Transcript Checking - Plainview

Do Now:
What things do you consider before choosing a bank?
FEES:
 Overdraft Fees
◦ when you spend more than what you have in your account
and the bank pays the check, you are charged this fee.
◦ Opt-In/Opt-Out

Bounced Check/Insufficient Funds
◦ If the bank decides to NOT pay the check, it will be
returned and you will be charged a fee. You may also have
to pay a fee to the payee for a returned check.

Writing a check is like signing a contract—you are
agreeing to pay a person or business a certain
amount and declaring that you have that amount in
your account.

Checking accounts are a little more complicated
because of the constant need to track the balance.

Maintaining an accurate balance is simple addition
and subtraction.

Debit cards offer more convenient access to checking
accounts.

Can be used like a credit card, except money is
deducted from your checking account.

Use as an ATM card.

Debit cards offer less protection than credit cards
when it comes to unauthorized transactions.

Online banking has made it possible to access accounts
around the clock

AMERICA HAS BECOME A “CASHLESS SOCIETY”.

Electronic funds transfer (EFT)
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Managing accounts via computer
Online transfers
Paying bills online
View credit card activity
Download bank statements
View processed checks

Writing Numbers
◦ Read article on page 1 of packet
◦ Practice writing numbers on page 2
◦ Complete page two on your own

Do Now – Take out homework and complete on the
Smartboard!!!
6. $9,635.01
______________________________________________________
7. $7,341.30
______________________________________________________
8. $3,710.14
______________________________________________________
9. $3,173.77
______________________________________________________
10. $7,247.44
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Payee – Person who you are paying the check too…
Bank Account #
Your personal
information
/ payer…Memo
ABA
#
Line – Information to help
Date
Line
RoutingSignature
Number
Line
Written Amount
bank why
information…
Numeric
Amount
youYour
remember
you wrote a
Check #
check.
2-74/10

Your bill will tell you what company to make it out
to (XYZ Company, The Macy’s, etc…)
Making a Check Out to Cash
 Can be deposited into any account
 Anyone can cash it if lost
If you make a mistake
VOID – should be written across the check to
indicate it should not be cashed
Step
Step2:
Enter
Write
the
the
date
Numeric
you
areAmount
writing
the check.
Step 3:Legibly
Write the
name
Step
7:
of4:the
Put
party
your
personal
you
are
writing
signature
your
here.
check
toout
(the
Step5:
print
the
amount
of
money
this
check
is
for;
write
the
Step
1:
Make
sure
your
personal
information
on
the
check
is
correct.
Step
6:
Write
a
reminder
as
to
why
you
wrote
the
check.
payee). like
Be sure
amount
this.to write or print legibly!
John M. Smith


Complete pages 4 and 5 in notes packet
Watch/Listen to check video and follow along (page
6 in packet)

1.
2.
3.
In order to get the money from a check, you must endorse it
Blank Endorsement
◦ Sign the back of the check with your name
John
Pay toSmith
the order of
Restrictive Endorsement
Moe
Money
For
deposit
only to
◦ Give specific instructions
◦ Sign back of check,
write “for
deposit only”, write account number to
Account
#1234
be deposited in
◦ Gives specific terms
Special/Transfer to Someone Else
◦ “Pay to the order of”
◦ Name of person you are signing check over to
◦ Your signature
JFK PO Bank

Checkbook Register
◦ Record Deposits, Withdrawals, Service Charges, Fee’s,
Checks written, etc…
◦ Your record and running balance
Record the following transactions in the checkbook register…

Checkbook Register
◦ Where you record all activity from your checking account
◦ Every time you write checks, use your checking card, or
make deposits you should update your register
◦ Include fees
◦ Debits = Payments (money is taken out of account)
◦ Credits = Deposits (money is going into your account)

Bank Statement
◦ A monthly list of all the various withdrawals and deposits
made on your account
◦ Sent by bank at the end of your account cycle; may be
online
◦ May not be the most up-to-date

Balance/Reconcile Your Checkbook
◦ Compare your bank statement to your checkbook register
Bank Statement
Bank Statement Balance: $925.77
Checkbook Register