3.2.7 Understanding Bank Statements

Understanding Bank Statements

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What will you learn in this lesson? - interpret transactions in a bank statement - compare a bank statement to the account's transactions

Deposit Slips

What information is on a deposit slip? - account information; - cash and checks being deposited; - subtotal; - cash received; and - deposit total.

Endorsing Checks

When you bring a check to the bank, you must sign the back, or endorse it. Once you endorse a check you can: - cash it, or receive the full value in cash; - deposit it; or - receive some of the amount in cash and deposit the rest.

Withdrawal Ticket

If you withdraw money at the bank, you must use a withdrawal slip or withdrawal ticket. Information needed for a withdrawal slip: - the account number; - the date; - the account holder's name; - a signature; and - the amount to be withdrawn.

Bank Charges

Bank charges are fees or other small charges from the bank. Some of these charges are preventable, while others are charged for the service of keeping the account. Examples of bank charges include: - overdraft fees; - non-sufficient funds fees; - insufficient balance fees when a minimum required balance is not kept; and - monthly maintenance fees.

Bank Statements

Bank statements help you understand your banking activities over the course of a month. With a statement, you can track bank charges, analyze spending, and adjust what you spend money on.

Watch the video "Understand Bank Statements" on page 2 in EDIO.

Answer questions in EDIO then submit your lesson