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Banking:

Banking:. Checking and Savings Accounts. Where to Stash Your Cash. Benefit s o f checkin g accounts * Avoid carrying lots of cash * If your checkbook is lost or stolen, just close your account and open a new one so that nobody can use your old checks.

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Banking:

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  1. Banking: Checkingand SavingsAccounts WheretoStashYourCash

  2. Benefitsofcheckingaccounts *Avoidcarryinglotsofcash * Ifyourcheckbookislostorstolen,justclose youraccountandopenanewonesothat nobodycanuseyouroldchecks. * Nofees fordepositingorcashingchecks * Writechecks * Withdrawcash * Makepurchases withdebitcards * Makeautomaticpayments * Safe–mostFDIC-insured * Monthlystatements, whichcanbeused to proveyou’vemade apayment,ifneeded. * Cyberbanking *directdeposit,ATMs,EFT(electronicfundstransfer)

  3. Tips for wise use of checking accounts 1.Keeponlywhatyouneedfornear-termexpensesinyour checkingaccount. Therestshouldgoinsavingsaccounts,retirementplans,etc. 2. Recordalltransactionsimmediately (deposits,checks,withdrawals,debitcardtransactions) 3. Balanceyourcheckbookregularly Keeptrackofhow muchmoneyyouhaveinyouraccount 4. Confirmeverythingonmonthlystatement 5. Avoidactionsthattriggerfees: - Keepyouraccountbalanceabovetheminimumrequired balancetoavoid fees - Don’tbouncechecks - Useyourownbank’sATMwheneverpossible - LimityourvisitstoATMs - Useyourdebitcardatthecheck-outline ofthegrocerystoreto getcashback

  4. TotalU.S.yearlycostofATM transactionfees($billions) Source:http://bankrate.com/brm/news/chk/chkstudy/20070924_ATM_annual_fees_a1.asp

  5. Choosingacheckingaccount *convenience *restrictions ‰ availabilityofATMs? ‰ minimumbalance? ‰ branchoffices nearby?many? ‰ depositinsurance? ‰ hoursofoperation? ‰ holdingperiod fordeposited *fees checks? ‰ monthlyfees? ‰ directdeposit? ‰ feechargedforfallingbelow ‰ automaticpayments? minimumaccountbalance? ‰ overdraftprotection? ‰ percheckfees? ‰ onlinebanking? ‰ checkprinting fees? ‰ discounts orfreecheckingfor ‰ bouncedcheckfees? students,seniors,oremployees ‰ feesforuseofdebitcard? *othercharges ‰ overdraftcharge? accounts ‰ certifiedcheckfees? zspecialfeatures ‰ feesforusingnon-bankATMs? ofcertain companies? ‰ tellerfees? Lookfor“freechecking” ‰ stop-paymentfees?

  6. Openingacheckingaccount Source:

  7. Makingadeposit Whatyoucandeposit *Checks *Currency *Coins *Electronicpayments Howyoucandeposit money *An ATMmachine *In-personwithabankteller *By mail *By directdeposit(electronic)

  8. Making a check or cash deposit 1.Writethedateyouaremakingthedepositinthisfield. 2.Ifyouaredepositing currency(paperbills),writethetotal amounthere. 3.Ifyouaredepositing coins,writethetotalamounthere. 4.Ifyouaredepositing acheck,writethebanktransitnumber here,whichisthetopportionofthetwo-partnumberprintedin theuppercornerofthecheck. 5.Writetheamountofthecheckhere. Source:

  9. Making a check or cash deposit 6.Ifyouaredepositing morechecksthancanbelistedonthefront, continuetolistthemontheback,andwritethetotalamountofthe checksonbackhere. 7.Writethetotalamountyouaredepositing here. 8.Ifyouaremakingadeposit insideabankwithatellerandyou wanttoreceivecashbackfromyourdeposit, writetheamountyou wantinthisfield. 9.Writethetotalamount(lesscashback) ofyourdeposit. Source:

  10. TypesofSavingsAccounts SavingsAccount *Access yourmoneyatanytime. *Earninterest. *Movemoneyeasilyfromone accounttoanother. *SavingsinsuredbytheFDICupto$250,000. MoneyMarketAccount *Earn slightly higher interestthanin a savings account. *Pay nofeesifyoumaintainaminimumbalance. *Mayoffercheck-writing services. *SavingsinsuredbytheFDICupto$250,000. CertificateofDeposit(CD) *Earn interestduring theterm(threemonths,six months,etc.). *Receive the principalandinterestattheendoftheterm. *SavingsinsuredbytheFDICupto$250,000. *Mustleave thedepositin theaccountfortheentiretermtoavoid anearly withdrawalpenalty.

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