September 9 & 10, 2010

Objectives  Determine how interest is compounded for savings accounts.  Explain the various electronic banking methods.  Identify characteristics of checking accounts.  Compare checking accounts at various financial institutions.  Demonstrate the process for making deposits.  Demonstrate the check endorsement process.

Savings Account & Interest  Earn Interest Internet Bank (.05%) Local Credit Union (1%) Local Commercial Bank (.10%) Compound Interest Calculator bl_CompoundInterestCalculator.htm bl_CompoundInterestCalculator.htm

Electronic Banking  Read pages  Complete the Study Guide  30 minutes in class to complete

Recommendations When Opening a Savings Account  No monthly charge  Limited Withdrawals  Free ATM Access  Free Online Banking Access  Best Interest Rate  Convenient Locations

Checking Accounts ALL CHECKING ACCOUNTS ARE NOT CREATED EQUAL; THEY MAY OR MAY NOT  Be interest bearing  Force you to carry a minimum balance  Allow unlimited deposits and withdrawals THE KEY TO FINDING THE RIGHT ACCOUNT FOR YOU IS TO FIND ONE THAT COSTS YOU THE LEAST AMOUNT POSSIBLE (aka free checking)

Types of Checking Accounts  Free  Basic  Interest Bearing  Express Checking  Lifeline Checking  Student Checking  Senior Checking

Assignment  Graphic Organizer comparing a free checking account with a basic checking account  Locate a bank that offers a student checking account and list how it is different from the basic and free checking accounts

How to Fill Out a Deposit Slip Demonstration Read Page 248 in Textbook, Complete Activity on Pg. 71 of Check Wise Book