CHECKING ACCOUNT REFLECTION

(1)

CHECKING ACCOUNT REFLECTION

Directions: Complete the handout below and share your answers with your small group.

Write down words that come to mind when you hear “checking account.”

____________________________ ___________________________ ________________________ ____________________________ ___________________________ ________________________

Do you or your parents have a checking account? What is a checking account and how does it differ from a savings account?

___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________

What do you think are some advantages to having and using a checking account?

_____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________

Your homework assignment was to define these common bank fees. Provide a one-sentence definition below:

1. ATM User Fee/Foreign ATM Fee: ______________________________________________________ 2. Overdraft Fee: _____________________________________________________________________ 3. Monthly Service Fee/Maintenance Fee: ________________________________________________ 4. Minimum Balance Fee: ______________________________________________________________

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PARTS OF A DEBIT CARD

Directions: Identify the parts of a debit card in the space provided. If you have a debit card, pull it out so you can get familiar with the information on your card.

FRONT: BACK:

Label the Parts of a Debit Card: A. __________________________________________________________________________________ B. __________________________________________________________________________________ C. __________________________________________________________________________________ D. __________________________________________________________________________________ E. __________________________________________________________________________________ F. __________________________________________________________________________________ G. __________________________________________________________________________________ H. __________________________________________________________________________________ I. __________________________________________________________________________________

When you use your debit card to make purchases, you will be asked to enter your Personal Identification Number (PIN). Unlike credit cards, debit cards will immediately deduct the value of your purchase from your bank account. Make sure you have enough money in your account to cover your expenses and avoid paying overdraft fees!

(A)

Bank of Vero

(B)

1234 5678 9101 1213

(C)Customer

2005

(D)Good Thru

12/12

Since Last Day of (E)

Vero K Cruz

(F)

www.bankofvero.com

For Customer Service: 555-891-0109

(G) _(H)

₁₉₁

Authorized Signature *Not Valid Unless Signed (I)TTY: 1-800-555-5555

Bank of Vero

From Outside the US call collect at 555-234-2532

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CHECK WRITING BASICS

Directions: Identify and label the parts of a check in the space provided. Proceed to writing a check, endorsing a check, and completing a register.

(A) Maria Cruz (B) 101 911 Express Way (C) _______________ Monarch Village, CA, 55555 Date

(D) Pay to the Order of___________________________________________________ (E) $_____________

(F)_____________________________________________________________________Dollars_ (G) Bank of California

(H) For______________________________________ (I)_____________________________________ (J) :156400081: (K) 1234567891”

Label the Parts of a Check:

A. __________________________________________________________________________________ B. __________________________________________________________________________________ C. __________________________________________________________________________________ D. __________________________________________________________________________________ E. __________________________________________________________________________________ F. __________________________________________________________________________________ G. __________________________________________________________________________________ H. __________________________________________________________________________________ I. __________________________________________________________________________________ J. __________________________________________________________________________________ K. __________________________________________________________________________________ Now, fill in the check using the following scenario:

On September 1, 2014, Maria ate lunch at Subway and spent $7.55. Complete the check as Maria would have for her purchase.

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SCENARIO: That same day, Maria received her paycheck from her waitressing job. The check was in the amount of $205.50 – Maria decides to deposit her check into her checking account. She (1) endorses the bank of the check, (2) writes “For Deposit Only”, and (3) writes her bank account number of

1234567890. Complete the back of the sample check in the space provided.

Endorse Here:

X_________________________________________(1)

__________________________________________(2) __________________________________________(3)

DO NOT SIGN/WRITE/STAMP BELOW THIS LINE ____FOR FINANCIAL INSTITUTION USAGE ONLY____

REVIEW THE PARTS OF A CHECK REGISTER BEFORE COMPLETING THE SCENARIO.

SCENARIO: Maria immediately logs her transactions in her check register when she returns home. Record Maria’s transactions from the day in the register below.

(A) Check Number (B) Date (C) Transaction Description (D) Payment/ Withdrawal (E) Deposit/ Credit (F) Balance: $100.00

A. Check number: Number of the check that was written B. Date: Date the check was written/date of transaction

C. Transaction Description: Enter the name of the payee (company/person you paid) D. Amount of payment/withdrawal

E. Amount of deposit/credit

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ELECTRONIC BANKING SERVICES AND SAFETY

Directions: Financial institutions offer many different electronic services including access to ATMs, banking by phone, and online banking to help customers manage their finances. Check off the different features that each one provides. Then identify which tips help prevent fraud and identity theft.

Conduct Banking Transactions Review Banking Transactions Obtain Cash Pay Bills Keypad or Voice Activated Requires a PIN Access a Customer Service Representative Requires Internet Access Requires a Username and Password ATM Bank by Phone Online Banking

Online Banking Allows You to:

 Direct Deposit

 Transfer Money Between Your Accounts

 Transfer Money to a Third Party

 Make Regular Transactions/Automatic Bill Pay

 Access Online Banking Assistance

 Access Budgeting and Money Management Tools

 Other?

You can never be too safe with your financial information. Read the following statements and identify whether it is a smart decision:

Smart Decision (Yes/No)

Send financial info through email

Use one low-limit credit card for purchasing items online Protect your social security number and PIN

Click on email hyperlinks that are sent to you from unknown sources Review your credit report every 2-3 years to make sure all information listed is accurate

Shred old financial documents, including bank statements and old credit or debit cards

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STUDENT REFLECTION

In today’s workshop, I learned:

1. __________________________________________________________________________________ _____________________________________________________________________________________ 2. __________________________________________________________________________________ _____________________________________________________________________________________ 3. __________________________________________________________________________________ _____________________________________________________________________________________

The most helpful piece of information I learned was:

_____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________

After today’s workshop, I plan to:

_____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________

HOMEWORK PRE-WORK FOR WORKSHOP ON:

____________

Talk with your parent(s) about how they manage their checking account. If your parent(s) do not have a checking account, explain to them what it is and how it works.

CHECKING ACCOUNT REFLECTION