A program to qualify you for access to checking account services.
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A program to qualify you for access to checking account services. Chapter 1. Introducing the Get Checking Program. Overview of the Get Checking Program. Educational program about Deposit Accounts. You will receive a Certificate of Completion.

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A program to qualify you for access to checking account services

A program to qualify you for access to checking account services.


Introducing the get checking program

Chapter 1

Introducing the Get Checking Program


Overview of the get checking program

Overview of the Get Checking Program

  • Educational program about Deposit Accounts.

  • You will receive a Certificate of Completion.

  • You will be able to open an account with a Participating Financial Institution.


What can i expect to learn

What can I expect to learn?

  • How you can open an account with your Get Checking Certificate.

  • Choosing an account that is

    right for you.

  • Managing your checking account.

  • Keys to successful money management and credit.


Get checking can

Get Checking Can:

  • Help you learn banking basics if you if you never had an account before.

  • Let you know all your choices when setting up direct deposit.

  • Help you avoid costly fees on an existing account.

  • Offer you a second chance if you have had problems with an account in the past.


How do i receive a certificate

How Do I Receive a Certificate

  • Attend all sessions.

  • Complete all class exercises.

  • Pass a minimum competency test.


How do i open an account with my certificate

How Do I Open an Account with My Certificate

  • Choose a Participating Financial Institution.

  • Bring with you:

    • Proper identification

    • Proof of payoff on any balance owed on prior account

    • Get Checking Certificate

  • Direct deposit is strongly encouraged.

  • Must not have been closed due to fraudulent activity on an account.


What is chexsystems

What Is ChexSystems?

  • ChexSystems is a consumer reporting agency.

  • ChexSystems collects information on account activity and reports to member financial institutions.

  • A financial institution, not ChexSystems, makes the decision to open your account or not.


Your rights under the fair credit reporting act

Your Rights Under the Fair Credit Reporting Act

  • A free copy of your report.

  • You may dispute the completeness or accuracy of information by notifying ChexSystems.

  • ChexSystems will not remove accurate information.

  • ChexSystems current policy is to keep information for five years.


Will i be able to write checks

Will I Be Able to Write Checks?

  • Do you owe money to a merchant or creditor?

  • Contact that creditor to find out how to resolve the problem.


Choosing an account that is right for you

Chapter 2

Choosing an Account that is Right for You


Not banking costs me how much

Not banking costs me how much?

How much does it cost to cash your paycheck?$________

How many times do you get paid each month?X________

Total………………………………………………….________

How much does each money order cost you? X$________

How many money orders do you get each month________

Total ………………………………………………….________

Add the totals together – use it to compare with

the cost of account option you are considering$________


Financial institutions roles in the community

Financial Institutions’ Roles in the Community

  • Bank deposits are used to make credit available to individuals and businesses.

  • Loans to individuals to purchase goods and services are made with bank deposits.

  • Loans to businesses to expand and provide more jobs are made with bank deposits.

  • Financial institutions help facilitate commerce; they are a cornerstone of all business done in the US.


Financial institutions are regulated and insured

Financial Institutions are Regulated and Insured

  • Financial Institutions may be regulated by State or Federal government.

  • Insurance provided by FDIC or NCUA.


Types of accounts

Types of Accounts

  • Savings account

  • Electronic transfer account

  • Certificate of deposit

  • Money market

  • Checking account


Savings account

Savings Account

  • Available for direct deposit

  • ATM card

  • Earns interest

  • Receive account statement

  • Normally requires minimum balance

  • Limited number of automatic withdrawals


Electronic transfer account eta

Electronic Transfer Account (ETA)

  • Direct Deposit of federal government checks

  • Low cost

  • Access for withdrawals

  • Open to all recipients of federal government checks


Certificate of deposit

Certificate of Deposit

  • Timed deposit

  • Higher rates for longer maturity

  • Minimum balance to open

  • Penalty for early withdrawal


Money market account

Money Market Account

  • Larger minimum balance

  • Better interest rates than savings accounts

  • Limited check writing


Money market mutual fund

Money Market Mutual Fund

  • Similar to accounts

  • Can have a lower deposit requirement


Checking accounts

Checking Accounts

  • ATM and/or debit card available

  • Unlimited pre-authorized transactions

  • Overdraft protection

  • May earn interest

  • No cost, no minimum balance, unlimited check writing option available


Account ownership

Account Ownership

  • Individual account—you alone have access to the money

    • Power of Attorney

    • Payable on Death

  • Joint account – you and one other person have access to the money

    • Right of survivorship

  • Community or Marital property

    • Similar to joint ownership but specific to married couples

  • Custodial – used for minor children


Funds availability policy

Each financial institution may differ.

When is the money in your account available?

Changes in processing time have been more equalized as a result of Check21 legislation.

It depends on the type of check you deposit and your account history.

Obtain and read the funds availability policy.

Funds Availability Policy


Atm cards

ATM Cards

  • Convenient access to your account

    • Withdrawals

    • Deposits

  • Be aware of costs and fees

  • Record transactions


Debit cards precautions

Debit Cards Precautions

  • Keep it safe

  • Know cost

  • Record transactions

  • Keep receipts


Direct deposit

Direct Deposit

  • Convenient access to your funds

  • Automatic transfers to saving

  • Helps avoid lost or stolen checks

  • Avoid trips to the financial institution


Pre authorized transactions

Pre-Authorized Transactions

  • Convenient way to pay bills

  • Use this option cautiously with established companies


Overdraft protection options

Overdraft Protection Options

  • Monitor account

  • Transfer from savings

  • Line of credit

  • Tied to credit card


Choosing an account

Choosing an Account

  • Account Activity

  • How do I intend to use the account?

  • Account Disclosure— information you need to make an informed decision

  • Annual Percentage Yield

    • Comparison shop interest rates


Managing your checking account

Chapter 3

Managing Your Checking Account


Using a deposit ticket

Using a Deposit Ticket

2

3

1

5

8

6

7

9

1. Date

2. Cash (coins and currency)

3. Checks

4. List additional checks on back of the deposit ticket

5. Total of checks from reverse side

6. Subtotal of cash and checks being deposited

7. Less cash received (the amount of money you want back)

8. Sign here if you are withdrawing cash

9. Total amount you want to deposit (Net Deposit)


Endorsing a check

Endorsing a Check


Writing a check

Writing a Check

8

7

1

2

3

4

6

5

10

9

1. Date

2. Check recipient

3. Amount of the check in numerals

4. Amount of the check in words

5. Purpose of the check

6. Signature

7. Name & address

8. Check number

9. Bank number

10. Your account number


Types of checks

Types of Checks

  • Personal checks

  • Certified checks

  • Cashier’s checks

  • Money orders


Check processing issues

Check Processing Issues

Stop Payment

Overdraft

NSF


The check register

The Check Register

4

3

5

1

6

7

8

2

1. Check number

2. Date

3. Purpose of the check

4. Check recipient

5. Amount of the check

6. √T=You can place a check here once you have reconciled this with your statement

7. Amount of deposit

8. Amount remaining in account (balance)


Keys to successful money management and credit

Chapter 4

Keys to Successful Money Management and Credit


Why have a spending plan

Why Have a Spending Plan?

  • Money for emergencies

  • Able to save for major purchases or goals

  • Get more for your money


Where does my money go

Where Does My Money Go?

  • Find extra money to reach goals

  • Get a picture of spending

  • Allow you to make decisions


Tracking expenses

Tracking Expenses

Methods:

  • Envelope

  • Calendar

  • Receipts

  • Checkbook

  • Software or Account Book


Using your checking account to track expenses

Using Your Checking Account to Track Expenses

  • Use Your:

    • Register

    • Cancelled Checks

    • Carbon Checks

  • Organize expenses


Determining income

Determining Income

  • Plan spending based on net income, or take home pay.

  • Use all reliable sources of income and income supplements.


Where does your money go

Where Does Your Money Go?

  • Determine monthly expenses

  • Calculate monthly amount for expenses that occur less than once a month

  • Compare income and expenses

  • Make decisions on future spending


The spending plan process

The Spending Plan Process

1.Determine values and priorities

2.Set specific financial goals

3.Track spending habits

4.Determine income

5.Develop spending plan

6.Make adjustments to the plan


Choosing the right account for your savings plan

Choosing the Right Account for Your Savings Plan

  • What are your goals? What do you want to accomplish?

  • Talk to your account representative about the best type of account or savings product.


What is credit

What Is Credit

  • Using someone else’s money

    Principal = amount owed

    Interest = cost of credit


Why is good credit important

Why Is Good Credit Important?

  • You can get the credit you want WHEN you want it and HOW you want it


Four cs of credit

Four “Cs” of Credit

  • Character

  • Credit

  • Capacity

  • Collateral


Credit reporting

Credit Reporting

  • Equifax1-800-685-1111 www.equifax.com

  • Experian 1-888-EXPERIAN www.experian.com

  • TransUnion 1-800-916-8800 www.transunion.com

  • Fair Isaac Corporation www.myfico.com


What is in your credit report

What Is In Your Credit Report?

  • Identifying information

  • Credit information

  • Public records

  • Inquiries


What if there is an error on your report

What If There Is an Error on Your Report?

  • Know original creditor

  • Send dispute letter with proof

  • 30 days to investigate and correct


Who has access to your credit report

Who Has Access To Your Credit Report?

  • Creditor

  • Insurance companies

  • Landlords

  • Employers


Establishing or re establishing credit

Establishing or Re-establishing Credit

  • Pay bills on time

  • Establish regular savings

  • Maintain checking account

  • Set up repayment plan on negative credit

  • Talk to your financial institution about credit options


Advantages of using a financial institution

Advantages of Using a Financial Institution

  • Convenient access to your money

  • Security – less risk of theft, deposits are insured

  • Saves money – a deposit account is generally less expensive than using other sources to obtain cash or make transactions

  • Access to knowledgeable people who can assist you with financial needs

  • Building block of credit

  • Earn Interest


Choosing a financial institution

Choosing a financial institution

  • Convenience

  • Checking and Savings options

  • Costs

  • Customer Service


Evaluation

Evaluation

  • Fill out the evaluation and turn it in. Attendance will be taken at each session. We reserve the right to close the class to those who are late.


Web sites

Web Sites

  • www.eta-find.gov

  • www.chexhelp.com

  • www.federalreserve.gov/regulations/default.htm


  • Login