1. Unit 4: Savings & Checking Accounts

2. Plan for the Unit... So far ▪ Day 1: Vocabulary & Vocabulary Comp Check and Start Building the

3. Banking Video https://www.youtube.com/watch?v=CqD3hnjZBTM

4. Vocabulary!!!

5. Check ▪ A piece of paper that orders a bank to take money from an account

6. Bank ▪ A business that offers financial services

7. Checking Account ▪ A bank account where you can use checks in order to pay expenses

8. Withdrawal ▪ To take money out of a bank

9. Deposit ▪ To put money into a bank

10. Savings Account ▪ A bank account used to save money and earn interest

11. Debit Card ▪ A bank card that allows you to use an ATM

12. Automated Teller Machine (ATM) ▪ A machine that lets you access your bank account at any time

13. Principal… No, not Mr. Martinez ▪ The amount of money in a bank account

14. Simple Interest ▪ Interest on the principal only

15. Compound Interest ▪ Interest on the principal and the interest already earned

16. Certificate of Deposit (CD) ▪ A savings account with a minimum balance, a fixed interest rate and a fixed period of time

17. ▪ A card with the name, address and authorized signature of an account holder. Signature Card

18. Overdraft ▪ A deficit in a bank account caused by drawing more money than the account holds.

19. Overdraft Protection ▪ A line of credit that banks offer to their customers to cover their overdrafts. It kicks in when a customer writes a check for more than the amount in their account.

20. Check Register ▪ A booklet used to keep track of the balance when a check is written or a deposit/withdrawal is made from an account

21. Bounce ▪ To refuse to pay a check written for more money then the amount in an account

22. Bank Statement ▪ A bank form usually sent each month to the account holder that lists all the checks paid, deposits, withdrawals, service charges and the account balance

23. Reconcile ▪ To compare the information in a check register to a bank statement and correct any mistakes

24. Now……….Lets Play Liar Liar ▪ Deposit means to put money into an account, Withdrawal means to take money out, but you can only take money out with a debit card ▪ Banks are financial institutions, but they use checking and savings accounts