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Lesson 9.1 unit 4 Checking accounts and other banking services
What is the purpose of a checking account? © South-Western Educational Publishing
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Chapter 9 Checking Accounts and Other Banking Services
An account that allows depositors to write checks to make payments. Other Banking Services and Fees © South-Western Educational Publishing
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Checking Account Vocabulary- use book and complete Check
Demand deposit Canceled check Overdraft Floating a check © South-Western Educational Publishing
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Opening a Checking Account
Signature authorization form Official signature Initial deposit Most banks $50 Some banks ask for a minimum balance to be kept for no fee accounts. © South-Western Educational Publishing
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Parts of a Check July 1, 20-- Food Mart 36.12 Thirty-six and 12/100
581 ARDYS JOHNSON Phone: 4250 West 18th Avenue Chicago, IL SKY CENTRAL BANK Chicago, Illinois PAY TO THE ORDER OF DOLLARS For Classroom Use Only MEMO DATE 2-74 710 July 1, 20-- Food Mart 36.12 $ Thirty-six and 12/100 Ardys Johnson groceries Parts of a Check © South-Western Educational Publishing
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Using Your Checking Account
Writing checks Paying bills online Also online bill pay Making deposits Using a checkbook register © South-Western Educational Publishing
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Reconciling Your Checking Account
Write ending balance from bank statement. Add credits or deposits not on statement. Total lines 1 and 2. Write total outstanding checks/debit transactions. Subtract line 4 from line 3. (Should agree with checkbook balance) 100.00 139.90 © South-Western Educational Publishing
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Endorsing Checks Blank endorsement Special endorsement
Is the signature of the payee written exactly as his or her name appears on the front of the check. Special endorsement AKA endorsement in full, is an endorsement that transfer the right to cash the check to someone else. Restrictive endorsement Restricts or limits the use of a check. Ex. For deposit only…. © South-Western Educational Publishing
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Types of Checking Accounts
Joint accounts Special accounts Standard accounts Interest-bearing accounts Share accounts © South-Western Educational Publishing
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Other Banking Services
Guaranteed-payment checks Money orders Debit cards Bank credit cards Automated teller machines Online banking Telephone banking Stop payment orders Safe deposit boxes Loans and trusts Financial services Other Banking Services © South-Western Educational Publishing
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Bank Fees Examples of bank fees Loan fee Trustee fee
MYPF Chapter 09 12-Sept-2001 Bank Fees Examples of bank fees Loan fee Trustee fee Check cashing fee for non-customers Per-check fee Maintenance fee Check printing fee ATM transaction fee © South-Western Educational Publishing
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