Problem Solving Bellringer Objective: Understand Personal Banking Problem: Solve for the variable x 3x + 2 = 11

Introduction to Personal Banking 3.1 Checking Accounts

Types of Checking Accounts 1.Basic checking – Make deposits or write checks. Usually no interest is paid 2.Interest-bearing – Same as basic but with interest. Minimum balance required. 3.Free/NOW/Lifeline – Free checking accounts with no fees or minimum balance requirements 4.Joint – All owners have access to money

More about single accounts Single accounts allow only one person to access the money. Only the account owner may deposit money, write checks, and perform account maintenance

Joint accounts Joint accounts allow multiple people to own the account. Each person has full access to all money in the account. When would it be beneficial to use a joint account?

Moving money into and out of a checking account Out: Write a check, make a purchase with a debit card, auto bill pay, withdraw money In: Electronics Fund Transfer (EFT), deposit a check (single or deposit slip w/ cash) For check deposits a hold is usually placed on the money.

Example 1 If Ashley has a balance of $3,000 before filling out this deposit slip, what will her new balance be? DollarsCents Cash List Checks Subtotal Less Cash Total

Check for understanding Ashley has x dollars in her account. She deposits d dollars, two checks each worth c dollars, and takes out b dollars in cash. What is her new balance? Solution: x + d + 2c - b

Determine the ending balance