Banking Basics: Choosing a Bank

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1 1 Banking Basics: Choosing a Bank Opening a bank account is an important step in managing your money. Every bank in New York is required to offer a basic bank account with a low minimum balance of 25 or less. Visit your local bank or credit union to learn how you can open a bank account. Here are some questions to ask when opening an account: General Information: 1. Who else do you know who has an account with this bank? 2. Is this bank located close to home/school/work? 3. What are the hours of operation? Are those hours convenient for you? Opening an Account: 4. What identification do you need to open an account? 5. How much money do you need to open an account? 6. What is the current interest rate for this account? Account Features: 7. Does this account offer an ATM card or a Debit card? 8. Can you pay bills, and transfer money online? 9. Can you access your account and do transactions from your cell phone? 10. Can you receive voice, or text messages about your account activity? 11. Is overdraft protection included with this account? If so, can you opt out? Account Fees: 12. How many free transactions can you make each month? 13. Is there a monthly maintenance fee for this account? If so, how much is it? 14. What other fees will you be charged? How can you avoid these fees?

2 2 Banking Basics: The Parts of a Check 2 Morgan Johnson # Order of Name: Your personal information is printed here. Never list your Social Security number on your check. 2. Check Number: Each check has a number printed on it to help both you and the bank identify the check. 3. Date: Enter the date you are writing the check. 4. Payee: Enter the name of the person or the company who will receive and cash the check. 5. of check in numerals: Enter the amount of the check in numbers. Don t leave any space between the pre-printed dollar sign () and the numbers. There should be no room for someone to add in extra numbers. 6. of check in words: Enter the amount of the check in words. Start writing at the far left side of the line. Follow the dollar amount by the word and then write the amount of cents over the number 100 (00/100). Draw a line from the end of the 100 to the end of the line. 7. Bank: The name of the bank where you have your checking account is printed here. 8. Memo: Use this space to note why you wrote the check. If you are paying a bill this is a good place to put information requested by the company, such as your account number. 9. Signature: This is where you sign or endorse the check. 10. Identification numbers: These are your bank routing number, your account number, and the check number.

3 3 Banking Basics: Check Writing Shaun Smith #001 Order of Shaun Smith #002 Order of Shaun Smith #003 Order of

4 4 Banking Basics: Check Register Balancing Check Number Date Transaction Description Payment Deposit Balance

5 5 Banking Basics: Do It Yourself Activity Record the following transactions in the check register and write the checks using the Check Writing handout on Page 6. Balance the account after recording each transaction in the check register and answer the questions below. Q&A 1. December 3 1 st deposit: You open your checking account with a cash deposit of December 8 Write check #004 to EZ Credit for to pay your credit card bill, your account number is December 13 Pay for groceries at SuperFresh Market in the amount of with your debit card. 4. December 18 Purchase a tank full of gas for your car at Jiffy Gas in the amount of with your debit card. 5. December 23 2 nd deposit: Your friend finally paid you back the money she owed you. Make a deposit of December 28 Write check #005 to MobilePhone, Inc. for your cell phone bill in the amount of 43.50, your account number is December You withdraw from your checking account at the ATM. You are charged a fee of 1.50 because you did not use your bank s ATM. Record this transaction in your register. 1. What is your checking account balance at the end of the month? 2. How many checks did you write during the month? 3. How many debit card purchases did you make? 4. What was the total amount of debits/purchases made for the month? 5. What was the total amount of deposits made for the month?

6 6 Banking Basics: Do It Yourself Activity Check Number Date Transaction Description Payment Deposit Balance Taylor Johnson #004 Order of Taylor Johnson #005 Order of This program is made possible by a grant from the FINRA Investor Education Foundation through Smart library, a partnership with the American Library Association.

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