Standard 4: Managing a Bank Account

PFL 4.1 Analyze the purpose of maintaining accurate financial accounts.
A. Identify the steps necessary for opening and maintaining a checking and savings account.
B. Explain the reasons for balancing personal records and reconciling an account statement.
PFL 4.2 Develop useful account management skills.
A. Describe how funds can be added and withdrawn from financial accounts (e.g., direct deposit, mobile deposit, teller deposit, debit withdrawals, and ATMs).
B. Demonstrate the ability to perform basic account management skills, including correctly writing, endorsing, and depositing checks.
C. Explain how to manage financial accounts. (e.g., reading and reconciling statements, navigating online platforms and apps). 
D. Describe the potential consequences of account mismanagement, such as non-sufficient funds, overdraft processing, and associated fees.