© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS BANKING SERVICES CHAPTER 7 BANKING SERVICES Where to Stash Your Cash WHAT’S AHEAD 7.1 How Banks Work 7.2 Use Your Checking Account 7.3 Electronic Banking 7.4 Balance Your Checkbook 7.5 Other Banking Services

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Chapter 7 LESSON 7.1 How Banks Work Objectives: By the end of class, students will be able to:  Explain how banks operate and how they benefit consumers  Describe the benefits of using a checking account

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 3 Chapter 7 The Role of Banks  Banks are in business to earn a profit  Banks provide security  Protect your money’s purchasing power  Banks are regulated  Most deposits are insured  Banks make borrowing easier  Money and financial transactions

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 4 Chapter 7 Types of Money  Currency  Check  Money Orders

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 5 Chapter 7 Advantages of Using Checks  Safety  Convenience  Records of your transactions

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Student Practice/Application  1. Read pages in Your Economics textbook.  2. Complete Try These Questions 1-6 on page 227 of your Economics textbook.  3. Extra Credit: Complete Think Critically questions 7-12 on page 227 of Your Economics textbook. Slide 6 Chapter 7