Consumer Math Chapter 4: Checking Accounts Section What You’ll Learn 4-1 _____________________________________________________________________________________ 4-2 _____________________________________________________________________________________ 4-3 _____________________________________________________________________________________ 4-4 _____________________________________________________________________________________ 4-5 _____________________________________________________________________________________ Why is this stuff important? If you don’t have a checking account yet, you probably will soon. Checking accounts provide a central place from which you can access the money you earn. You can have your paycheck directly deposited and then write checks or use your debit card to access your money. Every time you make a purchase with your debit card, the bank records it as a transaction, which is great when you lose a receipt and need proof later! Another huge perk of having a checking account is that you can set up automatic bill-pay so you won’t forget to send in a payment. Fun Facts about Checking Account Fees How much for a box of checks? What is typical overdraft fee? How much does it cost to have online access and bill-pay? How much does it cost to have a debit card? How much does it cost to access your money using an ATM? Section 4-1: Deposits Deposit: amount of money that you put into your checking or savings account via ATM, over the counter or automatic deposit. *ATM: Automatic Teller Machine; usually you need a 4-digit pin 1. Derek deposits two checks, $235.42 and $55.47, into his checking account at Wells Fargo Bank. He also requests to receive $40 cash. What is his total deposit? 2. Ally is making a deposit in her local bank, Bank of the West. She has checks for $435.20, $279.19 and $327.96. She also has cash consisting of 15 one-dollar bills, 7 five-dollar bills, 3 ten-dollar bills, 24 quarters, 5 dimes, 15 nickels, and 14 pennies. She would also like to keep $75 in cash. What is her total deposit? Assignment: Pg. 180: 1-2, 15-19
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ConsumerMathChapter4:CheckingAccounts
Section WhatYou’llLearn4-1 _____________________________________________________________________________________4-2 _____________________________________________________________________________________4-3 _____________________________________________________________________________________4-4 _____________________________________________________________________________________4-5 _____________________________________________________________________________________Whyisthisstuffimportant?Ifyoudon’thaveacheckingaccountyet,youprobablywillsoon.Checkingaccountsprovideacentralplacefromwhichyoucanaccessthemoneyyouearn.Youcanhaveyourpaycheckdirectlydepositedandthenwritechecksoruseyourdebitcardtoaccessyourmoney.Everytimeyoumakeapurchasewithyourdebitcard,thebankrecordsitasatransaction,whichisgreatwhenyouloseareceiptandneedprooflater!Anotherhugeperkofhavingacheckingaccountisthatyoucansetupautomaticbill-paysoyouwon’tforgettosendinapayment.FunFactsaboutCheckingAccountFeesHowmuchforaboxofchecks? Whatistypicaloverdraftfee?Howmuchdoesitcosttohaveonlineaccessandbill-pay? Howmuchdoesitcosttohaveadebitcard?HowmuchdoesitcosttoaccessyourmoneyusinganATM?
Section4-1:DepositsDeposit:amountofmoneythatyouputintoyourcheckingorsavingsaccountviaATM,overthecounterorautomaticdeposit.
*ATM:AutomaticTellerMachine;usuallyyouneeda4-digitpin1.Derekdepositstwochecks,$235.42and$55.47,intohischeckingaccountatWellsFargoBank.Healsorequeststoreceive$40cash.Whatishistotaldeposit?2.Allyismakingadepositinherlocalbank,BankoftheWest.Shehaschecksfor$435.20,$279.19and$327.96.Shealsohascashconsistingof15one-dollarbills,7five-dollarbills,3ten-dollarbills,24quarters,5dimes,15nickels,and14pennies.Shewouldalsoliketokeep$75incash.Whatishertotaldeposit?Assignment:Pg.180:1-2,15-19
Section4-2:WritingChecksCheckingaccount:accountthatyoucanusetowritechecksagainst,i.e.,youwritesomeoneacheckandwhentheycashit,themoneyiswithdrawnformyouraccount.Yourdebitcardistypicallyattachedtothisaccountaswell.-Alwaysrightchecksinpen:penciliseasilyerasedandchangedbysomeoneelse.-Alwaysbeaccurate:ifyoumakeamistake,voidthecheckandwriteanewone.-Signthechecklast:don’tleaveasignedchecklayingaround.-Checksareonlygoodforabout6monthsfromthedatewrittenonthem.ThisespeciallycausestroubleinJanuaryofthenewyear.Ifyouwritethewrongyearonthecheck,thebankmaynothonorit.Findthemistakes:Writetheamountinwordform.1.$65.29 2.$23.42Writetheamountasanumeral.3.Thirty-oneand22/100dollars 4.Onehundredfifty-sixand50/100dollarsAssignment:WS3.1SheetA
StepsofWritingaCheck:1.Writethedate 2.Writethenameofthepersonorcompanytowhompaymentwillbemade. 3.Writetheamountofthecheckasanumeral,i.e.,$45.78 4.Writetheamountinwordswithcentsasafraction,e.e.,Forty-fiveand78/100 5.Makeanotationonthechecktoindicateit’spurpose;i.e.,giftforLaura 6.Signthecheck5.MargaretisbuyingagiftatTargetonFeb11,2017.Thecostofthegiftis$45.89,andshepaysbycheck.Howwouldshewritethecheck?
Assignment:Pg.184:3-20,21,22
Section4.3:CheckRegistersCheckRegister:aplaceinyourcheckbookwhereyourecordyourdeposits,electronictransfers,andthechecksyouhavewritten.Balance:amountofmoneyinyouraccount;thisisaffectedbydeposits(+)andtransfers(-)likechecks.:Usetheblankcheckregisterbelowtorecordthesetransactions: OpeningBalance:$500on2/1 PurchaseatWalmart:$10on2/2 Depositapaycheck(#1539):$150on2/4 PurchasedinneratJethros:$25on2/5 Paycarpayment:$250on2/7 Whatisthenewbalance?
Assignment:Worksheet3.2SheetAandSheetB
Section4-4:BankStatementsBankStatement:astatementfromyourbankthatlistsallofyourtransactions;checks,ATMwithdrawals,debitcardpurchases,automaticloanpayments,deposits,interestandfees.ServiceCharge:afeechargedbythebankforthehandlingofyouraccount.Hopefully,youcanfindabankthatdoesnotchargeservicefees.PresentBalance=Balance+Deposits–Withdrawals–Charges+Interest1.MargaretMillerreceivedherbankstatementforMarch(below).Shechecksthestatement.Verifyherpresentbalance.2.Allyhadapreviousbalanceof$290inheraccount.Shedepositedamountsof$120and$150.Shewithdrewamountsof$140and$110.Shewaschargedaservicefeeof$2.70.Shewasalsopaid$0.25interestbythebank.Whatisherpresentbalance?3.Nickhasapreviousbalanceof$1003.02inhisaccount.Hedepositsamountsof$567.45,$100.00and$670.50.Hewithdrewamountsof$40.00and$80.00.Hewaschargedaservicefeeof$3.54.Hewasalsopaid$1.15interestbythebank.Whatishispresentbalance?Assignment:Pg.190:4-12
Section4-5:ReconcilingtheBankStatementReconcile:tocompareyourbankstatementwithyourcheckregistertobesuretheamountsarethesame.Youmayfindsomedepositsoroutstandingchecksinyourregisterthatarenotlistedonthestatement.Assignment:Reconcilingacheckbookpacket.
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