Transcript Chapter 9 Checking Accounts and Other Banking Services

Lesson 9.1 unit 4
Checking accounts and other
banking services
What is the purpose of a
checking account?
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Chapter 9
Checking Accounts and Other Banking
Services
• Checking Accounts
• An account that allows depositors
to write checks to make
payments.
• Other Banking Services and Fees
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Checking Account
Vocabulary- use book and complete
• Check
• Demand deposit
• Canceled check
• Overdraft
• Floating a check
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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.
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ARDYS JOHNSON
Phone: 555-0100
4250 West 18th Avenue
Chicago, IL 60601-2190
Food Mart
Thirty-six and 12/100
DATE
July 1, 20--
PAY TO THE
ORDER OF
SKY CENTRAL BANK
Chicago, Illinois
MEMO
groceries
071000741 08 40 856
$
2-74
710
36.12
DOLLARS
For Classroom Use Only
Ardys Johnson
0581
Parts of a Check
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581
Using Your Checking
Account
• Writing checks
• Paying bills online
• Also online bill pay
• Making deposits
• Using a checkbook register
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Reconciling Your
Checking Account
1. Write ending balance from bank
statement.
2. Add credits or deposits not on
statement.
3. Total lines 1 and 2.
4. Write total outstanding
checks/debit transactions.
5. Subtract line 4 from line 3. (Should
agree with checkbook balance)
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1279.38
100.00
1379.38
139.90
1239.48
Endorsing Checks
• Blank 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….
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Types of Checking
Accounts
• Joint accounts
• Special accounts
• Standard accounts
• Interest-bearing accounts
• Share accounts
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• 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
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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
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