About This Chapter
Personal Checking & Savings Accounts - Chapter Summary and Learning Objectives
Where we keep our money and how we keep track of it exerts an incredibly powerful influence over how we live, what we can and cannot afford to do, and what happens to us as we age and our earning potential declines. In these lessons you will examine the types of savings and checking accounts that banks offer, their functions and purpose, their history and background and much more. When you have completed this chapter, you will be able to:
- Discuss what a checking account is and how it functions
- Balance a checking and savings account correctly
- Differentiate between a savings and checking account
- Explain the importance of a savings account and the types available
- Understand what is meant by check clearing
|What is a Checking Account? - Definition, Types & Advantages||Define and describe a checking account.|
|What is a Savings Account? - Definition, Types & Quiz||Discover purpose and types of savings accounts.|
|How to Balance a Checking or Savings Account||Learn procedures for balancing savings and checking accounts.|
|Check Clearing: Definition, Process & Rules||Explain the procedures involved when a check clears.|
1. Institutions of the U.S. Banking System
The United States banking system is diverse and consists of many different types of institutions. In this lesson, you'll learn about commercial banks, savings and loan associations, credit unions, and investment banks.
2. What is a Checking Account? - Definition, Types & Advantages
Find out what a checking account is and the different types available. Learn what the advantages of checking accounts are and why they can be important to have.
3. What is a Savings Account? - Definition & Types
People use savings accounts to invest their money for short periods of time. They are the most simple, liquid types of short-term investments. Learn about some basic types of savings accounts and then test your knowledge with a quiz.
4. How to Balance a Checking or Savings Account
Hopefully you keep your money at a bank or credit union and not under your mattress! In this lesson, you'll learn how to manage your account and keep track of those hard-earned dollars.
5. Check Clearing: Definition, Process & Rules
Have you ever wondered what happens when you deposit a check? This lesson will discuss the details of check clearing. We will examine the definition, process, and rules for check clearing and then review an example.
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