Checking Accounts USE A CHECKING ACCOUNT 1 2014
- Slides: 18
Checking Accounts USE A CHECKING ACCOUNT 1 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Ways to Pay? How many different ways can you shop for and pay for music? 2 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Preview Today we will answer these questions: • Why should I pay with a check? • How do I use a checking account? • How do I keep track of how much money I have in my checking account? Use what you learn today to demonstrate how to use a checking account. 3 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Meet Jason and Brianna Jason – Senior • Has a checking account and debit card • Pursuing career in law enforcement • Also considering joining the Coast Guard Brianna – Grade 9 • Starting a new job soon • Doesn’t have a bank account • Gets most of income from the “bank of mom and dad” • Likes to receive gift cards for gifts 4 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Demand Deposits Funds can be withdrawn on demand by a customer without advance notice to bank or credit union • Bank teller (in person) • ATM (automated teller machine) • Online • Phone • Check • Debit card 5 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
What’s on a Check? and 50/100 6 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Check Writing 101 7 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Make the Deposit XX / 201 X 1 4 8 Your Name Your signature (when taking cash) 0 5 8 1 3 5 7 9 2 4 6 8 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts 7. 5 1 4 7. 5 8 -2 5. 0 0 1 2 2. 5 8
Endorsements 9 Blank Endorsement Restrictive Endorsement Your signature For deposit only Your signature © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Jason’s Transactions Description of Transaction Code Date Mon 10 Payment ( —) Deposit (+) Balance from previous page Balance 35. 00 d/c Mon Phone charger -19. 00 16. 00 d/c Mon Pizza -18. 00 -2. 00 Fee Mon NSF fee -30. 00 -32. 00 d/c Mon Food Fee Mon NSF fee -30. 00 -71. 00 213 Thur School fee -25. 00 -96. 00 Fee Mon NSF fee -30. 00 -126. 00 -9. 00 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts -41. 00
Keeping Track Description of Transaction Code Date 11 Payment ( —) Deposit (+) Dep Mon Cash deposit W/D Mon Checks -20. 00 180. 00 100 Wed Fine Foods – groceries -23. 11 156. 89 101 Wed Wayne’s Book World -13. 50 143. 39 d/c Thur Cash -30. 00 Auto w/d Fri Phone bill Dep Sat Paycheck 200. 00 Balance -25. 50 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts 200. 00 113. 39 87. 89 113. 76 201. 65
Balance Zoe’s Bucks Trans Date* Dep Tues Deposit paycheck d/c Tues Gas ($3. 69 x 15 gallons) 101 Wed Insurance premium d/c Sat Movie d/c Sat Theatre food Dep Mon Babysitting fee ($15 x 4 hours) 102 Mon Book NSF Dep 12 Description of Transaction Thurs Insufficient funds fee Fri Payment ( —) Deposit (+) 280. 00 Balance 280. 00 -55. 35 224. 65 -115. 00 109. 65 -12. 00 97. 65 -6. 50 91. 15 60. 00 151. 15 -175. 00 -23. 85 -36. 00 -59. 85 Paycheck ($7. 50 x 42 hrs-$27 tax) © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts 288. 00 228. 15
Does it Match? The Bank Statement Balance + Outstanding Deposits - Outstanding Payments and Withdrawals Does the result equal what you tracked in your register? 13 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Hints to Find Math Errors Subtract to calculate the difference. – Does the difference match a transaction amount? » Look for a missing an entry for that same amount » Search for a duplicate entry for that amount – Is the difference twice a transaction amount? » Check for a deposit mistakenly labeled as withdrawal or vice versa – Is there a difference of 1, 100, or 1, 000? » Recheck work for an addition or subtraction error – Is the difference divisible by 9? » Look for a transposed number (i. e. $125 mistakenly entered as $152) 14 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Challenge Use a Checking Account ü Track checking account payments and deposits for two months. ü Reconcile the account at the end of each month to verify your calculations. 15 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
Reflection What is your preferred method of payment? check debit card cash Why? 16 © 2014 National Endowment for Financial Education | Lesson 5 -1: Checking Accounts
- Personal account real account nominal account
- Challenge 5 a use a checking account
- 3-2 checking accounts worksheet answers
- 2-1 checking accounts answers
- 3-1 checking accounts worksheet answers
- 3-1 checking accounts worksheet answers
- 2-1 checking accounts answers
- Understanding checking and debit accounts assignment
- Check register reconciliation 3-4
- 2-1 checking accounts answers
- Balance zoe's bucks
- Promissory note
- Online checking account simulation
- Wow account management
- Endorse here on check
- Checking account and debit card simulation answer key
- Jana has $100 to open a checking account
- Balancing your checking account worksheet answers
- Checking account findlay