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Opening A Debit/Checking
AccountIncome and Money Management
2003-2004
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Advantages of a Checking/Debit Account
• Convenience• Checks by mail
• Debit cards easy to carry
• EFT
• Safety• Cash vulnerability
• Proof of Payment• Cancelled check
• Record of Finances• Check register
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Types of Checking Accounts
• Regular Checking Accounts
• Checking Accounts with Mastercard/VISA Debit Card
• Interest Bearing Checking Accounts
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Opening A Checking Account
• The Signature Card– Importance of the
signature
– Joint account
• First Deposit– Deposit slip
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Endorsements• Purpose of
endorsements• Placement of
endorsements• Types of
endorsements• Blank• Special• Restrictive
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Endorsements
• Blank Restrictive
• Carla Borovicka For deposit only• Carla C. Borovicka Carla C.
Borovicka• Special
• Pay to the order of• Mike Gump• Carla C. Borovicka
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The Check Register
• Recording• Deposit
• Checks written
• Withdrawals
• Debit Cards
• Bank Fees
• A Record of Transactions
• Helpful in Reconciling Your Account
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Banking Unit Vocabulary
• Checkbook• Check register• Check stub• Deposit slip• Endorsement• Joint account• Money market rate• Service charge
• Sharedrafts• Signature card• Blank endorsement• Drawee• Drawer • float• Forgery• Overdrawing
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More Vocabulary
• Payee• Postdated check• Raised check• Restrictive
endorsement• Special or full
endorsement• Stopping payment• Money order
• Bank reconciliation• Bank statement• Canceled check• Clearing a check• Clearing house• Outstanding checks• Bank draft• Cashier’s check• Certified check• Traveler’s check