Checking Account Unit FINANCIAL LITERACY

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1 Checking Account Unit FINANCIAL LITERACY

2 Kentucky Core Content Financial Management practices (e.g. maintaining bank accounts, budgeting, saving, using credit cards wisely, financing large purchases) are methods of achieving short and longterm goals. PL-H-3.2.1

3 Checking Account Definition: An account that allows depositors to write checks to make payments.

4 CHECK Written order to a bank to pay the stated amount to the person or business (payee) named on it.

5 Advantages of a Checking Account Provides a Convenient way to pay your bills. Safer than using Cash and handling your money. Built-in Proof of Payment (record keeping) system that you can use to track your expenses.

6 Opening a Checking Account: Fill out and sign a Signature Card Purpose of a Signature Card - provides an official signature that the bank can compare to the signature you write on your checks. Use your full name (nicknames should be avoided) Make a deposit You need money in the bank to spend it!!

7 Parts of a check (10: A J) A. Check number B. ABA number (fraction form): top half identifies the location and district of the bank from which the check is drawn; bottom half routes the check to the specific area & bank on which the check is drawn. C. Maker s pre-printed name and address

8 Parts of a check (continued) D. Date E. Payee person or company to whom a check is made payable F. Numeric amount the amount of dollars and cents being paid, written in figures. G. Written amount the amount of dollars and cents being paid, written in words.

9 Parts of a check (continued) H. Drawer or Maker person allowed to write checks on the account (person who opened the account). I. Account Number bank s identification number; checking account number; and the check number. J. Memo purpose of the check

10 Parts of a Check Drawer/Maker Date Check Number Memo Line Kris Garza 541 Crestwood Avenue Norman, Oklahoma Pay to the Order of Second National Bank Norman, Oklahoma FOR April 13, Payee Amount in Figures/Numeric Amount Jeans and Me, Ltd. $15.95 Fifteen and 95/100 Jeans Drawee : : : Kris Garza DOLLARS ABA No. Amount in Words/Written Amount Routing Number Check Number Account Number Drawer s/maker s Signature

11 Check Writing Tips 1. Always use a pen 2. Write legibly 3. Sign your name as you did on your signature card 4. When you make a mistake, void (cancel) the check and write a new one. To cancel a check, write the word VOID in large letters across the face of the check. Save the voided checks for your records 5. Have the funds in your account to cover each check you write.

12 Deposit Ticket/Slip Definition: Forms that allow you to put money into your checking account.

13 Making a Deposit 1. Fill in the Current Date 2. In the Cash Section: Write the total amount of Currency (paper money) and coins you are depositing 3. In the Checks Section: List any checks you are depositing with ABA number and Amount of each check individually. 4. Total Deposit (Cash + Checks)

14 Continued.. 5. If you would like cash at the time of the deposit, fill in the desired amount on the Less Cash Received line 6. Subtract the cash received from the subtotal or total deposit and write the final amount of the deposit on the Net Deposit line. 7. Sign your name on Line if you are receiving cash back from deposit. 8. Always keep a receipt of Deposit

15 Endorsing Checks: Blank Endorsement Restrictive Endorsement Special Endorsement Also called an Endorsement-in-Full

16 Blank Endorsement Endorsement that only has the Payee s name Steven H. Williams Sign your name on the top of the back of the check. Do not write below this line

17 Restrictive Endorsement Endorsement that restricts the check FOR DEPOSIT ONLY Check can only be deposited into your account, makes it very safe. For Deposit Only Steven H. Williams Do not write below this line

18 Endorsement in Full (Special) Endorsement used to transfer a check from one person to another. Both names must be on the back. Pay to the Order of Mary Griffith Steven H. Williams Do not write below this line

19 Check Register Definition: A booklet provided by your bank for recording your checking account transactions.

20 Guidelines for a Check Register 1 Record the Current Amount in your Account at the top of the Balance Column 2.As soon as you write a check or make a deposit, record it in the register. 3.Write check number. If the transaction is not a check, draw a slash or dash. 4. Write date (month, day, year) 5. Enter the payee

21 Guidelines (continued) 6. Enter the amount of check, withdrawal, or service charge in the Amount of Payment column. If the transaction is a deposit, write the amount in the Amount of Deposit column 7. Subtract Amount of Payment column; Add Amount of Deposit column. 8. Column headed by a check mark is used to check off each transaction when it appears on your monthly bank statement.

22 Reconciling Your Checking Account Definition: Compare the check register to the bank statement & get them to equal Page 7 in the handout

23 Other Banking Services Debit Card Purchases/Credit ATM Cash Withdrawals Pay by Phone or Internet Payments Transfers: Wire or ATM Pre-Authorized Payments Stop Payment Orders Check Returned for Insufficient Funds

24 The End..For Now

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