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Checking Account Unit

Checking Account Unit. Mrs. Lewis. 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 long-term goals. Checking Account Definition: .

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Checking Account Unit

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  1. Checking Account Unit Mrs. Lewis

  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 long-term goals.

  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. Benefits 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 system that you can use to track your expenses.

  6. Opening a Checking Account: • Provide the Bank with Appropriate Info • 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 Drawer Date Check Number Kris Garza 541 Crestwood Avenue Norman, Oklahoma 73070-5549 555-1212 April 13, 20- 101 ABA No. 86-171 1031 Amount in Figures Payee Pay to the Order of Jeans and Me, Ltd. $15.95 Memo Line Fifteen and 95/100 DOLLARS Second National Bank Norman, Oklahoma Drawee Amount in Words Kris Garza FOR Jeans :103101712: 101 “16487214:” Drawer’s Signature Check Number Account Number Routing Number

  8. Deposit Ticket/Slip Definition: Forms in the back of your checkbook that allows you to put money into your checking account.

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

  10. Continued….. • If you would like cash at the time of the deposit, fill in the desired amount on the “Less Cash Received” line • Sign name on Line if you are receiving cash back from deposit. • Subtract Total Deposit and Less Cash Received to determine NET DEPOSIT • Always keep a receipt of Deposit

  11. Check Writing Tips: • Fill out ALL parts of the check completely. • Always use a Pen!! • Write legibly! • Sign your name same as the signature card. • Never Post Date a check. • Always have funds in the account before you write a check!

  12. Checking Account Tips: • Always record every check you write and deposit you make in the Check Register! • When you make a mistake, write VOID in large letters across the check & write a new one (keep VOIDED Check for Records) • Always keep track of your checkbook and secure your checking account number!!

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

  14. Guidelines for a Check Register • Record the Current Amount in your Account at the top of the “Balance Column” • As soon as you write a check or make a deposit, record it in the register. • Checks: • Write Check number • Write Date • Enter the Payee • Write the amount of Check in the Debit Column • Subtract from Previous Balance

  15. Check Registers: • Deposits • Put a Slash or Mark through the Number Line • Write the Date • Write “Deposit” with Detail on the Description Line • Enter the amount of Net Deposit in Credit Column • Add to Previous Balance • Checkmark Column will be used for Bank Reconciliation later…..

  16. Endorsing Checks: • Blank Endorsement • Restrictive Endorsement • Special Endorsement • Also called an Endorsement-in-Full • **Never sign a check until you are at the Bank*

  17. Blank Endorsement • Endorsement that only has the Payee’s name • Sign your name on the top of the back of the check. Susan K. Williams Do not write below this line

  18. 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 Susan K. Williams Do not write below this line

  19. 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 Susan K. Williams Mary Griffen Do not write below this line

  20. 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

  21. The End…..For Now…

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