pp. 470-483 chapter 29 checking accounts. 2 learning objectives 1.identify 1.identify types of...
TRANSCRIPT
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pp. 470-483
Chapter 29 Checking Accounts
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Learning Objectives
1.1. IdentifyIdentify types of checking accounts.
2.2. Describe Describe some of the major services that banks provide
3. Name Name the ways checking transactions are recorded.
4.4. Explain Explain how to reconcile a checking account.
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Why It’s Important
• Paying with checks is the most common medium of exchange.
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Opening an Account1. Checking accounts are
sometimes called ______________ because each check a customer writes is an order to the bank to release money from the _______________.
demand deposits
account on demand
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Types of Accounts
2. Most banks offer several types of checking accounts. A wise consumer investigates all the _____________ available, as well as their __________________
kinds or accounts
advantages and costs
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Regular Account3. A regular checking account is designed
for customers who write ______________ each month and ___________________
______________ in the account.
4. Some accounts require a ____________________.
5. If the balance falls below the minimum, a _________________ is deducted from the account.
a few checksdon’t keep a minimumamount of
money
minimum balance.
service charge
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Interest-Bearing Account
6. An interest-bearing account is a checking account that __________________________
_______________
earns interest on your account’s balance.
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Interest-Bearing Account
7. An interest-bearing account usually has a _______________________ with an unlimited number of checks allowed each month.
8.The minimum balance might be much ___________than for a regular checking account.
minimum balance requirement
higher
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Joint Account9. A _____________ is an account
shared by _____________ who are equally responsible for the account.
10. With a joint checking account, __________________________ on the account.
joint accounttwo people
either person can write checks
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Figure29.1 TYPES OF CHECKING ACCOUNTS
This chart shows the different types of checking accounts available at one bank.
Which type of account requires the smallest amount of money to open?
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Signature Card11. A ______________ is a record of your
signature used by the bank to ___________________.
12.The signature card helps ________________________ from cashing your checks.
13.The signature you put on your card is the _______________ you have to use when you sign your checks.
signature card
verify your identity
prevent other people
same one
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Signature Card
Stacey E. Graham
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Fast Review
1. What is an advantage and a disadvantage of an interest-bearing checking account?
2. What is the main purpose of a signature card?
It earns interest on the balance but requires a high minimum balance
To verify your identity
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Overdraft Protection14. One risk of having a checking
account is writing checks for ______________ than you have in your account, or ______________ your account.
15. Banks _______________ for a returned check.
more moneyoverdrawing
charge a fee
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Overdraft Protection16. The business you _______________ will probably also charge a fee.
17. Overdraft protection is a _____________ for overdrawn checks.
18. You pay a _______________ for the overdraft protection and ___________on the overdrawn amount until it is repaid.
wrote the check to
line of credit
service fee
interest
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Stop Payment
19. A ______________ is an order for a bank not to cash a particular check.
20. Banks _____________ to stop payment on a check.
stop payment
charge a fee
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Debit Cards21. A debit card is like a credit
card but money __________________ ________________ when you use it
rather than charging the amount to a credit account.
is taken directly from your checking account
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Online Checking22. Online banking allows you to
___________________________ _____________ at any time of the
day over the Internet.
check your accounts, transfer money, or pay bills
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Online Checking23.Online checking is ___________ ____________, so service fees are often
lower than a traditional account.
24. Banks offer the option of scheduling ____________________________ from your checking account.
less expensive for banks
automatic payment of your bills
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Fast Review
1. What happens if a customer has insufficient funds in a checking account to pay a check?
2. How is a debit card different from a credit card?
The check “bounces” or is returned to the person who tried to cash it.
A debit card takes money directly from your checking account and you don’t pay interest on the purchase.
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Account Records
25. An advantage of a checking account is that it enables you to keep records of your ___________________________records of your financial transactions
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Check Parts
Niki Lantz 34.00
Thirty-four and 00/100--------------------------------
Stacey E. Graham
Nov 17 06
Bank of Lanc. CountyLancaster PA
Stacey E. GrahamStrasburg, PA
Date Check Written
ABA
Number
Bank Routing No.
Bank Acct.
Number
Drawer
payee
drawee
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Writing a Check26. The party to _______________ ___________ and who is cashing
the check is the ___________. 27. The party __________________ and
is paying the money, or drawing it from an account, is called the ____________.
28. The _______________________ where the drawer has an account is the ____________
whom the check is written
payee.wrote the check
drawer
bank or financial institutiondrawee
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Writing a Check
29. Your _______________ is your checkbook log where you keep ___________________________.
check register
track of all your checking transactions
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Depositing a Check
30.To deposit a check in your account you need to fill out a ________________
31. To deposit or cash a check requires an _____________, or the signature of the payee on the back of the check..
deposit ticket.
endorsement
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Depositing a Check32. To endorse a check, follow
these rules for your protection:•Endorse the check on the back •Use a black pen so your signature
can’t be erased
Sign Here______________
_____________________
_____________________
_____________________
Blank Endorsement
Restricted Endorsement
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Depositing a Check33. Sign your name ______________ __________ on the front of the
check. This is called an _________ ____________.
34. If you’re depositing a check rather than cashing it, write ___________
_____________ above your signature. This is called a ____________________.
exactly as it’s written blank
endorsement
“For Deposit Only”
restricted endorsement
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Bank Statements35. A ______________ is the
__________record of all the transactions in your checking account.
bank statementbank’s
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Figure29.2 SAMPLE BANK STATEMENT
Michael and Conchetta Chung received this bank statement.
What were the totals for checks written and for deposits for the month?
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Bank Statements36. A bank statement includes a
record of all ______________________ ___________.
37. A bank statement also includes a record of all ________________, or checks you’ve written that have been cashed.
withdrawals, deposits, interest and fees.
canceled checks
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Fast Review
1. What are the three different parties on a check?
2. Why should you write “For Deposit Only” on the back of a check?
The payee (person who is cashing the check, The drawer (person who wrote the check) and the drawee (the bank where the drawer has the account.
If the check is lost it can only be used to deposit into your account
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Graphic OrganizerPaying by CheckPaying by Check
Graphic OrganizerGraphic Organizer
The bank charges you a fee and returns the check to the business. The business also charges you a fee.
Write the check
The bank withdraws funds from your account and pays the check.
Isthere
enough moneyin your account?NO YES
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Bank Reconciliation
38. _______________ is the process of seeing whether _______
___________________________ for your account.
Bank Reconciliation your
records agree with the bank’s records
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Balancing Your Checkbook
39. The __________ to reconciling your account is to see whether the bank has processed all your checks and deposits.
first step
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Balancing Your Checkbook
40._________________ are checks that have been __________
_____________________.
Outstanding checks
written but haven’t yet been cashed
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Balancing Your Checkbook
41. Deposits that haven’t been recorded on the bank statement should be __________ to the bank statement balance.
added
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Balancing Your Checkbook
42. The ______________ should be ____________ from the balance in your check register.
service feesubtracted
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Balancing Your Checkbook
43. If your account _____________, ________the interest shown on the bank statement to your check register.
earns interestadd
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Balancing Your Checkbook
44. If the balances on your bank statement and in your check register _________________________ (or brought into agreement) your check register balance with the bank statement balance.
are the same, you have reconciled
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Finding Errors45. If the balances on your bank
statement and in your check register don’t agree, check your own account records to see whether you __________________________
__________________________
wrote the correct amount for each check and deposit.
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Finding Errors
46. Check all your _________________________.
47. Check to see whether you
carried the ____________________ for each new page of your check register.
additions and subtractions
correct balance forward
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Finding Errors
48. Recheck to see that you have _________________ all of the outstanding checks and deposits that haven’t been processed by the bank.
correctly identified
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Finding Errors
49. Check the ________ additions and subtractions.
bank’s
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Fast Review
1. What is the difference between a cancelled check and an outstanding check?
continued
A canceled check has been cashed by the bank. An outstanding check is a check that has been written that hasn’t been cashed yet.
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Fast Review
2. What charges do you need to add and subtract from your check register to reconcile it with your bank statement?
You need to add interest and subtract service charges.
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When you write a check at the store, what do you think the store does with it?
continued
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What do you think an intermediary bank does?
What’s the purpose of the routing number on a check?
continued
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How do you know when a check has cleared?
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pp. 470-483
End ofChapter 29 Checking Accounts
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Key WordsKey Words
demand depositsinterest-bearing accountsignature cardoverdrawingoverdraft protectionstop payment debit card continued
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Key WordsKey Words
check registerendorsementbank statementcanceled checksbank reconciliationoutstanding checks
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CheckFree provides the online bill-paying service for the majority of the United States’ largest banks. It works with the banks that want to provide online bill paying for their customers.
continued
Online Bill-Paying
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CheckFree has little competition since others don’t want to build the required complex computer system.
continued
Online Bill-Paying
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What other vendors could CheckFree build relationships with in order to be successful?
Analyze