Checking Accounts

1
Checking Accounts
2
Checking Accounts

• Is a monetary account that allows you to write
  checks against money deposited in the account.
• A check directs the bank to deduct money from
  your account to make a payment

3
Deposit Slips

• Just like Savings account slips
• Itemize Cash, Checks and money received at time
  of deposit

4
Assignment

• Concept check 1-4 p.166 and 167
• Assignment 5-20 p. 168

5
Writing Checks

• Date
• Payee
• Amount in numbers AND Words
• Signature
• Memo

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Checks
7
Assignment

• Concept check 1-8 p.169 and 171
• Assignment 5-20 p. 168

8
Check Register

• Used to maintain the balance of your account
• Record of Checks written and deposited

9
Check Register
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Examples 1 and 2

• P. 172 173
• Complete problems 3-24 on p. 173 - 174

11
Bank Statements

• List all checks that have cleared bank, all
  deposits and any ATM activity
• Service Charges are fees a bank charges for any
  services (ATM, checks etc)

12
Examples 1 and 2

• P. 176

13
Bank Statements

• Usually sent monthly
• Banks record of all account transactions
• May include service fees and interest.

14
Electronic Banking

• Also known as Online Banking allows you to bank
  from anywhere.

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Online Banking features

• Transfer funds from checking to savings
• Make loan payments
• Pay bills
• Obtain account balances, deposits, withdrawals
  and loan balances.

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Online Account Fees

• Basic Charges
• Bill Payments
• Statement
• ATM Surcharge
• Cash Advance fee
• See fig 4.14

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Benefits of Online Banking

• Up to date balances
• Convenience
• No mailing of checks (no stamps)
• Download transactions into Quicken, MS Money,
  Excel