Lesson 3: Checking Account-Reconcilliation

Lesson 3: Checking Account-Reconcilliation

Module 3

Objectivies

• Describe features of a bank statement.

• Discuss how to reconcile a bank statement.

Essential Question

Describe how checking accounts operate.

Module 4 Lesson 3

Warm Up

Multiple Select

Which of the following will DEFINITELY show up on your bank statement at the end of July? (hint: choose 2 correct answers)

• Ice cream bought with your debit card on July 16th

• A salad bought with cash on July 5th

• A birthday check you gave to your brother on July 18th

• An ATM withdrawal you made on July 21st

Multiple Choice

What is the benefit of direct deposit?

• Any overdraft fees are waived

• You don't have to spend time and energy depositing a check

• The funds from your paycheck are usually available between 3-5 business days

• You get a tax benefit from the Federal government

Multiple Select

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

• Low balances

• Unusual activity

• Deposits

• Credit Card transactions

Multiple Choice

Which of the following fee(s) may banks charge you?

• Online Statement Fee
• Monthly Maintenance Fee
• In-Network ATM Fee
• Sufficient Funds Fee

Multiple Choice

Overdraft protection...

• is a service offered only for premium checking accounts.

• brings in a few hundred dollars each year to banks.

• is a fee-free service that prevents you from overdrawing.

• can keep you from overdrawing but charges a fee.

Multiple Choice

You can access the money in your checking account by...

• Using the cash grandma gave you to pay at the grocery store
• Paying bills with a pre-paid debit card
• Transferring money though your online account
• Using your credit card to Venmo a friend

Multiple Select

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

• You should endorse the back when writing a check

• The amount of money is written both numerically and in words

• Checks should show up on your statement within 30 days

• You should endorse the back when depositing a check

Multiple Choice

People who are unbanked are most likely to...

• Use a mobile banking app

• Receive a monthly statement of their transactions

• Deposit their checks at the ATM

• Incur lots of fees at Check Cashers to access their money

Bank Reconciliation Video

https://youtu.be/gXMB2mZVRpw

Lesson 3 Checking Account-Reconcilliation

Vocabulary

Bank Reconciliation

A process that allows individuals to compare their bank account records to the bank’s records in order to uncover any possible discrepancies.

Bank statement

A printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

Lesson 3 Checking Account-Reconcilliation

Video Lesson

Lesson 3: Checking Account-Reconcilliation

Quiz 3

Multiple Choice

An asterisk on a bank statement often symbolizes that there is a break in the check sequence.

• True

• False

Multiple Choice

A process that allows individuals to compare their bank account records to the bank's records in order to uncover any possible discrepancies is commonly referred to as ___.

• Reconciling

• Withdrawing

• Depositing

• Proofing

Multiple Select

Which of the following are part of the reconciliation process? (Check all that apply)

• Note any deposits made since the statement date.

• Note all checks and withdrawals you have made that are not shown on your statemen

• Note all checks and withdrawals you have made that are not shown on your statemen

• Note all checks and withdrawals you have made that are not shown on your statemen

Multiple Choice

How often should you reconcile your checking account?

• Daily

• Monthly

• Quarterly

• Annually

• Never

Multiple Choice

There is no need to reconcile a bank account because the bank always has an accurate balance of the amount in your account.

• True

• False