1. Checking Accounts Consumerism

2. Objectives By the end of this lesson, TLWBAT: 1.Write a check 2.Complete a check register

3. Shopping for an account Compare the following for each bank you look at: – Fees and fines – Interest – Minimum balances

4. Writing a Check 1.Write in the correct date and year 2.Write in the name of the person or business the check is being made to 3.Carefully write the amount of the check in numbers

5. Writing a check, cont. 4. Write the dollar amount in words starting at the extreme left. 5. Fill in the “Purpose” line 6. Sign your name legibly in pen and always sign the same way

7. Making a deposit Before you can put the $$ in your account or cash a check, you must endorse it. This means sign the back of the check as close to the top of the back left side as possible.

8. Endorsements If you’re going to deposit part of the check and get cash back, just sign your name. If you’re going to deposit the entire check into an account, write “For deposit only” and sign below. If you want to sign the entire check over to another person, write “Pay to the order of XYZ” and sign your name below. Person XYZ will have to sign their name under yours to deposit it.

11. Managing your checkbook Fill in your check register after each check you write, ATM withdrawal, debit card use or deposit.

13. Lost or stolen? Report it to your bank immediately. A warning will be placed on your account and your checks will be examined to see if someone else is trying to forge your name. You may be issued a new debit card.

14. How can I be overdrawn? If you write a check or use your card for more money than you have in your account, that is an overdraft. Your bank may go ahead and pay the amount of the check and charge you a fee OR they will return the unpaid check to the person it was written to. This is called “bouncing” a check. In this case, you will most likely have to pay a fee to both your bank and the person/business the check was written to.

15. Checking Tips Treat checks the same as cash and keep them in a safe place Don’t take a check that appears to be altered Don’t make a check out to “Cash.” This allows anyone to cash it. Don’t sign a check until you’ve filled out the amount and “Pay to” sections.

16. Keep your money safe Let your PIN be a random number, or hard to guess Memorize your PIN Don’t let others see your PIN Limit the amount your withdraw each month Save your ATM receipts