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Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
Lesson Plan 3 Savings & Checking Accounts
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Lesson Plan 3 Savings & Checking Accounts

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High School Lesson Plan

High School Lesson Plan

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  • 1. Savings & Checking Accounts
    Chapter 3 Part 1
    Opening a Checking Account
  • 2. Learn to open a bank checking account.
    Learn what is a signature card.
    Learn the benefits and fees of the account.
    Learn how to complete a deposit slip.
    Lesson Goals
  • 3. Terms to know
    Signature card – a form utilized by a bank to indicate the authorized signature(s) for them to accept on signed checks.
    Forged Signature – A name illegally signed to a check by someone else.
    Individual Account – an account having one owner authorized to sign a check.
    Joint Account – an account having a least 2 persons authorized to sign a check.
  • 4. ABA Number –The bank Identification Number or Routing Number provided to the bank by the Federal Government.
    Account Number – the number assigned by the bank to your account.
    More Terms to know
  • 5. Basic Checking MathDo on your own.
    1. $4,200.00 + $620.00 =
    2. $342.20 + 0.86 =
    3. $0.83 + 0.78 =
    4. $162.58 - $16.90 - $0.63 =
    5. $3,148.56 + $841.50 - $100.02 =
  • 6. 1. $4,200.00 + $620.00 =$4,820
    2. $342.20 + 0.86 =$343.06
    3. $0.83 + 0.78 =$1.61
    4. $162.58 - $16.90 - $0.63 = $145.05
    5. $3,148.56 + $841.50 - $100.02 =$3,890.04
    Solutions
  • 7. Are my deposits safe?
    FDIC = The Federal Depository Insurance Corporation – Insures your deposits up to $250,000 in each institution.
    So if you have more than $250,000 in savings of checking move any amount over to another institution.
    Things to Know
  • 8. Shop for the best checking features & services before opening an account such as:
    Minimum Balance Requirements
    Interest Rates
    Check Writing Fees
    Overdraft protection
    Annual Fee
    Debt card fees
    Internet access
    Choosing Wisely
  • 9. Complete the Signature Card
    SAMPLE Signature Card
    Include:
    Your full name
    Address
    Home Phone
    Cell Phone
    E-mail
    Signature (how you will sign your checks)
    Date
  • 10. Sample Deposit Slip
    Insert the following information on to the slip:
    Bills = $121
    Coins = 15.75
    Check 1 = 37-502-------$23.37
    Check 2 = 14-208-------$114.76
    Check 3 = 17-73--------$264.88
    Check 4 = 21-706-------$9.52
    Check 5 = 12- 1430 -----$87.43
    Total – Bills, Coins & Checks = ?
    Complete the Deposit Slip
  • 11. Savings & Checking Accounts
    Chapter 3 Part 2
    Writing Checks
  • 12. Learn to write checks.
    Learn to record checks in the check register.
    Learn the legal issues.
    Lesson Goals
  • 13. Check – A legal tender document utilized by a bank depositor to pay for goods or services to a third party utilizing funds held by the bank on behalf of the depositor.
    Payee – the person or business to whom the check was written.
    Void – The method of canceling a check prior to its use or being settled by the depositors bank.
    Terms to Know
  • 14. Postdate –A future date written on a check making the check payable (cashable) to a person or business on or after that future date.
    Check Register – A tracking document usually located in a check book to log the writing of checks and bank deposits into the affected account.
    Insufficient Funds- Writing a check with less funds in the depositor’s account than the amount of the check written.
    More Terms
  • 15. Legal Consequences
    Writing a check while knowing there are not sufficient funds to cover the written check.
    If your checking account does not have overdraft protection your check may not be cashed.
    Consequences could include:
    Bank Fee - $15 to $50
    Returned Check Fee from the business - $25+
    Collections Fees - $100+
    Small Claims Court Fees – cost of suit plus 3 times the amount of the check and collections.
    Bank or pay garnishment.
    Criminal Action by the District Attorney
  • 16. Sample Check Register
    Sample Register
    Complete the sample Check Register.
    Enter an opening deposit of Sept. 15, 2009 in the amount of: $300.00
    Enter interest received on Sept. 30, 2009 in the amount of: $3.56
    Enter a deposit with yesterday’s date in the amount of: $154.00
    Enter the sample from the previous slide. “Southern California Edison in the amount of: $235.47
    What is the balance? $222.09
  • 17. Sample Check
    Complete the check with the following data.
    Date – Today’s Date
    Payee – Southern California Edison
    Amount - $235.47
    Sign Check – using same a on signature card
    Sample Check
  • 18. Complete Checks 0002 – 0004 with the following information.
    0002 – Date – November 10, 2009, Payee – Wal-mart, Amount - $38.67, Memo – Shirt and Pants
    0003 – Date - November 15, 2009,Payee – Albertson’s, Amount – $25.16, Memo – Food
    0004 – Date – November 30, 2009, Payee – Toyota Credit – Amount - $225.76, - Memo – car payment
    Check Writing
  • 19. Register Entries
    Complete the check register with the following entries.
    Date – November 5, 2009, Description – ATM Withdrawal, Payment - $40.00
    Check #0002
    Date – November 12, 2009, Description – Debit Starbucks, Amount - $4.75
    Date – November 14, 2009, Description – Paycheck Amount – 154.00
    Check #0003
    Date – November 17, 2009, Description – Debit AM/PM gasoline , Amount - $45.00
  • 20. More Check Register Entries
    Date – November 20, 2009, Description – Allowance, Amount - $40.00
    Date – November 20, 2009, Description – Transfer to savings, Amount - $50.00
    Date – November 25, 2009, Description – Debit Edwards, Amount – $18.75
    Date – November 28, 2009, Description – Debit Panda Express, Amount – $6.37
    Check 0004
    Date – November 30, 2009, Description – Paycheck, Amount $154.00
  • 21. Savings & Checking Accounts
    Chapter 3 Part 3
    Savings Accounts
    & Other Bank Services
  • 22. Learn the Types of Savings Accounts
    Learn how to Open a Savings Account
    Learn about other services banks provide to their customers.
    Lesson Goals
  • 23. Terms to Know
    Savings Account = A bank account that pays interest.
    ATM = Automated Teller Machine
    ETF = Electronic Transfer of Funds
    PIN = Personal Identification Number
    Service Charge = A fee charge by the bank generally for not maintaining the required minimum balance.
    Withdrawal = The removal of monies from an account.
  • 24. Cashier’s Check = A check guaranteed by the bank generally made out to one payee.
    Traveler’s Check = A document similar to a cashier’s check carried on vacations instead of cash guaranteed by a 3rd party which can be canceled if stolen.
    Stop payment order = a method used by banks to stop payments on a written check (lost, stolen or disputed).
    More Term to Know
  • 25. Basic Savings Math
    1. $ 73.00
    8.21
    426.52
    4.28
    6.76
    172.80
    2. $2,180.04
    22.62
    7.18
    330.30
    .81
    53.12
    3. $ 214.92
    6.71
    21.18
    + 200.00
    $442.81
    - $80.00
    $691.57
    $2,594.07
    $362.81
  • 26. Regular Savings:
    Generally low or no minimum balance.
    Lowest interest rate.
    May provide Checking Overdraft Protection.
    ATM access – may charge fee or limit # of transactions.
    May have fees for low balance.
    Types of Savings Accounts
  • 27. Tiered Savings Account:
    Similar to regular Savings Account.
    Generally low or no minimum balance.
    Interest rate adjusts to the average daily balance computed over a months period of time.
    May provide Checking Overdraft Protection
    ATM access – may charge fee or limit # of transactions depending upon monthly average balance.
    May or may not have fees for keeping a low balance.
    Types of Savings Accounts
  • 28. Types of Savings Accounts
    Money Market Account:
    May have to maintain a minimum balance.
    Interest rate varies based upon maintaining a certain balance. E.g. $1,000, $2,500, $5,000, $10,000, 25,000, $100,000, etc…
    Money readily available at anytime for any reason.
    May provide Checking Overdraft Protection.
    ATM access – generally no fees because of the amount held in the account but could change if balance falls below a defined minimum.
    May have Credit Card or equity loan tied to it.
  • 29. CD (Certificate of Deposit):
    Deposit cannot be accessed for a specified period of time (without penalty).
    Must meet a minimum deposit amount.
    Interest rate tiered based upon amount and time (duration).
    Time (duration) generally 3-months to 3 years.
    No ATM access
    No Overdraft Protection
    Types of Savings Accounts
  • 30. Bank of America: DocumentsB of A Rates.docx
    Wells Fargo: DocumentsWells Fargo Rates.docx
    San Diego County credit Union: DocumentsSDCCU RAtes.pdf
    Navy Federal Credit Union: DocumentsNavy Federal FCU Rates.docx
    Internet bank Rates: DocumentsInternet Bank Rates.docx
    Current Savings Rates
  • 31. Other Banking Services
    Loans two basic types:
    Unsecured – not tied to an asset:
    Credit Card
    Personal
    Student
    Secured – Generally tied to an asset:
    Credit Card
    Personal
    Equity
    Auto, Boat, RV, Motorcycle, Etc…
    Home
    Business – SBA (Small Business Administration)
  • 32. Other Services Continued
    Insurance –
    Life Insurance
    Liability Insurance
    AD&D (Accidental Death and Dismemberment) Insurance
    Retirement Investments:
    Regular IRA (Individual Retirement Account)
    Roth IRA
    Investment Counseling and Opportunities:
    Stock Trading
    Mutual Funds
  • 33. Savings & Checking Accounts
    Chapter 3 Part 4
    Bank Statements
  • 34. Learn How to Read a Bank Statement
    Learn How to Find which checks are outstanding.
    Learn how to reconcile the bank statement.
    Lesson Goals
  • 35. Bank Statement – Detailed record of your accounts for a specified period of time from your bank.
    Bank Statement Reconciliation – The bringing of the banks records into agreement with your records.
    Reconciled – Means brought into agreement.
    Terms to Know
  • 36. Checkbook Balance – Money left in the bank’s account per the depositor’s records (Usually their check register).
    Outstanding Checks – Checks issued by the drawer (you) but not yet received and paid by your bank.
    More Terms to Know
  • 37. Bank Statement
    Reconciliation Worksheet
    Let’s Reconcile
  • 38. Balance $621.43
    Deposit + $180.27
    New Bal.
    Check #1 - $224.86
    New Bal.
    Check #2 - $ 12.15
    Balance =
    Checking Math
    Balance $1,323.82
    Check #1 - $ 571.13
    New Bal.
    Check #2 - $ 78.42
    New Bal.
    Deposit +$ 306.74
    Balance
    Balance $ 83.50
    Check #1 - $ 6.48
    New Bal.
    Deposit + $812.25
    New Bal.
    Check #2 - $456.44
    Balance
  • 39. Checking Math
    Balance $1,323.82
    Check #1 - $ 571.13
    New Bal. $ 752.69
    Check #2 - $ 78.42
    New Bal. $ 674.27
    Deposit +$ 306.74
    Balance $ 981.01
    Balance $621.43
    Deposit + $180.27
    New Bal. $801.70
    Check #1 - $224.86
    New Bal. $577.14
    Check #2 - $ 12.15
    Balance = $589.29
    Balance $ 83.50
    Check #1 - $ 6.48
    New Bal. $ 77.02
    Deposit + $812.25
    New Bal. $ 889.27
    Check #2 - $456.44
    Balance $432.83

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