Checking Accounts and Bank statements

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Presentation transcript:

Checking Accounts and Bank statements WARM UP: Introduce yourself to your new partner and discuss the following: “ The entire essence of America is the hope to first make money- then make money with money- then make lots of money with lots of money” - Paul Erdman, Business and Financial Advisor What does Paul Erdman mean? Do you agree? 2. What are the perceived risks and rewards of savings accounts and checking accounts?

KEY TERMS: Checking Account- an account at a bank that allows a customer to deposit money and make withdraws from the funds Electronic Funds Transfer (EFT) - process of moving funds electronically from an account in a bank to an account somewhere else. Check Clearing - Process that happens when a bank pays for a check out of a checking account. A check has cleared when bank has transferred funds. Insufficient Funds - When an account doesn’t have enough money to cover a transaction that has been issued against it.

KEY TERMS: Maintenance Fee - Fee some banks charge to provide access to checking or savings accounts. Bank Statement - Statement that includes all transactions that have occurred for a period of approximately one month Outstanding Transactions - Checks, debits or deposits that do not appear on the bank statement but have taken place. Reconciling - verifying bank’s records with own to make sure there are no mistakes. AKA balancing an account.

Banks vs. Credit Unions Banks Public, for profit Owned by stockholders More options like accts, cards and loans Locations - atms, better hours, more physical locations Online services - typically are better Credit Unions Not for profit and member focused Owned and operated by members Higher interest rates - savings, checking, and money market Lower loan and credit card rates Lower fees Customer focused banks

Types of Checking Accts Student Free Basic Interest bearing Joint All accounts vary by interest, maintenance fees, and minimum balances

Importance of reconciling: Checking for errors Can see actual balance and not just what has cleared so you don’t overdraw your account Responsibility of knowing where money is going