Checking Accounts 5 th Period - Shumate

What Is A Checking Account?  A Checking Account is a transactional deposit account held at a financial institution that allows for withdraws and deposits.

What A Checking Account Does…  Checking Accounts are the place to keep the money you will be using soon.  If you use a checking account, you can easily buy things without carrying cash.  Checking Accounts are the place to keep the money you will be using soon.  If you use a checking account, you can easily buy things without carrying cash.

Common problems with Checking Accounts  Over drawing your account  Having your checkbook stolen

Steps to recover from your account being over drawn 1.Stop using your checking account until you have resolved the problem 2.Balance your account and get an idea of what you owe 3.Bring your account back into the positive. Pay the bank what you owe. Do this as quickly as possible. 1.Stop using your checking account until you have resolved the problem 2.Balance your account and get an idea of what you owe 3.Bring your account back into the positive. Pay the bank what you owe. Do this as quickly as possible.

What to do when your checkbook is stolen  Immediately call the bank and freeze your checking account.  Go to your bank and close the checking account. Open a new account if needed.  If you are positive that your checking account has been stolen, file a police report.  Immediately call the bank and freeze your checking account.  Go to your bank and close the checking account. Open a new account if needed.  If you are positive that your checking account has been stolen, file a police report.

Other options besides a Checking Account  Use prepaid credit card to pay bills  Switch to the Envelope Budgeting System

How to open a Checking Account  Evaluate your bank account needs and bank options and choose the bank that you want to open your account with  Open your account  Complete a signature card  Deposit money into your account with a deposit slip. If you plan to use a debit or ATM card, apply for one.  Evaluate your bank account needs and bank options and choose the bank that you want to open your account with  Open your account  Complete a signature card  Deposit money into your account with a deposit slip. If you plan to use a debit or ATM card, apply for one.

Where to get a checking account  You can open a checking account at most banks  Chose a bank that has a location convenient to you and that provides services you may prefer, such as online banking services

Tips to manage your account  Balance your checkbook correctly and efficiently  Sign up for overdraft protection  Balance your checkbook correctly and efficiently  Sign up for overdraft protection  Know the fund’s availability rules at your bank  Protect your bank cards and other personal information

Now enjoy the rap