ATM and Debit Cards

Their similarities, differences, what’s good and bad.

UEQ and LEQ

• UEQ: How can JA Finance Park teach you to use financial institutions to your benefit?

• LEQ: How does using a debit card differ from using a ATM card?

Vocabulary

• ATM Card• Credit Card• Credit• Debit• Debit Card• “Buy Now, Pay Now”

Class: Think/Pair/Share

• Today many Americans use two kinds of cards, ATM Cards and Debit Cards.

• Think about both cards and what you think they are and what their purpose is.– Come up with a definition for both cards.– Where can both be used? (Specifics) – Think of some risks for each card.

Debit Cards Pre-Quiz• Know anything about debit cards?• Complete page 6 in your textbook.

Corrections• Read over page 7 to find the correct answers,

underline where the correct answer is for each.True False1) X

2) X

3) X

4) X

5) X

6) X

7) X

8) X

9) X

The ATM: What is It???

ATM Definition• ATM (Automated Teller Machine)– Money transactions in places other than banks– Requires ATM Card and Pin Number– Access to personal bank accounts– Used less, many not accepted in businesses

ATM Card

• Only used in ATM machine• No credit card logo• Purchase must be made in person

The Debit Card: What is It???Why Have Them?

ATMS in Other Countries

The Debit Card• Quickly replacing checks• Can be used in most locations and ATM

machines• Easy to use and track records, subtract

amount used from personal account(s)

What is the Message?Are they dangerous? What problems are created by having and using both cards?

ATM Nightmare

The Check: What is it???• Way of paying a bill (main way)• Must be filled out properly to be accepted.

Your Records

Number Date Transaction Description Payment/Debit Deposit/Credit $ Balance

634.51

20-Mar paycheck deposit 931.72 1566.23

1320 21-Mar water company 65.39 1500.84

1321 21-Mar power company 46.5 1454.34

1322 22-Mar Central Bank 737.52

26-Mar Corner Market 22.52 395.77

30-Mar dividend check 56.23 452

30-Mar VOID check #1322 737.52 1189.52

1323 30-Mar Central Bank 773.52 416.27

31-Mar withdrawal 20 396.27

3-Apr Pacific Hardware 18.99 377.28

1324 6-Apr State Ranch 246.45 130.83

Summarize Points

• What are some reasons why people use ATM Cards and Debit Cards?

• What can be the dangers of having and using both cards?

• What is the purpose of keeping a check register and actually using it?