Bank Services. Electronic Banking, Checking Accounts and Check Registers.

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Presentation transcript:

Bank Services

Electronic Banking, Checking Accounts and Check Registers

 Traditional – Paper checks and check register.  Electronic – allows customers to make financial transactions online.

1. ATM 2. Direct Deposit/Payment 3. EFT (Electronic Funds Transfer) 4. Pay by Phone 5. Personal computer banking 6. Debit card 7. Prepaid card 8. Smart card 9. Point of Sale (POS)

 1. Personal checking account  Used by individuals  2. Business checking account  Often include monthly service charges based on account balance or # of checks written

 Typical charges may be:  Find the monthly service charge for a business that has an average balance of $1850 and has written 58 checks. Average BalanceMaintenance charge per month Per-Check charge Less than $500$12.00$0.20 $500 - $1999$7.50$0.20 $ $4999$5.00$0.10 $5000 or more00

 On the back of the check:  1. Restricted endorsement: Specifies “for deposit only” along with signature  2. Blank endorsement: signature only.  3. Special endorsement: used to transfer check to another person/company. “Pay to the order of ___” along with signature.

 1. Endorsement  2. Date and bank where deposited.  3. Date and bank where debited (deducted) from payer’s account.  NOTE: checks are typically no longer returned, but an electronic image is stored with the bank!

 Use the check stub to find the balance forward. Check number 3502 is made out on April 4 to City Hall for $ the balance brought forward was $ and deposits of $ and $ have been made since that last check was written.

 Subtract from balance:  Debits  Withdrawals  Checks written  Add to balance:  Credits  Deposits  EX: P 191 #20