Unit 3 Study guide (Financial literacy (Lesson 4-6))
Compare $1.50 ATM fee equivalent to $15 monthly fee.
$1.50x(# of ATM withdrawals)=$15
Check acc A has a $7 monthly fee and checking acc B HS a $12 monthly fee but no per-check fee. How many checks do you have to write per month for both to cost the same?
$12-$7=$5. 5/0.50= 10
Advantages of electronic banking
- fast and efficient - funds transferred from one account to another very fast -manage several acc easily through online banking
Disadvantages of online banking
- your info can easily be spread to other devices putting you at risk.
A minimum balance account always requires you to keep a certain amount of money in your account.
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RDC:remote deposite captue: processing check see deposit
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Lesson 4 Balancing your checkbook
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Lesson 5 Comparing checking accounts
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Lesson 6 Electronic banking
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Definition of reconciliation
An acc. process that compares two sets of records to check that figure are correct and in agreement.
What is a transposition error
Bookkeeper reverses two adjacent digits when recording transactional data.
Non-transactonal
Enables members to earn points/rewards
Explain Mobil banking
Making financial transactions on a Mobil device.
When are you not charged a fee for using a checking account.?
When you choose a $1,000 or a direct deposit because this guarantees a fund in ur acc. allowing the bank to make money. - Minimum balance -Direct deposit
Transactional
business transaction takes place
