Bell Work, Tuesday 5/12 O What scale do we use to measure tornadoes? O How loud can cicadas get? O What does Dr. Jim Withers do?

Personal Finance Literacy Checking

Why Open a Checking Account? O Safety O Don’t walk around with a lot of cash O ATM card/checks can be replaced O Convenience O Don’t need cash O Bad idea to send cash in the mail O Easy access to your account O Easier Budgeting O Track spending with a check register O Proof of Payment O “cleared” checks are a record of payment O Less impulsive spending O Cash in your pocket is too easily spent

Opening a Checking Account Things to consider when opening a checking account: O Location O Branch offices, hours of operation, ATM availability O Fees O Monthly fees, per check fees, printing of checks, balance inquiry fees, ATM fees O Other fees O Overdraft charge, stop- payment fees, certified check fees O Restrictions O Minimum balance, deposit insurance, holding period for deposited checks O Special features O Direct deposit, automatic payments, overdraft protection, online banking, discounts or free checking for students, seniors or employees of certain companies

Opening a Checking Account O Once you choose a checking account, to actually “open it” you need: O 2 forms of ID O Any money you want to deposit O Fill out paperwork O Receive box of checks & register in the mail

Check Do’s and Don’ts Do’s O Always write checks in ink O Keep unused checks in a place where other will not have easy access to them O Check your statement regularly Don’ts O Write checks for money you don’t have O “bounced” check O Endorse a check (sign the back) you plan on depositing later

ATM/Check/Debit Cards O An alternative to writing checks O Pros: O Less to carry around O Faster transactions O Cons O Memorize and protect your PIN O Reporting lost or stolen cards