© South-Western Educational Publishing Chapter 9 Checking Accounts and Other Banking Services ...

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© South-Western Educational Publishing Chapter 9 Checking Accounts and Other Banking Services Checking Accounts Other Banking Services and Fees

Transcript of © South-Western Educational Publishing Chapter 9 Checking Accounts and Other Banking Services ...

Page 1: © South-Western Educational Publishing Chapter 9 Checking Accounts and Other Banking Services Checking Accounts Other Banking Services and Fees.

© South-Western Educational Publishing

Chapter 9

Checking Accounts and Other Banking Services

Checking AccountsOther Banking Services and Fees

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GOALSGOALS

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Lesson 9.1

Checking Accounts

Describe the purpose of a checking account.

Discuss how to prepare banking forms. Be able to distinguish between different

types of checking accounts.

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Checking Account Vocab

CheckDemand depositCanceled checkOverdraftFloating a check

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Opening aChecking Account

Signature authorization formInitial deposit

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Parts of a Check

071000741 08 40 856 0581

581ARDYS JOHNSONPhone: 555-01004250 West 18th AvenueChicago, IL 60601-2190

SKY CENTRAL BANKChicago, Illinois

PAY TO THEORDER OF

DOLLARSFor Classroom Use Only

MEMO

DATE 2-74710

$

July 1, 20--Food Mart 36.12

Thirty-six and 12/100

groceries Ardys Johnson

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Using Your Checking Account

Writing checksPaying bills onlineMaking depositsUsing a checkbook register

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Endorsing Checks

Blank endorsementSpecial endorsementRestrictive endorsement

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Types of Checking Accounts

Joint accountsSpecial accountsStandard accountsInterest-bearing accountsShare accounts

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Other Banking Services

Guaranteed-payment checks

Money ordersDebit cardsBank credit cardsAutomated teller

machinesOnline banking

Telephone bankingStop payment

ordersSafe deposit boxesLoans and trustsFinancial services

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Bank Fees

Examples of bank feesLoan feeTrustee feeCheck cashing fee for non-customersPer-check feeMaintenance feeCheck printing feeATM transaction fee

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Different bank accounts

CheckingDemand DepositSavings

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Transaction Accounts

Demand Deposits- payable on demand whenever the depositor chooses

Checking Account - most common form; offers customers quick access to their money and a convenient way to pay bills or transfer funds to other institutions.

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Checking Accounts

Basic-Offer a few simple services for minimal cost

Interest bearing checking-Pay interest on the balance deposited in the account, but usually a minimum balance is required

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Time Deposits

Less liquid than check deposits

Examples include:Savings AccountsMoney Market deposit accountsCertificates of Deposit (CDs)

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Savings Accounts

Banks usually limit the number of free withdrawals.

Statement Savings Accounts: Provide a quarterly statement detailing

account activity, including fees and interest earned.

Lower interest rates than other time deposits because it is the most liquid

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Money Market Deposit Accounts

MMDAs offer a higher rate of interest than savings accounts, but they usually require a higher initial deposit to open an account.

FDIC insured up to $250,000Minimum balance usually required# of Transactions may be restricted

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Certificates of Deposit

CDs are certificates offered by the bank that guarantee payment of a specified interest rate until a designated date in the future (maturity date).

Higher the amount and longer time until maturity = higher interest rates

Usually higher than money market accounts and savings accounts

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Assignment

In groups of 3, research the various types of transaction accounts and time deposits offered at a bank in your area.

Provide details about each type of account

Research should be summarized on a flyer, or brochure.


BANKING/CHECKING ACCOUNTS

BANKING/CHECKING ACCOUNTS

Lesson 1 Checking Accounts & Banking Services. Bell Ringer Use your book and a partner to discuss the importance of having a checking account, make a.

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Chapter 29 Checking Accounts Opening an Account Writing Checks Keeping Records Endorsing Checks Reconciling 21 st Century Banking.

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Checking Accounts USE A CHECKING ACCOUNT 1 ©2014 National Endowment for Financial Education | Lesson 5-1: Checking Accounts.

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Chapter 9 Checking Accounts and Other Banking Services Checking Accounts Other Banking Services and Fees.

Chapter 9 Checking Accounts and Other Banking Services Checking Accounts Other Banking Services and Fees.

Chapter 5 The Banking System. Ch. 5 Objectives Explain the purpose and use of checking accounts and savings accounts Prepare checks and deposit slips.

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FINANCE Chapter 9 Checking Accounts and Other Banking Services.

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Chapter 5 – The Banking System Lesson 5-1: Checking Accounts Learning Goals: -Explain the purpose and use of a checking account. -Prepare checks and deposit.

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Chapter 29 Checking Accounts Section 29.1 The Basics of Checking Accounts.

Chapter 29 Checking Accounts Section 29.1 The Basics of Checking Accounts.

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Chapter 3 Banking Services. 3.1 Checking Accounts.

Chapter 3 Banking Services. 3.1 Checking Accounts.