Banking Skill 10.

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Reconcile a Bank Statement

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Presentation transcript:

Banking Skill 10

Bank Statements 4.3a

A bank statement comes from the bank every month and lists all checks and transactions that have been cleared through the bank. Sometimes the bank will add a service charge on the statements this is a fee for the services the bank provides.

= + - - + Checking the bank statement… Present Balance Previous Service Charge + Deposits Withdraws Interest

Your bank statement shows a previous balance of $687. 75 Your bank statement shows a previous balance of $687.75. You make deposits of $345.32, $124.00, and $78.30. You wrote two checks worth $279.45 and $189.75. The service charge was $5.00 and your account earned $0.45 in interest. Find your present balance.

Your bank statement shows a previous balance of $510. 25 Your bank statement shows a previous balance of $510.25. You make deposits of $28.50, $130.00, and $52.85. You wrote two checks worth $56.35 and $212.18. The service charge was $2.50 and your account earned $0.55 in interest. Find your present balance.

Reconciling the Bank Statement

To reconcile your bank statement, is to make sure it agrees with your check register.

= - + Reconciling the bank statement… Adjusted Balance Statement Outstanding Checks/ Payments/debts + Outstanding Deposits

Your statement balance is $807. 75 Your statement balance is $807.75. You have an outstanding check of $453.32 and outstanding debit of $111.25 that have not been cleared through the bank yet. Your last paycheck $795.75 hasn’t cleared yet either. Find your adjusted balance.

Online Banking 4.3c

Online banking or internet banking makes it possible to make payments and transfers on the internet without going to the bank.

Online banking allows for… 1) Transfer of funds from different accounts 2) Make loan payments 3) Pay bills online 4) Quick information on accounts

Jake uses online banking Jake uses online banking. He pays the basic charge, 7 bills, plus he requests a printed statement. He also has ATM transactions, including 1 out-of-network, and a cash advance of $400.00. What are his total fees for the month?

Service: Basic charge, 8 bills paid, lost card replacement. ATM: 2 National, 2 out-of-network

Service: Basic charge, 6 bills paid, 1 overdraft ATM: 3 Regional, $500.00 advance

Skill 10: Banking Summarize your notes Homework Worksheet