1. Carl Johnson Financial Literacy Jenks High School

3.  There are 70 million checks written in the U.S. each year  Almost 20,00 checks per day!  Checks, debit cards and credit cards are substitutes for cash  Credit cards are like loans, while checks and debit card transactions come directly out of your account  You must know and understand how to maintain a bank account to prevent embarrassing and costly mistakes

4.  A check is a written document that orders a bank, credit union or other financial institution to transfer money from your account to another account  A debit card is a plastic version of a check

5.  People used to use gold or silver to make purchases – there was no paper money or banks  People carried all their money in a leather bag attached to their belts  Today, people put money in banks instead of having to carry around their money  It is more convenient and safer to do  Banks offer a variety of competitive services, so make sure that you shop around for what is best for you and your financial needs  Also, make sure that you are diligent in keeping up with your transactions – whether you use a check or a debit card

6.  Your checks will come personalized with your name, address and phone number  Never have your Social Security number or Driver’s License pre printed on your checks!!  A check is a legal document and must be filled out correctly, or you will run the risk of not having it accepted

7.  Step 1: Write the date in the upper right hand corner  Step 2: Write the name of the person or company receiving your check on the line that starts “Pay to the order of”  Step 3: Write the dollar amount in the small space that starts with a dollar sign ($)  Step 4: Write the same amount using words for whole dollar amounts and a fraction for cents on the line ending with the word “DOLLARS”  Use a straight line to fill up the remainder of the space  Step 5: Sign your name on the signature at the lower right  Step 6: You can use the memo line at the lower left to write account numbers or make other notes

9.  The next two steps are just as important as what you write on your check  You will need to correctly record you check in your register or ledger  This can save you a lot of money in fees if done incorrectly  Step 1: Write down check number, date, payee and amount of check in the register or ledger  Include the ATM transaction number if applicable  Step 2: Subtract the amount of the transaction so you will know how much you have left in your account

11.  Ever wonder what all those numbers at the bottom of your check are for?  The first set are used for check routing and are read by high speed check processing machines to move your check from bank to bank  The second set is your bank account number. It is used to properly route the money to your account  The third set is your check number. It is the same number that is at the top right corner of your check

12.  You want make sure and fill out your deposit slip completely and correctly – You don’t want your money being deposited into someone else’s account!

13.  Step 1: Write today’s date on the deposit slip in the date line  Step 2: If you are depositing dollar bills, write that total amount in the space following the word currency  Step 3: If you are depositing coins, write that total amount in the space following the word coin  Step 4: Write down each check, including the check number it is from and the amount, on a separate line and space. If you have more checks than lines and spaces on the front of the deposit slip, there should be additional lines and spaces on the back of the deposit slip

14.  Step 5: Total the amount of your deposit (cash, coins and currency) and write that amount in the space following the word subtotal  Step 6: If you want to take out any cash from your deposit, write that amount in the space following the words less cash received  Step 7: Subtract the cash received from the subtotal, and write that amount in the space following the words net deposit  Step 8:If you are withdrawing cash from your deposit (Step 6), then you will need to sign your name on the line below the date. Your name should be signed exactly the way that you sign your checks

15.  Having a bank account can be expensive if not properly maintained  The key will be to keep record of every withdrawal and deposit, as well as fees, that goes with your account – this will allow you to know exactly how much money is in your account  Being overdrawn means you have spent more money than you have in your account  Banks will charge you a fee when this happens, as well as the businesses that you have given a bad check to  People who continually write bad check face serious consequences including fines and jail time  For a fee, many banks will also offer overdraft protection for debit cards  The best way to protect you from costly fees is to keep an accurate record of all financial transactions

16.  Every month you will receive a bank statement that will detail all of your financial transactions during the previous month  It is very important that you take a few minutes to reconcile your statement, or compare your records to that of the banks

17.  Step 1: Record the balance in your check register  Step 2: Subtract any bank charges. That amount is your check register balance  Step 3: Find the ending balance on your statement and add any deposits not included on your statement. (If you make a deposit after the statement was printed, it would not have been included)  Step 4: Subtract all withdrawals that are not included on the statement, including all checks, debit card transactions and ATM transactions  The amount you have remaining is your current balance