How To Write A Check Online

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1 BANKING & CHECKWRITING PACKET CHAPTER 7 Use your textbook and the information discussed in class to answer the following questions: Define the following terms: 1. Direct deposit: 2. Debit card: 3. Commercial bank: 4. Credit Union: 5. Certificate of Deposit: 6. Money Market Account 7. Compounding: 8. Annual Percentage Yield: 9. NSF: 10. Overdraft Protection: 11. Stop-payment order: 12. Cancelled check 13. Bank reconciliation: Name Score / 20 List 3 guaranteed forms of payment: How has the banking and check writing industry changed in recent years?

2 18. List the Pros and Cons of Online Banking PROS: CONS: K 19. In the space below explain each section of the sample check A. Check Number B. ABA Number and Federal Reserve District C. Name & information for the owner of the check D. Date E. Payee F. Amount in numbers G. Amount in words H. Signature -must match signature on I. Routing Number J. Memo K. Account Number & Check Number

3 20. If there is a difference on a check in what is written in words vs. numbers, which governs? 21. Complete the three checks with the information provided below: -10/15: Wrote check to Zimmer Appliances for a new washer & dryer, $1, /19: Wrote check to Jewel for $95.74 of groceries -10/23: Wrote a check to Chris Jucha for $125 to buy his old tv.

4 ENDORSING A CHECK When a check is written to, you must endorse, or, the check. Complete the three different types of endorsements below: BLANK ENDORSEMENT SPECIAL ENDORSEMENT RESTRICTIVE ENDORSEMENT 22. How can using a blank endorsement be dangerous? 23. A check is always on the side exactly opposite of the part of the front of a check. DEPOSITING FUNDS fill in the blanks for each section of the deposit slip. B A D C E F G H I A. Write the you are making the. B. If you are depositing write the total amount here. C. If you are depositing, write the total amount here. D. If depositing a check, write the bank here, top portion of the two-part number in the upper of check. E. Write the of the check here. F. If you are depositing than 2 checks then you all list checks on the and post total here. G. Write the total amount you are here. H. If you want from the list the amount here.

5 I. Write the total amount (less cash back) of your. 22. Complete the two deposit slips shown below with the following information: -10/17: Deposited $100 cash, check for $ and a check for /24: Deposited paycheck of $ and took out $120 cash for yourself 23. Circle and label on each check where the routing number and account number are located.

6 CONSUMER EDUCATION LESSON: CHECKS AND DEPOSIT SLIPS 1. On a scale from 1 to 5, circle how confident you feel about writing a check to a person or business? 2. On a scale from 1 to 5, circle how confident you feel about endorsing a check? 3. What other questions do you have from today s lesson? CONSUMER EDUCATION LESSON: CHECKS AND DEPOSIT SLIPS 1. On a scale from 1 to 5, circle how confident you feel about writing a check to a person or business? 2. On a scale from 1 to 5, circle how confident you feel about endorsing a check? 3. What other questions do you have from today s lesson? CONSUMER EDUCATION LESSON: CHECKS AND DEPOSIT SLIPS 1. On a scale from 1 to 5, circle how confident you feel about writing a check to a person or business? 2. On a scale from 1 to 5, circle how confident you feel about endorsing a check? 3. What other questions do you have from today s lesson?

7 Record the following transactions in your check register then reconcile your bank statement: Transactions: 7/1 Wrote check #101 for rent to Highland Leasing Association for $ /7 Received your paycheck $ from Eiffel Enterprises, taking $69.12 cash for yourself and depositing the rest. 7/13 Used your Visa credit card to pay for $71.15 of groceries at Jewel. 7/15 Transferred $500 from checking account to savings account 7/16 Deposited birthday check from Roberta Snow for $ /19 Used your debit card to pay for dinner at Bennigans, $ /21 Deposited entire paycheck from Eiffel Enterprises of $ /28 Wrote check #102 to Visa to pay your credit card bill of $ /28 Withdrew $40 cash from ATM. CHECK REGISTER Chk No Date Item Payment/Debit Deposit/Credit Balance Use the information below and the attached bank reconciliation form to reconcile your account if necessary. Your account balance should match the bank balance when complete. Account statement information Credit/deposits (2): balance on this statement: $ /7 $ /16 $50.00 Total credits : $600 Debit/Withdrawals 7/1 101 $ /15 Int. trnsfr $ /19 Debit $ /28 ATM $ /31 Service Charge $4.00 Total debits: $970.14

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