2 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.
3 Why a checking account?ConvenienceSafetyAccountability
4 Opening An Account Signature Authorization Card Necessary personal informationSignature to be used on checks
5 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.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.teens – lesson 6 - slide 6-D
6 Endorsing a Check Blank Restrictive Special or Full Once signed, anyone can cashRestrictiveMay only be deposited in the account listedSpecial or FullDone when signing a check over to another party
7 Writing an Endorsement - Practice 1. Blank Endorsement2. Restrictive Endorsement3. Special or Full Endorsement
8 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.$ = One hundred fifty-two and 31/100Cursive writing is preferable on a check
9 writing the amount of the check in words $Start writing at the far left side of the lineEight hundred fifty seven DollarsFollow the dollar amount by the word “and”Eight hundred fifty seven and DollarsWrite the amount of cents over the number 100Eight hundred fifty seven and 19/ DollarsDraw a line from the end of the 100 to the end of the line.Eight hundred fifty seven and 19/ DollarsTeens 2 – Lesson 6 - Slide 6-2d
11 Assignment Read pages 208 through 211 in the Today’s Teen text book. Complete the first page of you packetEndorsementsWriting Dollars and CentsBe sure to use a pen when completing this section of your assignmentWhile it is preferable to write in cursive, print will be acceptable on THIS PAGE ONLY
12 REVIEW -ENDORSEMENTS 1. Blank Endorsement 2. Restrictive Endorsement 3. Special or Full Endorsement
20 Assignment Complete pages 2 and 3 of your packet Fill in the information for question 1-9 on the provided blank check registerBe sure to double check you subtraction and additionAfter completing the register, answer questions 10 – 12
28 Anatomy of a Check 1. Date Write today’s date. 2. Payee Write the name of the person orcompany that you are paying.3. Amount of check in numeralsWrite the amount of the check in numbers.Be careful not to leave any space betweenyour numbers.4. Amount of check in wordsWrite the amount of the check in words.5.NameYour personal information is printed here. Never list your Social Security number on your printed check.6. SignatureSign your check the same way you signed your name on the signature card.7. MemoWrite why you wrote the check. If you are paying a bill, put down any information requested by the company.8. Identification numbersThese numbers identify your bank, account number, and the check number. They are printed in special magnetic ink that machines can read.Teens 2 – Lesson 6 - Slide 6-2e
29 PARTS OF A CHECK Signature Who gets the money Personal information of the account holderDate writtenAmount in numbersWho gets the moneyAmount of money written long handSignatureAdditional infoBank routing number, account number and check number
31 Assignment Complete pages 4 and 5 of your packet Checks must be written in PEN and should be written in cursiveThe information on the checks should match in the information in your register on page 3DO NOT write checks for deposits or withdrawals
36 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 earnedTeens 2 – Lesson 6 - Slide 6-3e
37 reconciling a checking account 414.7910310549 7225.0025.00439.79200.71239.08
38 Assignment Answer questions 1-6 on pages 7 and 8 Complete pages 7 and 8 as a class.Answer questions 1-6 on pages 7 and 8After completing all sections of you packet Put the packet in your folder on the prongs.
39 Parts of a CheckWhat 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
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