Why should you have a checking account?. What is an “ATM”? Automated Teller Machine- ATMs have several functions, such as allowing the account holder.

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Presentation transcript:

Why should you have a checking account?

What is an “ATM”? Automated Teller Machine- ATMs have several functions, such as allowing the account holder to transfer money from one account to another, to check an account balance, withdraw money from their account or to deposit money What is an ATM card? It is an identification card that allows the holder to withdraw money from his or her account at an ATM. A personal identification number [PIN], along with the card, is required for transactions. Never share your PIN!

What is a Debit card? -When a customer uses a debit card, he immediately transfers money, electronically, from his checking account to the merchant’s account. Using a debit card is simple, fast, and convenient. - The “debit card” enables account holders to use another method of electronic payment. (The card used at ATM machines is usually the same one used as a debit card.) - A debit card looks like a credit card. A customer using a debit card swipes the card in making a purchase, as if it were a credit card. The debit card is scanned and the customer enters a PIN or signature. No cash changes hands. -But using a debit card differs from using a credit card in one very important way. When a customer uses a credit card, she takes out a “loan” from the card issuer and will be billed later for repayment of the loan.

Share out: local banks and how to get a checking account

How to use a checking account:

Record all transactions! Even electronic transactions! Use the sample register given to you to record as we go: On September 4 th you used your debit card to purchase an album on I-tunes for $10.00 September 8 th Payday! You earned $83.46 September 11 th your car needs an oil change you use your debit card at Grayson’s Service Station $24.50 A deposit for the class ring you ordered at Acme Jewelers is due on September 15 th you use your debit card $15.00 September 19 th you are going out with some friends so you stop by an ATM and take out $40 in cash Pay day again! September 22 nd deposit $63.88 to your account

Loan payment to Lee Johnson you write check #8455 on September 23 rd for $5.00 You order a new magazine subscription for $16.50 from American Publishing you write check #8456 on September $9.26 On September 27 th you buy a birthday present for your Mom you write a check at Neighbor’s Store for $33.63 Your helped your aunt do some chores she paid you $12.00 on September 29 th On September 30 th your car loan is automatically withdrawn from your account for $56.96 On the first of October your Bank chargers a service fee for $5.90

Your Check Book Register should look like this:

Overdrawn: