CHAPTER 26 OPENING A CHECKING ACCOUNT. ADVANTAGES OF A CHECKING ACCOUNT CONVENIENCE--WRITE CHECKS WHENEVER THEY ARE NEEDED; EFT USING ATMs SAFETY--PREVENT.

Slides:

Advertisements

Similar presentations

Opening A Debit/Checking Account Income and Money Management

Advertisements

Checks & Payment Methods Ch PoB The First Deposit Starts with providing personal data and a sample of your signature Signature Card – document.

Chapter 9 Review. Parts of a Check 7 89 Date line Payee Numeric amount Written amount Memo Signature Check # Bank routing and account #’s.

© 2014 Cengage Learning. All Rights Reserved.

Checking Account Opening a Checking Account. Advantages of a Checking Account  Convenience  Write checks at home  Pay bills by mail  Don’t have to.

Chapter 5, Section 1 Checking Accounts

4.02 C Check Writing & Endorsements

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Checking Accounts.

Opening a Checking Account Advantages Types of Checking Accounts Opening an Account Endorsements Recording the Deposit.

Instructions for using this template. Remember this is Jeopardy, so where I have written “Answer” this is the prompt the students will see, and where.

Banking Jeopardy Double Jeopardy Banking Terms Electronic Banking Savings Accounts Signing.

Common payment services What are the common payment services provided by financial institutions? 1.

Checking Accounts. What is a Checking Account? 1.A checking account is a sum of money that you deposit in a bank or other financial institution, to hold.

BANKING SERVICES. Types of Financial Institutions Commercial Banks Savings and Loan Associations Credit Unions Brokerage Firms.

Checks & Payment Methods CHAPTER 17, SECTION 3. The following are some of the benefits that checking accounts provide for consumers. Convenience and ease.

Chapter 26 Opening a Checking Account. Advantages of Checking Account Convenience – spend money through paper (checks) or the EFT systems. Safety – from.

Checking Accounts and Other Banking Services

Checking Accounts Chapter 9. Basics Check: ▫Written order to bank to pay the amount stated to the person or business named on it. Demand deposit: ▫Money.

LESSON 5-1 Checking Accounts

Cash Control Systems Checking accounts Pages Checking account– a bank account from which payments can be ordered by a depositor Endorsement–

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Checking Accounts.

Chapter 3, Section 3 ELECTRONIC BANKING.

Introduction to Business Chapter 26 Opening a Checking Account Essential Question: How does the banking and financial system help build and support our.

Part 2: Accounts Dollars & Sense. Accounts Offered by Banks & Credit Unions Savings Certificates of Deposits (CD’s) Money Market Checking.

LESSON 5-1 Checking Accounts

Ms. Smith. 1. Choose a bank. 2. Pick the product you want (individual or joint). 3. Provide your information. 4. Agree to terms. 5. Congratulate yourself!

Chapter 10 Banking.

CHECKING TODAY. ADVANTAGES OF REGULAR CHECKING ACCOUNTS Safe means of transporting money Legal proof of payment Form or recordkeeping ADVANTAGES OF eCHECKING.

How to Write a Check. WRITING A CHECK Maintaining a Checking Account.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts 9.

Part 3: Check Writing Dollars & Sense. Tips for Good Check Writing 1. Write checks in ink. 2. Only write checks if you have money in account to cover.

List of Words for Chapter 6 Checking account Endorsement Blank endorsement Special endorsement Restrictive endorsement Postdated check Bank statement.

CHAPTER 5 By: Ashley Kea. KEY POINTS  Depositing Cash  Blank Endorsement, Special Endorsement, and Restrictive Endorsement  Check Stub and Check 

Checking Accounts/Banking Services Checking Accounts Used for regular spending money and to pay bills Write checks or use debit card to spend from.

Chapter  Convenient  Safe  Proof of payment  Record for financial management.

Types of Negotiable Instruments

Financial Services and Institutions Name_____________________________ 1.

PRODUCTS OF BANKING. Endorsements Before you cash, deposit, or transfer a check to someone else, you must first endorse the check. Endorse: to sign your.

Mr. Stasa © You should be able to:  Identify the different parts of a personal check  Complete a personal check  Endorse.

Checking Accounts LESSON BUSINESS CHECKS LESSON COMPLETED CHECK STUB 5.Write the amount of the check. 2.Write the date of the check. 3.Write.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 1 LESSON 5-1 TERMS code of conduct - A statement that guides the ethical behavior of a company.

Cash Control Systems Chapter 7. Why use checks instead of cash? Cash is easily transferred from one person to another without question of ownership. Cash.

Cash Control and Banking Activities Making Accounting Relevant Businesses deposit all cash and checks into a bank account and make payments using checks.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Checking Accounts.

Cash Control Systems Chapter Five. Terms Code of conduct Checking account Endorsement Blank endorsement Special endorsement Restrictive endorsement Postdated.

Checking Accounts. Types of Checking Accounts  Regular Checking  Designed for people who write a few checks each month and do not keep a minimum amount.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Checking Accounts.

Checking and Banking

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Checking Accounts  How businesses use cash  Cash deposited and recorded on a.

Cash controls and banking activities

$0.01 $1 $5 $10 $25 $50 $75 $100 $200 $300 $400 $500 $750 $1,000 $5,000 $10,000 $25,000 $50,000 $75,000 $100,000 $200,000 $300,000 $400,000 $500,000 $750,000.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts Banking Services and Fees 9.

Chapter 9 Checking Accounts and Other Banking Services.

Managing Money. “CHECKing” Your Money What is the most common tool to manage money? –checking account –Why? Advantages –don’t have to carry large amounts.

Chapter 7. Checking Accounts Authorizing Signatures Depositing Cash Deposit Slip Endorsing Checks Writing Checks.

Chapter 6 – Cash Control Systems

Types of Negotiable Instruments

LESSON 5-1 Checking Accounts

© 2014 Cengage Learning. All Rights Reserved.

Types of Negotiable Instruments

© 2014 Cengage Learning. All Rights Reserved.

Cash Control and Banking Activities

Lesson 6-1 DEPOSITING CASH Lesson 6-1, page 126.

© 2014 Cengage Learning. All Rights Reserved.

LESSON 5-1 Checking Accounts

Chapter 5 Cash Control Systems.

LESSON 5-1 Checking Accounts

LESSON 5-1 Checking Accounts

LESSON 5-1 Checking Accounts

LESSON 5-1 Checking Accounts

Presentation transcript:

CHAPTER 26 OPENING A CHECKING ACCOUNT

ADVANTAGES OF A CHECKING ACCOUNT CONVENIENCE--WRITE CHECKS WHENEVER THEY ARE NEEDED; EFT USING ATMs SAFETY--PREVENT LOSS THROUGH THEFT, FIRE OR CARELESSNESS; SEND IN MAIL PROOF OF PAYMENT--VERIFIES PAYMENT RECORD OF FINANCES--CHECK SPENDING, HELPS WITH ORGANIZATION

TYPES OF CHECKING ACCOUNTS REGULAR CHECKING ACCOUNTS--NO SERVICE CHARGE WITH MINIMUM AMOUNT IN ACCOUNT INTEREST CHECKING ACCOUNTS--EARN INTEREST WITH MINIMUM BALANCE; RATES ARE LOW WITH HIGHER RATES TO ACCOUNTS WITH MORE MONEY DEPOSITED (TIED TO MONEY MARKET RATE-INTEREST RATE FOR BIG USERS) OTHER TYPES OF CHECKING ACCOUNTS-- VARY ACCORDING TO NEED; CHARGE PER CHECK

OPENING A CHECKING ACCOUNT THE SIGNATURE CARD--OFFICIAL RECORD OF SIGNATURE; NEED BOTH SIGNATURES FOR A JOINT ACCOUNT; SEE FIGURE 26-1 MAKING FIRST DEPOSIT--SEE FIGURE 26- 2; BANK IDENTIFICATION NUMBER SEE FIGURE 26-3

ENDORSING CHECKS FOR MAKING DEPOSITS ENDORSEMENT--WRITTEN EVIDENCE THAT YOU RECEIVED PAYMENT OR PAYMENT WAS TRANSFERRED PURPOSE OF ENDORSEMENTS-- –ALLOW RECIPIENT TO CASH, DEPOSIT OR TRANSFER –LEGAL EVIDENCE THAT RECEIVER CASHED OR TRANSFERRED THE CHECK –MEANS THAT THE ENDORSER WILL PAY THE CHECK IN CASE THE NEXT OWNER OF CHECK CANNOT COLLECT THE MONEY PLACEMENT OF ENDORSEMENTS--SEE FIGURE 26-4

TYPES OF ENDORSEMENTS BLANK ENDORSEMENT--ONLY THE ENDORSER’S NAME SPECIAL ENDORSEMENT--INCLUDES THE NAME OF THE PERSON TO WHOM THE CHECK HAS BEEN TRANSFERRED RESTRICTIVE ENDORSEMENT--LIMITS THE USE OF THE CHECK TO THE PURPOSE GIVEN IN THE ENDORSEMENT (FOR DEPOSIT ONLY) ****DO NOT SIGN UNTIL RIGHT BEFORE YOU COMPLETE THE TRANSACTION****

RECORDING THE DEPOSIT CHECK STUB--ATTACHED TO CHECK CHECK REGISTER--SEPARATE FORM TO RECORD DEPOSITS, CHECKS AND OTHER TRANSACTIONS