SECTION 3: HOW TO USE BANK SERVICES Unit 4: Banking.

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Presentation transcript:

SECTION 3: HOW TO USE BANK SERVICES Unit 4: Banking

I CAN: Demonstrate how to use:  Checks, Canceled Checks, Check Registers, Debit Card, and Demand Deposit Endorse a check Reconcile my check book Explain what is meant by “overdraft”

Checking Accounts- are considered demand deposits, which count as part of the US money supply Checks are necessary, esp when you need proof of payment (like rent, taxes, etc) Once you write the check, the bank gets a copy that is kept in your records (your proof). This is a canceled check Every time you write a check or debit money, record it in the check register Debit cards work in place of physical checks for convenience Demand deposit

Turn your check into money by… Endorsing it.  This means you sign the back and the bank will give you the amount of money equal to the check

Stay positive by… Reconciling or balancing your checkbook. This means you’ve done the math to determine that you and your bank show the same number of deposits and debits.  Use apps for your phone or check online! You don’t want to overdraft your account. This means you spent more than you have and the bank will charge your for this. It can cause checks to bounce and bills to remain unpaid!

CAN I? Demonstrate how to use:  Checks, Canceled Checks, Check Registers, Debit Card, and Demand Deposit Endorse a check Reconcile my check book Explain what is meant by “overdraft” I can prove this by completing activities 5.1, 5.2, 5.3, 5.4, and 5.5