uses online banking. He pays the basic monthly charge, pays 7 bills and requested a printed statement. He also has ATM transaction that include 2 out of network, 1 regional, requested a new debit card and a cash advance for $400. What are his total fees for the month?

ANSWER • BILL USES ONLINE BANKING. HE PAYS THE BASIC MONTHLY CHARGE, PAYS 7 BILLS, REQUEST A PRINTED STATEMENT AND REQUESTED A NEW DEBIT CARD. HE ALSO HAS ATM TRANSACTION THAT INCLUDE 2 OUT OF NETWORK, 1 REGIONAL AND A CASH ADVANCE FOR $400.

CLASSWORK • PAGE 200 -201 #’S 3 -6 • *SHOW WORK* • (EXTRA TIME) WORKSHEET HANDOUT

DO NOW CHECK REGISTER • The previous balance in your checking register is $345. 98. You make a deposit of $75. 00. You write a check for $45. 00. What is your new balance? • 345. 98 + 75 - 45= $375. 98

Bank Statement • Your bank shows a previous balance of $1, 000. 25. You make deposits of $345. 50 and $145. 40, and write checks for $235. 34 and $124. 83. You have a $5. 00 service charge and earn $0. 34 in interest. What is your present balance? • 1000. 25+345. 50+145. 40 -235. 34 -124. 83 -5+. 34= $1, 126. 32