1. All You Ever Wanted and Needed To Know!

2. Types of Checking Accounts Depending on where you choose to bank, there are several different kinds of checking accounts that might be available to you. It’s important that you do some research to find the checking account that is right for you and your situation. Personal Finance

3. Student Checking Accounts Some banks offer special checking deals if you are a student. Some of the benefits could include: a. no minimum balance requirement b. free checks c. free debit card d. wider ATM availability e. the ability to have your parents transfer money directly into your account Some banks may also impose an age requirement on these accounts, so check that out to make sure you qualify. Personal Finance

4. Basic Checking Accounts This type of account works well for someone who just uses their checking account to pay bills and a few other expenses. Some banks you use direct deposit or keep a minimum balance to avoid charging a monthly service fee. Also, there could be a monthly check-writing limit. If you exceed that limit, you will have to pay a per-item fee for each check over the limit. Personal Finance

5. Free Checking Accounts In most cases, “free” means that there are no monthly service fees, no per-item fees and no minimum balance requirement. Other perks that might come with free checking accounts include free online banking, services like bill pay and a free debit card. But it really can differ from bank to bank, so you may want to do some research to find out what “free” really means at any particular bank. Personal Finance

6. Interest-Bearing Checking With an interest-bearing checking account, you are paid interest on the money in your account. The bank will usually require a minimum deposit to open the account, and you’ll likely have to maintain that balance, or higher, to avoid fees. For example, the bank may require $150 to open the account, but will then charge you a $10 monthly service fee if you don't maintain a $2,000 balance.

7. Interest-Bearing Checking Usually, interest on this type of account will be paid monthly and the more money you have in the account, the more interest you will earn. Keep in mind, though, that if you fall below the minimum balance, the fees you might end up paying will probably be higher than the interest you are earning Personal Finance

8. Using Checks Checks are basically documents that tell a bank to use money from your account to pay a designated business or person. Although most people prefer using debit cards or online bill pay these days, checks are still a common and necessary method of payment. Many banks will provide you with a free book of checks when you open your account, and some will even give you free checks for the life of your account. Personal Finance

9. Using Checks When you write a check, make sure you: a. keep a record of the check number b. the amount c. who you wrote the check to This helps you keep track of how much you’re spending. Personal Finance

10. Using Checks Some banks will send you cancelled checks via mail with your monthly statement, while other banks might provide you with your statements and an image (substitute check) of your cancelled check online (Check 21 Act) Personal Finance

11. CHECK WRITING TIPS Write in ink. Fill in all of the line so that no one can add numbers later. Never sign a blank check. Consider buying duplicate checks. It costs more, but you always have a copy of the checks for your records. You do not have to buy your checks at the bank. You just have to give a company your bank’s routing number and your account number to have them print your checks. Carry a card with the numbers written out in your checkbook. On the other side, write names and words which you often need to write checks. Personal Finance

12. Checking Documents Personal Finance

13. Checking Documents Personal Finance

15. Direct Depositing a Pay Check Direct deposit is usually set up through your employer. Your paycheck will go directly into your checking and/or savings account each pay period. Some banks offer free or low-cost checking if you use direct deposit because it will save them the cost of processing paper checks. You won’t have to worry about your paycheck being lost, stolen or not arriving on time. Personal Finance

16. Some benefits of direct deposit: Money will be deposited into your account the day the check is issued, so you don’t have to worry about depositing your check if you’re sick, out of town or just can’t get to the bank. It saves you time because you won’t need to make a trip to the bank each payday. It may waive any maintenance fee your bank might charge for your account. Many times, your employer will deposit your check a day early if payday falls on a holiday or weekend. Always check both your account and your pay stub when you get paid to make sure the correct amount was deposited and on time. Personal Finance

17. Another way that you can access the money in your checking account is online.

18. Using Electronic Checks You can send electronic checks and pay your bills through your bank’s secure website. Setting up online bill pay is easy. The bank’s website will walk you through the steps to set up your online login and register the bills you want to pay. You’ll only need to do this step once. Then you can make changes later in order to add and subtract bills and accounts. Personal Finance

19. Using Electronic Checks Once you have registered the bills you want to pay online, the next step is to schedule payments. If you have a recurring monthly bill that is for the same amount each month, you might want to schedule an automatic payment. If the amount varies from month to month, you can pay the bill on a one-time basis each month. Personal Finance

20. Using Electronic Checks When you pay a bill online, the company receives your payment in one of two ways: electronic payment or check. If the company is set up to accept electronic payments, your payment is automatically taken from your account and deposited electronically into theirs. If the company can't accept electronic payments, your bank will send a check to them on your behalf based on your online instructions. Click here for more information about online bankingonline banking

21. Online and Mobile Banking You probably do almost everything online or via your mobile phone. And if you don't already, you'll probably choose to do your banking online or using your mobile phone.

22. Online and Mobile Banking Many banks also offer some really useful tools through their online and mobile banking sites, such as: Account transfers The ability to view copies of cancelled checks on-line The ability to view credit card statement and pay your monthly bill online, if you have a credit card with that bank Financial lessons or tutorials Personal Finance

23. Online and Mobile Banking With online and mobile banking, you can: 1. Access your statements, cancelled checks and transaction records 24-7-365 2. Check your account when you want, as often as you want 3. More easily identify errors and possible unauthorized use of your account Personal Finance

24. Online and Mobile Banking One perk online and mobile banking offer that many people take advantage of is online bill pay. With this feature, you can schedule payments to pay certain bills automatically. Many times, if the company receiving your bill isn't set up to take online payments, your bank will send them a check on your behalf. Personal Finance

25. Online and Mobile Banking See an example of what an online banking page might look like.online banking page might look like See an example of how to use your checkbook register to maintain your account.how to use your checkbook register to maintain your account Personal Finance

26. Debit Cards, Credit Cards, and EFTs A debit card is just like cash except it is more convenient. When you use a debit card, the money is automatically and immediately transferred out of your bank account, just as if you withdrew it as cash. A credit card lets you use credit—a loan—to buy now and pay later. Personal Finance 3

27. Debit Cards, Credit Cards, and EFTs Every time you use a credit card, you are borrowing money from the business that issued the card, such as the bank, store, or credit card company. The business pays for the purchase, and then you repay the business by paying your credit card bill. You use electronic fund transfers (EFT) to transfer money from one bank account to another.

28. Using Debit and ATM Cards Debit Card Most banks will offer you a debit card, also known as a check card, when you open your checking account. A debit card provides you with another way to access your money other than writing checks or making payments online. Debit cards will also usually double as your ATM card, allowing you to withdraw or deposit money at an ATM machine. Personal Finance

29. Using Debit and ATM Cards TIP: Just because you use your debit card to make a purchase, doesn't mean you'll be automatically declined if you don't have enough money in your checking account. Debits can still go through, even on an empty account, which could cause you overdraft fees

30. Using Debit and ATM Cards Debit cards look like credit cards (they will have a Visa® or MasterCard® logo on them), and they are accepted anywhere credit cards are accepted. You can use debit cards to withdraw money or make purchases without accumulating interest because the money comes directly from your checking account. Personal Finance

31. Using Debit and ATM Cards They might look like credit cards; however, you should be aware that they will not help you build credit. It is possible for you to overdraw your checking account if you don't have sufficient funds in your account at the time of your purchase or withdrawal.

32. Using Debit and ATM Cards Because a debit card is so easy to use, it’s even more important that you keep track of what you’re spending. If you're not tracking ALL of your purchases, including debit card transactions, checks written and online transactions, and then balancing your account often, you could find easily yourself overdrawn and that is the last thing you want.

33. Using Debit and ATM Cards ATM card  An ATM card allows you to remove money from your checking account, but only through an ATM machine.  Unlike debit cards, ATM cards do not have the Visa® or MasterCard® logo and, in most cases, may not be used to make store purchases directly. Personal Finance

34. Using Debit and ATM Cards ATM cards give you easy access to your money, but be careful because that easy access might cost you. Make sure that you are aware of any fees that you will be charged when you use your card. For example, if you take out $20 for lunch at your own bank’s ATM, it’ll just cost you $20.

35. However, if you take out $20 using a different bank’s ATM, it might cost you more like $24—the other bank might charge you $2 for using their ATM, and your own bank might charge you $2 for using the other bank’s ATM. Those fees will vary from bank to bank. Because of the convenience of using your ATM card, it’s important that you keep track of how much money you withdraw from your account. Using Debit and ATM Cards

37. Balancing Your Account Balancing your checking account each month will allow you to keep track of how much money you have. This will help you avoid overdrawing your account. You can catch any mistakes made by the bank. You can identify unauthorized activity. Personal Finance

38. Balancing Your Account There are several ways you could balance your account. You could: Use your checkbook register Maintain your account online Set up a spreadsheet in Excel Use one of the many different types of financial software available However you decide to manage your account, just make sure you’re doing it regularly. Personal Finance

39. Balancing Your Account For many people, using a combination of online and offline account balancing works best. Remember to keep as many receipts as you can for purchases or withdrawals from your account. If you find a discrepancy as you’re balancing your account, you’ll have those documents to refer to. Personal Finance

40. Checking Documents Personal Finance

42. Overdraft Protection If you spend more money than you have, and your checking account balance drops into negative numbers, you’ve overdrawn your account. It happens to the best of us for a variety of reasons and can cost a lot of money. Of course, you can help avoid this situation if you regularly balance your account. Personal Finance

43. Overdraft Protection One feature that many banks offer with checking accounts is overdraft protection. Overdraft protection transfers available funds from your savings account, a line of credit or a credit card into your checking account if you happen to overdraw your account. This will help you avoid many of the fees associated with overdrawing your account. Personal Finance

44. Overdraft Protection A couple more things you should know about overdraft protection. First, make sure that the savings account, line of credit or credit card has enough funds to cover the shortage in your checking account. Personal Finance

45. It doesn't do much good to have overdraft protection if your back-up funds are depleted, right? Also, there is usually a transaction fee associated with overdraft protection. However, that fee may be less than the fee you'll get hit with if you overdraw your account. Overdraft Protection

46. You should know that this past summer, Federal Regulations changed the way banks could charge overdraft fees related to everyday debit card purchases and ATM transactions. Now, for these transactions, banks can only charge Overdraft Fees with your approval. Personal Finance

47. Some banks may only approve everyday debit card purchases and ATM withdrawals if you have enough available funds in your checking or linked accounts to cover the amount of the transaction. This should help you avoid unexpectedly overdrawing your account and incurring overdraft fees. Ask your bank how their overdraft coverage works and what tools are offered to help you know your available balance before you make a purchase. Overdraft Protection

48. Banking and Checking Review When you write a check, you are authorizing your bank to transfer money from your account to the account of the person whose name you write on the check. If you use a checking account, it is important to keep the account balanced, meaning you must keep track of how much money is in your account. If the amount of the checks you write is greater than your deposits. your account will be overdrawn (in deficit) and you will be charged a fee. Personal Finance