1. CHAPTER 26 OPENING A CHECKING ACCOUNT

2. ADVANTAGES OF A CHECKING ACCOUNT CONVENIENCE--WRITE CHECKS WHENEVER THEY ARE NEEDED; EFT USING ATMs SAFETY--PREVENT LOSS THROUGH THEFT, FIRE OR CARELESSNESS; SEND IN MAIL PROOF OF PAYMENT--VERIFIES PAYMENT RECORD OF FINANCES--CHECK SPENDING, HELPS WITH ORGANIZATION

3. TYPES OF CHECKING ACCOUNTS REGULAR CHECKING ACCOUNTS--NO SERVICE CHARGE WITH MINIMUM AMOUNT IN ACCOUNT INTEREST CHECKING ACCOUNTS--EARN INTEREST WITH MINIMUM BALANCE; RATES ARE LOW WITH HIGHER RATES TO ACCOUNTS WITH MORE MONEY DEPOSITED (TIED TO MONEY MARKET RATE-INTEREST RATE FOR BIG USERS) OTHER TYPES OF CHECKING ACCOUNTS-- VARY ACCORDING TO NEED; CHARGE PER CHECK

4. OPENING A CHECKING ACCOUNT THE SIGNATURE CARD--OFFICIAL RECORD OF SIGNATURE; NEED BOTH SIGNATURES FOR A JOINT ACCOUNT; SEE FIGURE 26-1 MAKING FIRST DEPOSIT--SEE FIGURE 26- 2; BANK IDENTIFICATION NUMBER SEE FIGURE 26-3

5. ENDORSING CHECKS FOR MAKING DEPOSITS ENDORSEMENT--WRITTEN EVIDENCE THAT YOU RECEIVED PAYMENT OR PAYMENT WAS TRANSFERRED PURPOSE OF ENDORSEMENTS-- –ALLOW RECIPIENT TO CASH, DEPOSIT OR TRANSFER –LEGAL EVIDENCE THAT RECEIVER CASHED OR TRANSFERRED THE CHECK –MEANS THAT THE ENDORSER WILL PAY THE CHECK IN CASE THE NEXT OWNER OF CHECK CANNOT COLLECT THE MONEY PLACEMENT OF ENDORSEMENTS--SEE FIGURE 26-4

6. TYPES OF ENDORSEMENTS BLANK ENDORSEMENT--ONLY THE ENDORSER’S NAME SPECIAL ENDORSEMENT--INCLUDES THE NAME OF THE PERSON TO WHOM THE CHECK HAS BEEN TRANSFERRED RESTRICTIVE ENDORSEMENT--LIMITS THE USE OF THE CHECK TO THE PURPOSE GIVEN IN THE ENDORSEMENT (FOR DEPOSIT ONLY) ****DO NOT SIGN UNTIL RIGHT BEFORE YOU COMPLETE THE TRANSACTION****

7. RECORDING THE DEPOSIT CHECK STUB--ATTACHED TO CHECK CHECK REGISTER--SEPARATE FORM TO RECORD DEPOSITS, CHECKS AND OTHER TRANSACTIONS