CHECKING ACCOUNTS
Objectives
Identify characteristics of checking
accounts.
Compare checking accounts at various
financial institutions.
Demonstrate the check endorsement
process.
What is a Checking Account? A payment account Allows easy access to cash via
checks, debit card, or online bill pay Should only hold money that you
intend to spend quickly Available at most banks and credit
unions
What do you need to open a checking account Social security number Form of ID (Driver’s License) Money for opening deposit
Checking AccountsALL CHECKING ACCOUNTS ARE NOT CREATED EQUAL monthly service charge insufficient funds fees online banking minimum balance free perks (traveler’s checks, money orders)
THE KEY TO FINDING THE RIGHT ACCOUNT FOR YOU IS TO FIND ONE THAT COSTS YOU THE LEAST AMOUNT POSSIBLE
ALSO KNOWN AS
FREE CHECKING
Types of Checking Accounts
Free Basic Interest Bearing (Money Market) Express Checking Lifeline Checking Student Checking Senior Checking
STUDENT CHECKING ACCOUNTS
Terms
Payee Canceled check Overdraft Endorsement
Assignment
Comparing a free checking account with a basic checking account
Locate a bank that offers a student checking account and list three ways that it is different from the basic/free checking accounts. Record the information on the back of the comparison sheet.
Go to www.getinbalance.org and go through Chapters 1-7. Complete the quiz as you go.
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