Transcript Slide 1

Teacher instructions:
1.
Print the lesson, KaChing!, Lesson 3: Cash the Check and Track the Dough
2.
Display slides 2 and 3 with Procedure step 1 in the lesson.
3.
Display slides 4 through 8 with Procedure step 4.
4.
Display slides 9 through 11 with Procedure step 6.
5.
Display slide 12 with Procedure step 7.
6.
Display slide 13 with Procedure step 8.
7.
Display slide 14 with Procedure step 9. This is the blank bank account register. You can use this
along with Handout 3.3: What’s the Balance? If you wish to fill in the register as a whole-class
activity.
8.
Display slide 15 with Procedure step 11. This is the answer key for the bank account register.
9.
Display slides 16 and 17 with Procedure steps 12 through 14.
10.
Display slide 18 through 20 with Procedure step 15.
Checking account - an account held at a bank, credit
union or other financial institution in which account
owners deposit funds.
Account owners have the privilege of writing checks
on their accounts and are able to use ATM cards and
debit cards to access funds.
Savings account - an account at a bank, credit union
or other financial institution in which account
owners deposit funds.
Account owners are paid interest on the amount
deposited in the account. Account owners have the
ability to withdraw funds but do not write checks on
these accounts. The number of withdrawals in a
given period of time may be limited.
Thumbs Up or Thumbs Down?
People are able to make deposits to and
withdrawals from both savings accounts and
checking accounts.
Check-cashing services charge minimal fees
for cashing checks.
Thumbs Up or Thumbs Down?
Usually people are able to cash checks for free or for a
much reduced fee (less than a few dollars a month) at
the bank where they have a savings or checking
account.
There are fees or costs associated with checking
accounts.
Thumbs Up or Thumbs Down?
Savings accounts pay interest on the balance in the
account.
It isn’t legal for companies to require employees to
use “direct deposit.”
Thumbs Up or Thumbs Down?
With a checking account, you can write checks to pay
for many types of goods and services.
There are no fees associated with savings accounts.
Thumbs Up or Thumbs Down?
You may use an ATM or debit card with both savings
and checking accounts.
Banks are a safe place to keep your money.
If you want to keep track of the money in your
account, what information do you need?
the amount of each deposit
the amount of each withdrawal
the amount of each check that you write
the amount of each purchase you make with a debit
card
How could you keep track of the money in your
account, i.e., your financial transactions?
computer spreadsheet
computer program
a notebook
Banks provide bank account registers in which
account holders are able to record information in
order to keep track of their money.
When people bank online, they can view an online
table that indicates deposits that the bank has
received, withdrawals that the bank has recorded,
checks that the bank has paid and debit card
transactions.
Review
What are some advantages of having a checking or
savings account?
money is safe, your money may earn interest
depending on the type of account, low or no fees for
cashing checks, record of transactions
Review
What is a disadvantage of using check-cashing services?
The fees are very high.
Review
Why is it important to maintain account records and
keep track of bank account balances?
to avoid paying fees for overdrafts, to make certain the
records are accurate and show the correct balance, to
know where your money is going