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Checking Accounts - PowerPoint PPT Presentation


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Checking Accounts. For thousands of years, people have used some sort of currency or type of money to pay for things they want. Different countries and cultures have used everything from seashells to pigs to purchase goods and services. Now, in modern times, we use four main ways to pay—

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checking accounts
Checking Accounts
  • For thousands of years, people have used some sort of currency or type of money to pay for things they want. Different countries and cultures have used everything from seashells to pigs to purchase goods and services. Now, in modern times, we use four main ways to pay—
  • cash, credit cards, debit cards and checks.
writing a check
Writing a Check
  • Writing checks is easy, with a little practice. When you write checks, always use a blue or black ink pen and write neatly.
parts of a check
Parts of a check

Check Number

Your Information

Date

Payee

Written Amount

Numeric Amount

Memo

Account Number

Signature Line

Routing Number

lets practice
Lets Practice
  • Turn to the pages in your packet that say

Practice Exercises -Writing Checks.

manage your money
Manage Your Money
  • A check register helps you keep track of the money in your checking account. Every time you deposit money or withdraw money, or use your ATM or debit card, write it in the check register immediately.
  • Make sure you will have money in your account to avoid overdraft /non sufficent funds fees!
  • When you write something in your check register, we call it recording a transaction.
  • So let’s take a look at a check register and how it works.
lets practice1
Lets Practice
  • Turn to the pages in your packet that say

Practice Exercises -Managing Money.

deposit money
Deposit Money
  • You can put cash and checks into your account in different ways. When you’re ready to deposit money at your financial institution, you need to fill out a form called a deposit ticket.
  • Deposit tickets in your checkbook, behind the checks. They have printing on both sides. Just like with the checks and the check register, there are areas you need to complete.
  • Use a pen to fill out the form. It is very important that you write neatly.
lets practice2
Lets Practice
  • Turn to the pages in your packet that say

Practice Exercises – Depositing Money (3 Pages).

endorsing a check
Endorsing a Check
  • If you’ve got a job, chances are you get paid with a check. To deposit that check, you need to endorse it. That means you sign your name in ink on the back of the check. Sign your name the same way it’s written on the check. If your name is spelled wrong, also sign your name the correct way on the next line.
  • There are a few ways to endorse your check.
slide13

Blank Endorsement- An endorsement consisting of nothing but a signature and allowing any party in possession of the endorsed item to execute a claim.

Suzie Lou Hoo

slide14
Restrictive Endorsement-Designate what account the money should go into. This is more secure than a blank endorsement.

for deposit only account # 77345689

Suzie Lou Hoo

slide15
Special Endorsement - A special endorsement consists of a signature and a statement identifying to whom the check should be paid.

Pay to the order of

Bobby Joe Yoohoo

Suzie Lou Hoo

lets practice3
Lets Practice
  • Turn to the pages in your packet that say

Practice Exercises- Endorsing a Check.

monthly statements
Monthly Statements
  • Every month, you’ll get a statement from your financial institution. This statement tells you:
    • Every check that you wrote (the ones that have been processed).
    • Money you took out of the ATM, transferred by telephone or any other withdrawals.
    • All of your debit card transactions.
    • All of your deposits.
    • Your ending balance (how much you have in your account on the date the statement was printed).
  • Outstanding checks
    • Checks that have not been paid by the bank yet.
lets practice4
Lets Practice
  • Turn to the pages in your packet that say

Practice Exercises –Balancing Your Account!