OBJECTIVES Explain how checking accounts work Complete a check register Slide 2 Key Terms checking account check electronic funds transfer EFT payee drawer check clearing ID: 1028869
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1. Slide 12-1CHECKING ACCOUNTS OBJECTIVESExplain how checking accounts work. Complete a check register.
2. Slide 2 Key Termschecking accountcheckelectronic funds transfer (EFT)payeedrawercheck clearingdeposit slipdirect depositautomated teller machine (ATM)personal identification number (PIN)holdendorsecanceledinsufficient fundsoverdraft protectionmaintenance feeinterestsingle accountjoint accountcheck registerdebitscredits
3. Slide 3How do people gain access to money they keep in the bank?What are the responsibilities of having a checking account?What are the ways that account holders access the money in their checking accounts?Why might a person need overdraft protection?Is overdraft protection a form of a loan from a bank?Why is it important to use a check register?
4. Slide 4Example 1Allison currently has a balance of $2,300 in her checking account. She deposits a $425.33 paycheck, a $20 rebate check, and a personal check for $550 into her checking account. She wants to receive $200 in cash. How much will she have in her account after the transaction?
5. Slide 5Example 1Allison currently has a balance of $2,300 in her checking account. She deposits a $425.33 paycheck, a $20 rebate check, and a personal check for $550 into her checking account. She wants to receive $200 in cash. How much will she have in her account after the transaction?
6. Slide 6Example 1
7. Slide 7Example 2Nick has a checking account with the Park Slope Savings Bank. He writes both paper and electronic checks. For each transaction, Nick enters the necessary information: check number, date, type of transaction, and amount. He uses E to indicate an electronic transaction. Determine the balance in his account after the Star Cable Co. check is written.
8. Slide 8Example 2Nick has a checking account with the Park Slope Savings Bank. He writes both paper and electronic checks. For each transaction, Nick enters the necessary information: check number, date, type of transaction, and amount. He uses E to indicate an electronic transaction. Determine the balance in his account after the Star Cable Co. check is written.