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

Last updated about 1 year 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

Instructions

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

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

Last updated about 1 year 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

Instructions

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

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

Required

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

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

Required

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

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

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

Why?
_______ 