checking account unit
DESCRIPTION
Checking Account Unit. Mrs. Lewis. Kentucky Core Content. Financial Management practices (e.g. maintaining bank accounts, budgeting, saving, using credit cards wisely, financing large purchases) are methods of achieving short and long-term goals. Checking Account Definition:. - PowerPoint PPT PresentationTRANSCRIPT
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Checking Account Unit
Mrs. Lewis
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Kentucky Core Content
Financial Management practices (e.g. maintaining bank accounts,
budgeting, saving, using credit cards wisely, financing large purchases) are methods of achieving short and long-
term goals.
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Checking Account Definition:
An account that allows depositors to write checks to
make payments.
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CHECK
Written order to a bank to pay the stated amount to the person or business (payee) named on it.
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Benefits of a Checking Account
Provides a Convenient way to pay your bills.
Safer than using Cash and handling your money.
Built-in Proof of Payment system that you can use to track your expenses.
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Opening a Checking Account:
Provide the Bank with Appropriate Info Fill out and sign a Signature Card
– Purpose of a Signature Card Provides an official signature that the bank can compare to the signature you write on your checks.
– Use your full name (nicknames should be avoided)
Make a deposit– You need money in the bank to spend it!!
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Parts of a Check
Kris Garza
541 Crestwood Avenue
Norman, Oklahoma 73070-5549
555-1212
April 13, 20- 101
86-171
1031
Pay to the Order of
Jeans and Me, Ltd. $15.95
DOLLARSSecond National Bank
Norman, Oklahoma
:103101712: 101 “16487214:”
FORKris Garza
Fifteen and 95/100
Jeans
Drawer Date Check Number
Payee Amount in Figures
ABA No.
Drawer’s SignatureAccount NumberCheck
NumberRouting Number
Drawee
Memo
LineAmount in Words
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Deposit Ticket/Slip Definition:
Forms in the back of your checkbook that allows you to
put money into your checking account.
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Making a Deposit
Fill in the Current Date In the Cash Section: Write the total amount
of Currency (paper money) and coins you are depositing
In the Checks Section: List any checks you are depositing with ABA number and Amount of each check individually.
Total Deposit (Cash + Checks)
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Continued…..
If you would like cash at the time of the deposit, fill in the desired amount on the “Less Cash Received” line
Sign name on Line if you are receiving cash back from deposit.
Subtract Total Deposit and Less Cash Received to determine NET DEPOSIT
Always keep a receipt of Deposit
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Check Writing Tips:
Fill out ALL parts of the check completely. Always use a Pen!! Write legibly! Sign your name same as the signature card. Never Post Date a check. Always have funds in the account before
you write a check!
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Checking Account Tips:
Always record every check you write and deposit you make in the Check Register!
When you make a mistake, write VOID in large letters across the check & write a new one (keep VOIDED Check for Records)
Always keep track of your checkbook and secure your checking account number!!
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Check Register Definition:
A booklet provided by your bank for recording your
checking account transactions.
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Guidelines for a Check Register Record the Current Amount in your Account at the
top of the “Balance Column” As soon as you write a check or make a deposit,
record it in the register. Checks:
• Write Check number• Write Date• Enter the Payee• Write the amount of Check in the Debit Column• Subtract from Previous Balance
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Check Registers:
Deposits• Put a Slash or Mark through the Number Line
• Write the Date
• Write “Deposit” with Detail on the Description Line
• Enter the amount of Net Deposit in Credit Column
• Add to Previous Balance
Checkmark Column will be used for Bank Reconciliation later…..
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Endorsing Checks:
Blank Endorsement Restrictive Endorsement Special Endorsement
– Also called an Endorsement-in-Full
– **Never sign a check until you are at the Bank*
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Blank Endorsement
Endorsement that only has the Payee’s name
Sign your name on the top of the back of the check.
Do not write below this line
Susan K. Williams
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Restrictive Endorsement
Endorsement that restricts the check “FOR DEPOSIT ONLY”
Check can only be deposited into your account, makes it very safe.
Do not write below this line
For Deposit Only
Susan K. Williams
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Endorsement in Full (Special)
Endorsement used to transfer a check from one person to another.
Both names must be on the back.
Do not write below this line
Pay to the Order of
Susan K. Williams
Mary Griffen
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Other Banking Services
Debit Card Purchases/Credit ATM Cash Withdrawals Pay by Phone or Internet Payments Transfers: Wire or ATM Pre-Authorized Payments Stop Payment Orders Check Returned for Insufficient Funds
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The End…..For Now…