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