Finish Banking Packet

Today I would like you to do the following:

• Finish all checks, deposit slips, and check registers entries
• Reconcile / balance all debits and credits.
• Check off every deposit
• Check off every check
• Check off every ATM or Debit transaction
• Make notes of any missing checks
• Make notes of any other discrepancies
• Check your final balance with someone else in the classroom -- or two people if one of your balances doesn't match
• When turning in your packet, make sure you include:
• Completed Bank Application
• All Checks
• All Deposit Slips
• All Check Registers
• Both Monthly Statements (with checked off items)
• Complaint Letter (for damaged DVD) -- if you still have it.
• Turn in your packet with your name clearly written on the front.

Reconcile Bank Statement / Balance Checkbook (Month 1)

Today we will be balancing (or "reconciling") our first month's transactions.  Approximately once a month you will receive a "bank statement" which shows all debits (checks, ATM withdrawals, automatic deductions, debit charges, transfers, etc.) and credits (deposits or transfers to checking).  Your bank statement also shows check numbers, dates the transactions were made, daily balances, bank fees, etc.

There is a copy of your bank statement in the back of your packet.  You should have a statement for last month (the one we need today) and one for this month (which we will use in a few days).

Begin going through your check register and comparing the items against the bank statement.  If the items match (check number, amount, etc.) put a check mart next to the item on your bank statement and a check mark in the "check mark column" next to the item of your check register.

Repeat these steps going through deposits/credits.

Next, figure out what has not been taken out of [or put into] your bank account.  Circle them so you can make sure they clear by next months statement.  Do your accounts balance?

Continue "Maxed Out" Clips & Discussion

Yesterday we watched another piece of the 2006 documentary "Maxed Out" by director James Scurlock.  Scurlock originally set out to make a movie about the crazy spending habits of Americans, but after he started researching the issue and interviewing borrowers, he change his focus to the lending industry and the effects of deregulation.

The Washington Post called this documentary "a matter of life and debt" and sent on to say, "This swift-moving documentary is something all American high school graduates should watch... especially before they head to college and are asked to sign up for credit cards."

The segments we watched this week discussed how the lending industry "sells debt" to companies who go after those who owe them money.  It also covers the tragedy that can happen when people get so deep into debt that they can't see a way out.

In Microsoft Word, answer the following questions (Don't print when finished because we will continue with this tomorrow):

1. What tactics do debt collectors use get people to pay?
2. Why do debt collectors push people so hard?
3. Why do some people resort to pawn shops?
4. Who funds the largest check cashing chain in the U.S.?
5. Do you think lenders are partially responsible for America's debt crisis?  How so?
6. Why does your credit card company want you to be late on your payments?
7. Why do credit card companies want customers who have filed bankruptcy?
8. Why do credit card companies want 18 year old college students?
9. Why don't Senators and Congressmen punish credit card companies for "predatory lending"?
10. Discuss your right to privacy from individuals, corporations, and the Government.

About the Movie:  Answer these on the same page as the previous 10 questions

1. What is your opinion of the movie?  
2. Is it worth showing to students next year?
3. In what ways did the movie change the way in which you look at money?