Objectives  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.

What is a Checking Account?  A payment account  Allows easy access to cash via checks, debit card, or online bill pay  Should only hold money that you intend to spend quickly  Available at most banks and credit unions

What do you need to open a checking account  Social security number  Form of ID (Driver’s License)  Money for opening deposit

Checking Accounts ALL CHECKING ACCOUNTS ARE NOT CREATED EQUAL  monthly service charge  insufficient funds fees  online banking  minimum balance  free perks (traveler’s checks, money orders) THE KEY TO FINDING THE RIGHT ACCOUNT FOR YOU IS TO FIND ONE THAT COSTS YOU THE LEAST AMOUNT POSSIBLE ALSO KNOWN AS FREE CHECKING

Types of Checking Accounts  Free  Basic  Interest Bearing (Money Market)  Express Checking  Lifeline Checking  Student Checking  Senior Checking

Terms  Payee  Canceled check  Overdraft  Endorsement

Assignment  Comparing a free checking account with a basic checking account  Locate a bank that offers a student checking account and list three ways that it is different from the basic and free checking accounts. Record the information on the back of the comparison sheet.  Go to and go through Chapters 1-7. Complete the quiz as you go.