2.1 Checking Accounts - A

Financial Algebra Second Edition

Financial Algebra Second Edition

1.Do you have a checking account? Why or why not?

2.What do you think are some of the advantages of
having a checking account?

3.What do you think are some of the disadvantages
of having a checking account?

​

To turn in on paper today by the end of the class period.

Bellwork:

Financial Algebra Second Edition

Slide 4

2-1: Checking Accounts

Learning Goals

The students will be able to:

• Explain what a checking account is used for and why it is
important to have one

• Understand the variety of ways they can deposit and withdraw
funds from their checking account

• Describe the consequences of not being in the banking system

• Understand various options for payment (cash, check, debit,
person-to-person, prepaid card) and determine when to use
each type

Financial Algebra Second Edition

Slide 5

Key Terms

•checking account
•check
•electronic funds transfer (EFT)
•payee
•drawer
•check clearing
•deposit slip
•direct deposit
•automated teller machine
(ATM)
•personal identification number
(PIN)

•hold
•endorse
•canceled
•insufficient funds
•overdraft protection
•maintenance fee
•interest
•single account
•joint account
•check register
•debits
•credits

Financial Algebra Second Edition

Slide 6

Why Should We Use a Bank? &
5 Reasons Why You Need a Checking Account

Financial Algebra Second Edition

Slide 7

Now read the following article, and then answer:
• 5 Reasons Why You Need A Checking Account

Classwork: To turn in on paper
Part A:

1) Explain why it’s so important to take advantage of the FDIC insurance
offered by (almost all) banks.

2) One might argue that a checking account is essential because it enables
you to manage the rest of your financial life. Give some examples of how
checking is useful in the realms of savings, budgeting, and/or other financial
tasks.

Financial Algebra Second Edition

Make Deposits and Withdrawals & How Does a Checking
Account Work?

Financial Algebra Second Edition

Read the first few paragraphs of this article, up through the section
titled “Free Checking Accounts -- and How to Qualify for One.” Then, answer:

1) List some ways to get money OUT of your checking account.

2) List some ways to get money INTO your checking account.

3) As a young person, why is it important to have a FREE checking
account, if possible?

The Complete Guide to Checking Accounts

​

Part B: on paper
The Complete Guide to Checking Accounts

Financial Algebra Second Edition

10 Reasons to Open a Checking Account

Skim the 10 reasons in this article and their descriptions, then answer:

1) Which 4 reasons to open an account would benefit you,
personally, the most?

2) What is the benefit of making sure your account is
FDIC/NCUA insured?

​

Part C: on paper

Financial Algebra Second Edition

EDPUZZLE: Are Credit Unions Better Than Big Banks?

1) Go to CANVAS to find the class code and enroll into your corresponding class.
2) Then complete the activity: Are Credit Unions Better Than Big Banks?

You can open a checking account at many different
financial institutions. One of those options is a credit union. Watch this video and answer the questions within the EdPuzzle itself.

​

​On line: