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Financial Services: Care for Your Cash

Lesson 5-1 Checking Accounts

Nothing beats the feel of a crisp new $20 bill in your hand. But as you move toward the “real world” after high school, you’ll run into situations where handing someone cash isn’t the best option — if it’s an option at all. Fortunately, there are plenty more ways to handle payment transactions.

What You’ll LearnUse a checking account.

Taking it Home

  • Ask an older family member if s/he has ever used a check cashing service. If so, ask about the pros and cons to using check cashing services and if there was a fee charged for using the service.

Learn More

  • A written check is a contractual agreement used to transfer money from one person to another. When you open a bank account, you sign papers that are also considered a contract. Research the rights and responsibilities of using various payment methods, including check, debit card, money order, or gift cards.

Related Resources

Talking Points for Parents

While your teen is learning about financial services, consider ways to reinforce learning from home.

  • Take your teen to your own bank or credit union for a first-hand look at the types of services offered. If your teen already has a bank account, this might be a good time for you both to check out any new services or account options.
  • Talk with your teen about whether or not technology has changed the way you spend, track, and save money, including electronic payment options and services.