Essay on Debit Card and Bank Account

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Bank Accounts
Using the internet find out about the following types of bank accounts
1. BASIC ACCOUNT
2. CURRENT ACCOUNT
3. SAVINGS ACCOUNT
If you can’t find the information yourself on the internet, hold down the CTRL key and click the pictures below to help you out.

Explain what each type provides the customer and the differences between them.

1. A BASIC bank account provides
2. A CURRENT bank account provides
3. A SAVINGS bank account provides

Using the internet find out how to open a bank account. What information do you need to provide to open a bank account?
If you can’t find the information yourself on the internet, hold down the CTRL key and click the picture to help you out.

4. List what you need to provide to open a bank account here.
5. Why do you think so much information about you is required to open a bank account?

Using the internet find out what are STANDING ORDERS and what are DIRECT DEBITS. Explain the differences between the two in the space below using your own words.
If you can’t find the information yourself on the internet, hold down the CTRL key and click the pictures to help you out.

6. A STANDING ORDER is

7. A DIRECT DEBIT is

Bank Statements
A bank statement is a summary of the money that has been paid into (or CREDITED to) your account and money that has been paid out (or DEBITED).There is also a lot more information included on the statement. There are some sample bank statements on the pages below.

To find out more about this bank statement hold down the CTRL key and click the picture. Look at this blue bank statement on the internet (same as above) and then answer the questions. Put your answers after the questions.

1. What is the account name for this statement?
2. What is the sort code of the bank?
3. How much money has been paid in this month?
4. How much money has been paid out this month?
5. How much money is left in the account at the end of the statement?
6. How much has the bank charged for services it has provided (if any)?

To help with questions 3 – 6 you can copy the amounts from the table below into an Excel spreadsheet and then work out the answers in the spreadsheet.

Description
Debits
Credits
Balance
From Previous Month

£35.00
High St
£10.00

Pet care
£3.00

Regular Times (Pay)

£46.50

High St
£2.70

Gas & Co
£16.50

TV License
£21.00

Totals

Cheques
Below is an example blank cheque.

Here is an example cheque filled out. It’s a cheque to pay an electricity bill of £88.43. The electricity company is EDF Energy.

To write the cheque you will need to write in:

The bank will only pay out the amount of money you have specified if you have this amount of money in your account, so you must keep a check on how much money you have available. Be careful to make sure the cheque is completed properly. Mistakes are often made by people completing cheques and the bank may return the cheque unpaid if it is not completed accurately.

Common errors include:

Cheques
Practice writing out 3 cheques on the sheet handed out.

1. The first one is for £132.54 to pay your gas bill. The company you owe is called Chingas

2. The second one is to Virgin Music PLC for a DVD costing £14.99

3. The third one is to a friend called Sarah Darby to pay back some money you owe her. Make up the amount yourself.

Debit Cards and Credit Cards
Credit and debit cards allow money to be paid to shops and
Show More

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