1. Checking Accounts Using checks and debit cards

2. The purpose of a checking account 1.Safer than carrying cash around. 2.Accepted most places. 3.It gives you a written record of who received your payment, when, and when they cashed the check. 4.You can easily get a debit card with that account. What is the difference between a credit card and a debit card?

3. Compare credit and debit cards Credit cards are based on your promise to pay back the money you have used. Credit cards are issued to you based on your: – Character (will you repay) – Capacity (can you repay) – Collateral (what can they take if you don’t repay) Debit cards are linked to a savings or checking account. As soon as you use a debit card, the money comes out of that account, electronically. Debit cards are easy to get, but come with less legal protection.

4. Parts of a check Your name __________20____ Your address Your City, State, ZIP Pay to ___________________________________ $ ________ ______________________________________________dollars Memo____________________ _______________________

5. Why write the amount twice? This is to make sure that the amount you wrote the check for is the same amount paid out from the bank. How many of you have horrible handwriting?! Be sure to write checks legibly in ballpoint pen, not pencil or in felt-tip pen.

6. Know how to spell! 1.One 2.Two 3.Three 4.Four 5.Five 6.Six 7.Seven 8.Eight 9.Nine 10.Ten 11. Eleven 12. Twelve 13. Thirteen 14. Fourteen 15. Fifteen 16. Sixteen 17. Seventeen 18. Eighteen 19. Nineteen 20. Twenty 30. Thirty 40. Forty 50. Fifty 60. Sixty 70. Seventy 80. Eighty 90. Ninety 100. Hundred 1.000. Thousand 1,000,000. Million

7. Write out the amount just the way you say it, until the cents. The “and” goes just before you write the cents. $75 Seventy- five and $248 Two hundred forty- eight and $1,208 One thousand two hundred eight and $45, 355 Forty five thousand three hundred fifty-five and

8. Then, write the cents as a fraction of a dollar 92 cents is 99/100 No cents is 00/100 Putting it all together, write out $145.67 One hundred forty-five and 67/100 No need to write “dollars,” as it’s already on your check!

9. Whether it’s a debit card or check, You must accurately record every transaction you make, immediately. Why? The average charge for an overdrawn account is $30 for each time you overdraw your account.

14. Use accurate math! Remember, overdrawing your account is $30 for each time you do this! Double check your math. Keep dollars in the dollars column and cents in the cents column. Use a calculator, and double-check anyway. Show ALL the numbers in checks and in your check register, especially the zeros!