Presentation on theme: "Checking 8 th Grade FACS. Vocabulary Payee: The party that receives the check. Payor: The party that writes the check (to the payee). Check Register:"— Presentation transcript:
Checking 8 th Grade FACS
Vocabulary Payee: The party that receives the check. Payor: The party that writes the check (to the payee). Check Register: A booklet that is used to keep a record of all your checking related transactions, including checks written and deposits. Endorse a Check - Check Endorsement: When the payee signs their name on the back of a check to cash or deposit the check. Balance: The amount of money currently in your checking account. Non-sufficient Funds: When you write a check for more money than you have in your account. Minimum Balance: The minimum amount of money required in your account. Having an amount less than the minimum balance may result in extra service charges or reduced privileges. Service Charge: An amount the bank charges (fees) for use of the checking account.
Opening An Account Signature Authorization Card Necessary personal information Signature to be used on checks
making a deposit 1. Write the date of the deposit in this field. 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. teens – lesson 6 - slide 6-D 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 in this field. 9. Write the total amount (less cash back) of your deposit in this field.
Endorsing a Check Blank Once signed, anyone can cash Restrictive May only be deposited in the account listed Special or Full Done when signing a check over to another party
Writing an Endorsement - Practice 1. Blank Endorsement 2. Restrictive Endorsement 3. Special or Full Endorsement
Writing Dollars and Cents When writing a check, you must write the amount of the check in numbers and words. The decimal point becomes “and” and the change is written numerically over 100. $152.31 = One hundred fifty-two and 31/100 Cursive writing is preferable on a check
writing the amount of the check in words $ 857.19 Start writing at the far left side of the line Eight hundred fifty seven Dollars Follow the dollar amount by the word “and” Eight hundred fifty seven and Dollars Write the amount of cents over the number 100 Eight hundred fifty seven and 19/100 Dollars Draw a line from the end of the 100 to the end of the line. Eight hundred fifty seven and 19/100 ----------Dollars Teens 2 – Lesson 6 - Slide 6-2d
Assignment Read pages 208 through 211 in the Today’s Teen text book. Complete the first page of you packet Endorsements Writing Dollars and Cents Be sure to use a pen when completing this section of your assignment While it is preferable to write in cursive, print will be acceptable on THIS PAGE ONLY
REVIEW -ENDORSEMENTS 1. Blank Endorsement 2. Restrictive Endorsement 3. Special or Full Endorsement
Assignment Complete pages 2 and 3 of your packet Fill in the information for question 1-9 on the provided blank check register Be sure to double check you subtraction and addition After completing the register, answer questions 10 – 12
1. Date Write today’s date. 2. Payee Write the name of the person or company that you are paying. 3. Amount of check in numerals Write the amount of the check in numbers. Be careful not to leave any space between your numbers. 4. Amount of check in words Write the amount of the check in words. 5.Name Your personal information is printed here. Never list your Social Security number on your printed check. 6. Signature Sign your check the same way you signed your name on the signature card. 7. Memo Write why you wrote the check. If you are paying a bill, put down any information requested by the company. 8. Identification numbers These numbers identify your bank, account number, and the check number. They are printed in special magnetic ink that machines can read. Anatomy of a Check Teens 2 – Lesson 6 - Slide 6-2e
PARTS OF A CHECK Bank routing number, account number and check number Who gets the money Amount in numbers Amount of money written long hand Personal information of the account holder Additional info Signature Date written
Anatomy of a Check - Practice
Assignment Complete pages 4 and 5 of your packet Checks must be written in PEN and should be written in cursive The information on the checks should match in the information in your register on page 3 DO NOT write checks for deposits or withdrawals
reconciling a checking account Step 1: Get the current balance from your bank statement. Step 2: Add deposits recorded in your check register that are not on this statement. Step 3: Subtract outstanding checks. These are checks you have written that have not yet cleared the banking system. Step 4: Compare the result with the current balance in your check register. Remember to… - subtract service fees or other charges + add direct deposits + add interest earned Teens 2 – Lesson 6 - Slide 6-3e
Assignment Complete pages 7 and 8 as a class. Answer questions 1-6 on pages 7 and 8 After completing all sections of you packet Put the packet in your folder on the prongs.
Parts of a Check What is the date of the check? _______________________ Who is the check made payable to? ___________________ What is the check number?__________________________ What is the check transit number? ____________________ (Hint: look for the top part of the two-part number in the upper right corner of the check.) Where do you endorse a check? ______________________ Where is the account number? _______________________ Teens 2 – Lesson 6 - Slide 6-2b