1. Checking Accounts Chapter 23.2
Describe types of checking accounts and how to open an account
Illustrate how to write and endorse a check, maintain a check register, make a deposit, and reconcile a bank statement

2. Understanding Checking Accounts
Checking accounts are one of the most commonly used banking services.
Checking accounts have two main advantages: safety and convenience.
Checks provide a safe and convenient way to pay bills.

3. Types of Checking Accounts
A regular account, often called a minimum balance account, requires that the customer maintain a certain minimum balance.
A second basic type of checking account is the special account, often called a cost per-check account.
Another type of checking account is an interest- bearing account called a negotiable order of withdrawal (NOW) account.
Most credit unions offer a type of checking account called a share draft account.

4. Opening A Checking Accounts
Signature Card asks for your name, address, phone number, Social Security number, and similar data.
At the end of the card, there is a place for your signature.
The signature that you put on the card should be your legal name, not a nickname.

5. Writing A Check
Date: Record the date on the check. This will help you keep accurate records. Never date a check ahead of time(postdating) because you do not have enough money in your account.
Payee: The person or institution that you write the check to is the payee. It is proper to ask individuals how they would like the check made out.

6. Keeping A Checking Register
After you open an account, you will receive a supply of imprinted checks and a check register.
The register is where you keep a record of checks written, deposits made, and other transactions.
One checkbook style has a stub attached to each check, another uses a two part form( a carbon copy behind each check) that provides customers with a record of the transaction.

7. 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 a check before you can cash or deposit it. There are 3 common types of endorsements: blank, restrictive, and full.
A blank endorsement is simply your written signature. A restrictive endorsement is a message and a signature that restrict the use of the check. A full endorsement is used when you want to pay someone else with a check that is made out to you.

8. Making a Deposit and Balancing a Statement
The process of putting money into a checking account is known as making a deposit.
A deposit ticket is used to deposit any combination of currency, coins, and checks.
Once a month, the bank will send you a packet that includes a statement of account and the canceled checks that you wrote.
The process of comparing the statement with your check register is known as balancing a checkbook.
In some cases, the word reconciling may be used instead.
The purpose of balancing a checkbook is to ensure that both you and your bank have recorded your checks, your deposits, and other activity in your account accurately.