Chapter 7 Banking Services

How Banks Work 7.1 The Role of Banks Types of Money

Using Your Checking Account 7.2 Your Checking Account Checking Account Types and Costs

Types of Checking Accounts Interest bearing  Usually a interest rate of 1-2% Non-Interest bearing  Most checking accounts Checking Account Fees  Maintenance Fee – flat fee for having an account  Service Fee – charge for each check you write

Electronic Banking 7.3 Electronic Funds Transfer (EFT) and ATMs Uses of Electronic Funds Consumer Protection and Responsibilities

Balance Your Checkbook 7.4 Your Bank Statement The Account Reconciliation Form

Account Reconciliation Form Statement Column  Balance from statement  Deposits not listed  Total Balance & Deposits  Checks not listed  Total Checks  Statement Balance Checkbook Column  Checkbook Balance  Deposits not listed  Total Balance & Deposits  Fees not listed  Interest Payment  Checkbook Balance

Bank Statement = $ Check Register = $ PAYMENTS OUTSTANDING No. 175 $ $ 34.67Ending balance on statement $ Add deposits not shown Subtotal Total $ Subtract payments outstanding $ Balance $

Other Banking Services 7.5 Different Checks for Different Purposes Other Services