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THE ASPIRA ASSOCIATION and CHRYSLER FINANCIAL Financial Life Skills Program Module 2. Opening a Bank Account Module Objectives Understand how to get a copy of your ChexSystems report How to manage a checking account – write checks, make deposits, keep an account register

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THE ASPIRA ASSOCIATION and CHRYSLER FINANCIAL Financial Life Skills Program

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THE ASPIRA ASSOCIATION andCHRYSLER FINANCIALFinancial Life Skills Program

Module 2. Opening a Bank Account


Module Objectives

  • Understand how to get a copy of your ChexSystems report

  • How to manage a checking account – write checks, make deposits, keep an account register

  • Recognize the difference between ATM cards, debit cards, and credit cards

  • Know what to do if your ATM or debit card is lost or stolen

  • Know how to reconcile a bank account

  • Understand what online banking is, and advantages and disadvantages of using it

  • Understand the advantages of having a bank or credit union account

  • Know how bank accounts are insured (FDIC and NCUA)

  • Know how to choose a bank or credit union

  • Understand the benefits of having a checking account

  • Recognize different types of checking accounts

  • Understand the benefits of having a savings account

  • Recognize the difference between short-term and long-term savings accounts

  • Know about account verification systems (ChexSystems)


Selecting a Financial Institution

  • Options:

    • Commercial Banks

    • Credit Unions

  • How are they different?

  • Are your deposits insured? By whom?

  • Exercise: Choosing a bank or credit union


Checking Accounts

  • What is a checking account

  • Types of checking accounts:

    • Regular checking account

    • Interest bearing

  • What is account overdraft protection?

  • What is a debit card? An ATM card?

  • What should you do if your ATM, debit or credit card is lost or stolen,?


How to Write a Check

  • Fill the date out accurately and legibly with the month, day and year.

  • Indicate the name of the person or business to whom you are writing the check. Use full names, no nicknames.

  • Enter the amount that you would like to pay.

  • Spell out the dollar amount.

  • Add any note that you would like regarding the purpose of the check, or leave this line empty.

  • Sign your name in the lower right hand corner.


Managing your Checking Account

  • Deposits:

    • How & Where

      • Direct

      • ATM

      • Bank branch

  • Keep arecord of all transactions!


Making a Deposit

1. Write the date you are making the deposit.

2. If you are depositing currency (paper bills), write the total amount here.

3. If you are depositing coins, write the total amount here.

4. If you are depositing a check, write the bank transit number here, which is the top portion of the two-part number printed in the upper corner of the check.

5. Write the amount of the check here.

6. If you are depositing more checks than can be listed on the front, continue to list them on the back, and write the total amount of the checks on back here.

7. Write the total amount you are depositing here.

8. If you are making a deposit inside a bank with a teller and you want to receive cash back from your deposit, write the amount you want.

9. Write the total amount (less cash back) of your deposit.


Your check register

  • Why do you need to keep track all transactions?

  • You need to note:

    • Deposits

    • Withdrawals

    • Fees

    • Purchases

  • Constantly compute your balance!

  • Exercise: Managing your check register.


Your Bank Statement

  • What are credits?

  • What are debits?

  • What is a balance?


Savings Account

  • Why doyou need one?

  • What is a savings account?

  • Types of savings accounts

    • Basic savings account

    • Money market accounts

    • Christmas club accounts

    • Certificate of deposits (CD)

    • Education savings plan


Retirement Accounts

It’s important to set realistic goals and think about what you want for your retirement years. Here are some options:

  • IRA (Individual retirement account)

  • Retirement Plans

    • 401(k)

    • 403(b)

    • Keogh Plan

  • Thrift Savings Plan

  • Annuities


Banking On-line

  • What is it?

  • What can you do online?

  • What are the advantages and disadvantages of on line banking?

  • Be aware:

    • Have your computer firewall enabled;

    • Use an anti spyware software

    • Always protect your passwords


Using an ATM

  • What is an ATM?

  • What type of transactions can you perform through an ATM?


ATM Security

  • What security measures should you take when using an ATM?

  • What should you do if you lose your ATM, debit or credit card?


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