key terms section 7.1 are funds you deposit in a bank more secure than money you keep in your...
TRANSCRIPT
Key Terms
Section 7.1
Are funds you deposit in a bank more secure than money you keep in your bedroom?
*Inflation*FDIC*Bartering*Currency*Check*Payee*Statement
Question to think about!
The Role of Banks Earn a Profit Provide Security Regulated Insured Make Borrowing Easier Financial Transactions
Section 7.1
Checking Account Activity
Packet
Number Date Transaction Debits(-)
Credits(+)
Balance
1/3 Deposit $717.20
Payroll + 50 cash $717.20
101 1/8 National Electric Company -$35.24 -$35.24
Jan Bill $681.96
102 1/9 Reader’s Service, Ins. -$24.00 -$24.00
12 month subscription $657.96
103 1/15 Tickets Forum -$40.00 -$40.00
Concert Tickets $617.96
Check
Packet
Check Number
Your SignatureAmount of Check Written in Words
Amount in Numbers
Payee
Date
Deposit Form/Slip
Packet
Key Terms
Section 7.2
Are personal checks accepted as payment everywhere you choose to shop?
*Checking Account*Check Register*Account Balance*Overdrawing*Endorsement*Third Party Check
Question to think about!
Checking Account Activity
Packet
Payments Outstanding
No. 102 $24. 00
106 $33. 93
108 $450. 00
Total $507. 93
Ending Balance On Statement
$160 80
Add Deposits Not Shown $692 37
Sub-Total $853 17
Subtract Payments Outstanding
$507 93
Balance $345 24
Account Reconciliation
Key Terms
Section 7.3
What records could serve as proof of a checking account transaction?
*Canceled Check*Bank Statement*Reconciliation/Balancing
Question to think about!
Checkbook Packet Work Time
Bank Statement
Section 7.3
Page 233
Key Terms
Section 7.4
How is the Internet becoming part of everyday banking for many consumers?
*EFT*ATM*PIN*Direct Deposit*Debit Card*Automatic Withdrawal
Question to think about!
Electronic Fund Transfer Act Responsibilities
Two days to report missing card
Liability will be $50 unless you fail to notify
After 60 days you could be responsible for all losses.
Section 7.4
Protects consumers Receipts required Informed of fees
charged
Key Terms
Section 7.5
Why would someone need to send money on the same day?
*Certified Checks*Cashier’s Check*Money Order*Traveler’s Check*Wire Transfer*Safe Deposit Box
Question to think about!
Checkbook Packet Work Time