1. CHECKING TODAY

2. ADVANTAGES OF REGULAR CHECKING ACCOUNTS Safe means of transporting money Legal proof of payment Form or recordkeeping ADVANTAGES OF eCHECKING ACCOUNTS Convenience 24/7 Ubiquity-available everywhere Transaction speed Efficiency Effectiveness

3. Cycle of a check It takes three to five days for a paper check to clear the system.

4. Insufficient Funds Fees are charged by the store where check was written. Fees charged by the bank. Accurate recordkeeping is vital to avoid these charges. Also can be avoided by having a OVERDRAFT protection account with the bank. Lost or Stolen Checks Must stop payment to the check as soon as possible Bank will charge a fee

5. TYPES OF CHECKING ACCOUNTS BASIS CHECKING ACCOUNT Monthly service charge and must maintain a minimum balance You will pay for check Unlimited check writing No interest paid May have a fee for each check written

6. TYPES OF CHECKING ACCOUNTS Free Accounts No monthly service charge You will pay for checks Unlimited check writing No interest paid No minimum balance required

7. OVERDRAFT PROTECTION Is a bank loan Money is transferred to your account in increments of $100 to cover overdrafts Interest will be charged daily until the loans is repaid. Prevents fees from stores and the bank when your account is overdrawn CAUTION: Not free money and it is not wise to spend money you do not have

8. DEBIT CARDS Attached directly to your account When used, the money is deducted immediately Are easier to get than credit cards No ID or check approval is needed at points of purchase You do not have to carry checkbooks or cash No interest is charges More readily accepted at points of purchase than checks or credit cards No product or service protection as with credit cards Less protection if lost or stolen May have fees associated with use or the account

9. SIGNATURE CARD when Opening an Account

10. WRITING CHECKS REVIEW How to write a check: http://www.moneyinstructor.com/in/inwritecheck.asp

11. OTHERS NUMBERS ON A CHECK

12. #9 Bank Transit Fractions number EXAMPLE: 32-73 1110 32 represents the city 73 is the bank number 1110 is the Federal Reserve routing number

13. DEPOSIT SLIPS Date your deposit slip When depositing cash, list the total amount in the CASH row and in the TOTAL row. When depositing check only, be sure to leave the CASH row blank or draw a line through it. Then list the checks separately in the CHECK column When depositing checks and cash together. Put the cash total in the CASH row and list each check separately in the CHECK column. And then put the totals of cash and checks in the TOTAL row. If you have a check and wish to deposit only a part of the amount, write the amount you wish to deposit in the CASH column. Money orders are handled like checks.

14. ENDORSING CHECKS If your name is misspelled, sign it that way and then sign it again correctly. As a general practice, do not endorse your check until you are at the place where you will cash it. BLANK: This endorsement makes the check negotiable and anyone can cash it. SPECIAL: You can transfer the right to money to someone else and they may cash the check. RESTRICTED: This endorsement cancels any further use of the check except for collection purposes between banks. This is a safe way to mail deposits (or use the night deposit box).

15. CHECK WRITING PROCESS

16. CHECK WRITING PROCESS con’t Be sure to record you debit card transaction into your register. Also record automatic payments, such as car loans and insurances. If your direct deposit your paycheck be sure to record the amount. If your overdraw your account (bounce your check) It is against the law You will pay large fees to the bank and point of service You may endanger your ability to do business with that particular store or business.

17. SAMPLE BANK STATEMENT

18. RECONCILIATION WORKSHEET You need to reconcile your account each month. If there are errors in your check register, make those corrections. If the bank has made an error, you must call them.