checking accounts and other banking services chapter 9 lesson 9.1 – checking accounts lesson 9.2...
TRANSCRIPT
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Checking Accounts andOther Banking Services
Chapter 9Lesson 9.1 – Checking Accounts
Lesson 9.2 – Other Banking Services and Fees
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Checking Accounts• An account that allows depositors to
write checks to make payments.• Checking account is also called a
“demand deposit”• Checks follow a process–When check goes through this process it
becomes a ‘cancelled’ check
• Cancelled checks should become a part of your record keeping system
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Advantages
• Provides a convenient way to pay your bills.
• Often safer than using cash.• Has a built-in record keeping system
that you can use to track expenses and create budgets.
• Gives you access to other bank services.
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Responsibilities
• Write checks carefully and keep an accurate record or checks and deposits.
• Verify the accuracy of the bank statement you receive each month.
• Keep cancelled checks among your permanent records.
• Maintain sufficient funds in your account to cover all the checks you write.
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Opening a Checking Account
• Fill out and sign a signature authorization form (see page 239)
• Most banks require a minimum initial deposit (usually $50 or more)
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Parts of a Check
John Doe123 Main StreetAnytown, ST 11111 20
Pay to theOrder of $
Dollars
Memo
Bank NameCity, State
:071000741|: 08—40—856 0581
581
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Writing Checks
• Always use a pen.• Write legibly. Keep numbers and letters
clear and distinct, no extra spaces.• Sign your name exactly as it appears on
your signature card.• Avoid mistakes. If you make a mistake,
write “VOID” across the face of the check.• Be certain you have deposited adequate
funds.
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Making Deposits
• Complete a deposit slip (see pg 243)• Date• Cash• Checks (use ABA check number)• Total• Sign deposit slip if you are asking for
cash back• Will get a receipt from the bank
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Endorsing Checks
• Blank Endorsement– The signature of the payee written exactly
as it appears on the front of the check–Whomever possesses the check may cash it
• Special Endorsement– Endorsement in full– Transfers the right to cash the check
• Restrictive Endorsement– Restricts the use of a check
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Checkbook Register
• Be sure to record all check and deposits right away
• Two line record• Be sure to record: check #, date, to,
for, amount and figure balance
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Reconciling Your Account
• Bank will send out a monthly statement
• Lists: all withdrawals and deposits, service charges, and interest earned
• Form is usually on the back of the bank statement
• Tells you exactly what you have to do
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Types of Checking Accounts• Joint Accounts– Opened by two or more people
• Special Accounts– Someone who only writes a few checks– Fees based on usage
• Standard Accounts– Usually has a set monthly service fee
• Interest-Bearing Accounts• Share Accounts– Offered by credit unions
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Banking Services• Guaranteed Payment Checks– Certified check– Cashier’s check
• Money Orders• Debit Cards• Bank Credit Cards• Automated Teller Machines• Online and Telephone Banking
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More Banking Services/Fees
• Stop Payment Orders• Safe Deposit Boxes• Loans and Trusts• Financial Services
• Bank Fees