Banking your Money



Unit 4 – Lesson 1: Banking your Money

Welcome back from break! I hope everyone had a safe and happy holiday (

Our new unit is going to deal with banking and investing. Usually when you are earning money you have to deal with a bank. Many employers today require you to have a bank account, so that they can deposit your paycheque directly into it.

There are many banking terms that we will come across and we should be familiar with their meaning.

Part 1 - Key Banking Terms:

Using the textbook, pages 104-105 or the glossary starting on page 206, search for the meaning of the following terms. We will take them up as a class after.

a) Transaction:

b) Interest:

c) Bank Statement:

d) Chequing Account:

e) Savings Account:

f) Self-Service Banking:

g) Full-Service Banking:

Part 2 –Automated Banking:

Using the textbook, pages 104-105 or the glossary starting on page 206, or your own knowledge, answer the following questions about automated banking.

a) What do ATM and ABM stand for?

ATM –

ABM –

b) ATMs are one type of self-service banking. Name FIVE types of transactions that you can make at an ATM.

c) Name TWO services that are only available through full-service banking (going to a teller).

d) ATMs are located in many different places, such as convenience stores and malls. If you use an ATM that is not owned or operated by your OWN bank, what is the only type of transaction that you are able to do?

e) What are two other types of automated or self-service banking that are available?

f) Of your list from question b), which types of transactions would you not be able to do by telephone banking or on-line banking? Why?

g) Electronic funds transfer is another type of automated banking. Using the glossary, define the term.

h) What is a “direct deposit”?

i) What is an “automatic withdrawal”?

k) What is a “debit card”?

Part 3 – Banking Fees

Bank fees vary from bank to bank, as well as from account to account. Using the internet, research the terms of your OWN chequing account if you have one. If you do not, choose a bank that you are most likely to go to and research an account that you think will suit your needs. Answer the following questions.

a) What is the name of the bank?

b) What is the name of the account?

c) How much is the monthly fee for this account?

d) How many full-service (at the teller) transactions are included in the monthly fee?

e) How many self-service (ATM, telephone banking, on-line, electronic transfer) transactions are included in the monthly fee?

f) How much does each additional full-service transaction cost?

g) How much does each addition self-service transaction cost?

h) On average, how many full-service transactions do you think you make per month? Based on this amount, are you paying any additional fees?

i) On average, how many self-service transactions do you think you make per month? Based on this amount, are you paying any additional fees?

j) Based on the information you have just gathered, do you think you are using the most efficient account for your needs? Why or why not?

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