Ch 4: Personal Checking & Savings Accounts
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
Course Topics
| Lesson | Objective |
|---|---|
| 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
Institutions of the U.S. banking system include several options for businesses and consumers. Explore commercial banks, savings and loan associations, credit unions, and investment banks and discover the characteristics and benefits of each of these institutions.
2. What is a Checking Account? - Definition, Types & Advantages
A checking account is a transactional account that allows for regular withdrawals. Learn the definition of a checking account, explore the advantages of the different types of accounts, and discover how a checking account can help you.
3. What is a Savings Account? - Definition & Types
A savings account is a bank account for saving money, that can also earn interest at the same time, increasing one's profits. Learn more about savings accounts, how they started, the different types and their definitions, and the reason people choose to invest in such an account.
4. How to Balance a Checking or Savings Account
Learning to adequately balance a checking or savings account will help you to keep a record of your spending and save money each month. Learn more about what is necessary to balance a checking or savings account and more on its purpose.
5. Check Clearing: Definition, Process & Rules
Check clearing involves a check deposit and transfer into the clearing system. Learn more about the definition and basic process of check clearing and explore the rules for completing a successful transaction.
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Other Chapters
Other chapters within the Finance 102: Personal Finance course