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1.1 The Essential Checking Account (Due 8/15/22 SOC)

Last updated 12 months ago
6 questions
Note from the author:

In this lesson, you will learn 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

In this lesson, you will learn 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
Required
5

Do you have a checking account? Why or why not? (Use Complete Sentences)

Required
5

What do you think are some of the advantages and disadvantages of having a checking account? (Use Complete Sentences)

Why Should We Use a Bank?

Watch this video and then read the article to discover why this lesson is called “The Essential Checking Account.” Then, answer the questions on the right.



5 Reasons Why You Need a Checking Account

Required
10

Explain why it’s so important to take advantage of the FDIC insurance offered by (almost all) banks. (Use Complete Sentences=UCS)

Required
15
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 saving, budgeting, and/or other financial tasks. (Use Complete Sentences=UCS)

Examples:
1. _______
2. _______
3. _______

Spent: Looking for Change

You may be wondering, “What are some of the disadvantages if you do NOT have a checking account?” Watch this short segment (9:08-12:47) of a much longer documentary to learn what some of the challenges are. Then, answer the questions on the right


Required
10
List 2 disadvantages of being locked out of, or choosing not to belong to, the traditional banking system. UCS

1._______
2._______

Reference: Make Deposits & Withdrawals


Review these two slides on how to deposit (put money into) and withdraw (take money out) with your checking account, and then watch the brief video to answer the questions on the right.

How Does a Checking Account Work?


Required
15
What two methods of depositing and withdrawing money are most convenient for you?
1._______
2._______

Why?
_______