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