Checking Account Simulation. Understanding Checking Accounts
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1 Checking Account Simulation Understanding Checking Accounts
2 What is a Checking Account? G1 Tool used to transfer funds deposited into the account to make a cash purchase
3 Benefits Can help to manage money Written record of expenses Check register Makes bill paying more convenient Reduces the need to carry large amounts of cash Most liquid of cash management tools Considered cash
4 How Do They Work? Money is deposited into the account with a deposit slip Pay the transaction by: Writing a check Using an ATM and/or debit card Using electronic banking
5 What is a Check? Used at the time of purchase as the form of payment Piece of paper pre-printed with the account holder s: Name Address Financial institution Identification numbers
6 Bouncing a Check Check written for an amount over the current balance held in the account Bounces due to insufficient funds Assessed fee Can cause harm to credit report
7 Other Checking G1 Components Register Place to immediately record all monetary transactions for a checking account Checkbook Written checks, ATM withdrawals, debit card purchases, deposits, fees, etc. Contains the checks and the register to track monetary transactions
8 Endorsement Endorsing a Check Signature on the back of the check from receiving person approving it for deposit A check must be endorsed to be deposited Three types Blank Restrictive Special Safest way to endorse the check is to wait until going to the financial institution to deposit or cash the check
9 Blank Endorsement Receiver of the check signs his/her name Anyone can cash or deposit the check after has been signed
10 Restrictive Endorsement More secure than blank endorsement Receiver writes for deposit only above his/her signature Allows the check to only be deposited
11 Special Endorsement Receiver signs and writes pay to the order of (fill in person s name) Allows the check to be transferred to a second party Also known as a two-party check
12 Hand out check books
13 Making a Deposit Deposit slip Contains the account holder s account number and allows money to be deposited into the correct account Checks must be endorsed to deposit Record deposit in the check register
14 Deposit slips At back of check book Rip out a deposit slip and follow along with simulation Write Date You have five checks to deposit- write them on deposit slip You will have to use the back of the deposit slip and transfer total to the front Check #365- $50.00 Check #101- $23.00 Check # 231- $47.00 Check # 598- $30.00 Check # 432- $15.00 Continue on next slide
15 Deposit slips continued You would like to receive $25.00 cash back from deposit. Write in less cash received Subtract from subtotal to get net deposit Sign Deposit slip for cash back
16 Writing a Check A check is given as a form of payment Funds taken out of checking account
17 Writing a check Rip out a check and follow along You want to buy a hoodie from the school store they cost $ Write a check to the Silver Dollar for the hoodie. Step one- Fill in Date Step two- Payee- Silver Dollar Step three- Amount of check in numbers Step four- Amount of check in words Step five- Memo- Hoodie Step six- Sign check
18 Check Register Place to immediately record all monetary transactions for a checking account Written checks, ATM withdrawals, debit card purchases, deposits, fees, etc. Used to keep a running balance of the account Remember - Record every transaction!
19 Check Register Date The date the check was written or transaction was made
20 Check Register Number The number of the written check; if a debit card or ATM was used, write DC or ATM
21 Check Register Description of Transaction The person/business the check was written to or where the debit card was used Gray line can be used to write the memo
22 Check Register Payment/Debit(-) Amount of the transaction Deducted from the balance
23 Check Register Deposit/Credit(+) Amount of the transaction Added to the balance
24 Check Register T A box used to track whether the check has cleared on the monthly bank statement when reconciling at the end of each month
25 Check Register Fee (if any) Any extra fees charged to the account Listed on the bank statement
26 Check Register Balance The running total of the checking account Calculated by adding or subtracting each transaction Keep this updated
27 Checkbook Simulation
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