Transcript 5-17-16 Checking Account

Your Checking
Account
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Senior Advisory
May 17, 2016
Location, Location, Location
 Can you get to your money when you
need it?
 Do the banks you are considering have
the services you need? Online banking?
ATM options?
 What are their fees?
 Hours? Do you need late hours,
weekends?

Selecting Your Bank

After you’ve done your research, choose a bank that best
suits your needs and open an account.
Open Your Account
Always sign your checks the same
way you sign the Signature Card
 Always use ink – pencil can be erased
 Write clearly and neatly
 Be sure all figures are legible
 If you make a mistake, do not white
out, write void in large letters on the
front of the documents and write
another one.

When writing a check,
remember the above…….
This is a typical deposit slip. You usually get three to
five deposit slips at the end of your checkbook. If you
make a deposit in the bank, you’ll need to fill out a
deposit slip. All deposit slips contain all the necessary
information for you to deposit money in your account.
 Many ATMs and online banking deposits no longer
require deposit slips.

Deposit Slip
Endorsing a check means you are giving
permission for someone to cash it.
 You can endorse a check to yourself and
cash it.
 You can endorse a check to yourself and
deposit it into your account.
 You can endorse a check to someone else
and give them the money on the check.

Three Types of
Endorsements
Keep track of every transaction
 Write it in your register or on your computer
program/app.
 Keep ATM and POS (point of sale) receipts until you
record them
 Reconcile your checkbook monthly
 DON’T RELY ON YOUR ATM RECEIPT FOR YOUR
ACTUAL BALANCE! If you have written checks
that have not been cashed yet, your balance will be
lower once those checks clear, so keep an accurate
record of your spending.

Notes About Checkbook
Records
Touch-Tone Banking
 Check balance, activity, and transfers
 Direct Deposit
 Your paycheck goes directly into account
 ATM – Automatic Teller Machine
 Can get cash as well as perform other banking tasks
 Automatic Payments
 Pay bills automatically each month
 Internet Banking
 Full access to your account and can do many things
 Debit Cards
 Used like a credit card – money comes out of your
account

st
21
Century Banking
From your phone, computer, or tablet, some
banks allow you to:
 Check account balances
 Transfer funds
 Make payments
 Deposit Checks
 But you should beware:
 There could be fees associated with these
transactions.
 SECURITY!!!!!

Smartphone/Online Banking
Ask lots of questions when you open your
account.
 Read the literature the bank gives you when
you open an account. You need to fully
understand all the hidden costs.
 Keep everything confidential.
 Always balance your account! You will incur
FEES if you bounce a check or overdraw your
account, so be sure you know how much
money you have before you start spending!!

When it’s time……