1. Checking accounts chapter 23 section 2

2. Understanding checking accounts
Checking accounts are one of the most commonly used banking service.
Checking accounts have to main advantages: Safety & Convenience.
It is best to put your money in checking accounts because it is a lot safer then keeping large amounts of cash at home.
Another type of checking account is an interest-bearing account called a negotiable order of withdrawal account.

3. Types of Checking Accounts
Banks usually offer a variety of checking accounts.
As long as the minimum balance is in the account there will be no extra charge.
A second type of checking account is the special account , often called a cost per-Check account, With this account you pay a flat monthly service charge.
Another type of checking account is interest-bearing account called a negotiable order of withdrawal account Also known as NOW.

4. Opening a Checking Account
Once you have decided on a bank and checking account, opening an account is very simple.
You will have to fill out a form known as a signature card.
The signature card asks for your info such as address , phone number , Social security number, and similar data.
At the end of the card you put your signature.

5. Writing a Check A blank check requires 5 kinds of info.
Date-Record date on the check.
Payee-the person or institution that you write it to.
Numerical amount-The amount of the check in 2 places.
Written amount-Ten and 50/100
Account number-acct#

6. Keepin a Check Register
After you open an account, you will receive a supply of imprinted checks and check register.
The register is where you keep a record of checks written , deposits made , and other transactions.

7. You must endorse a check before you cash or deposit it.
Endorsing a Check
An endorsement is your signature , sometimes with a brief message , on the back/left side of a check.
You must endorse a check before you cash or deposit it.
There are 3 different types of endorsements: blank , restrictive , and full.

8. You can receive a portion of the deposit in cash.
Making a Deposit
The process of putting money into a checking account is known as making a deposit.
To do this you fill out the preprinted deposit ticket is used to deposit any combination of currency , coins , and checks.
You can receive a portion of the deposit in cash.

9. Balancing a Statement
Once a month , the bank will send you a packet that includes a statement of account and the cancelled checks that you wrote.

10. Checkpoint What are 2 main advantages of having a checking account?
Explain the basic difference between a regular checking account and a special checking account.
Name the 5 kinds of information you must write on a check.

11. 6. In simple terms , what is the purpose of balancing a checkbook?
Checkpoint Continued
4. What is a mistake people often make with their check registers ? How can this mistake be prevented?
5. How should you endorse a check if your name is misspelled on the face of a check?
6. In simple terms , what is the purpose of balancing a checkbook?