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Dillard check it out
 

Dillard check it out

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Dillard check it out Dillard check it out Presentation Transcript

  • Building: Knowledge, Security, Confidence Check It Out! All About Using and Writing Checks
  • What We Will Learn Today
    • Today we will learn how to use checks, write checks, and record checks in our check registers.
  • Checking Accounts When you open a checking account at the bank, you can write checks and use a debit card to:
    • Pay bills
    • Make purchases
  • What is a Check?
    • A check is a written contract between you and your bank.
    • When you write a check, you are asking the bank to take money from your account and give it to someone else.
  • Using a Checking Account is Convenient
    • Gives you quick and easy access to your money
    • Lets you “direct-deposit” payroll and other checks
    • Eliminates the need to carry a lot of cash
  • Better Money Management
    • Keep a record of “transactions”
    • Build a positive relationship with your bank
    Having a checking account lets you:
  • Steps to Writing a Check Make sure you have enough money in your account! 1. Write the check 2. Record the transaction in your check register
  • Your Checkbook
    • Contains:
      • Checks
      • A Check Register
      • Deposit slips
  • How To Write A Check http://www.moneyinstructor.com/in/inwritecheck.asp http://www.moneyinstructor.com/in/inwritecheck.asp
  • Sample Check 1 3 8 6 4 5 10 9 2 7 1: Today’s date 2. Payee 3. Amount in numbers 4. Amount in words 5. Reminder 6. Your signature 7. Your name & address 8. Check # 9. Name of your bank 10. Your checking account number
  • Sample Checks 2/26/20XX Best Tees 19.75 Your signature shirt Nineteen and 75/100
  • Activity: Writing A Check Complete Activity
    • Follow directions to complete this activity
  • You can also use a check to get cash out of your checking account. • Write “CASH” or your name in the “Pay to the Order of” area on your check. • But, be careful! A check you write out to cash can easily be cashed by anyone! Checks Made Out to “Cash”
  • Endorsing a Check DO NOT WRITE, STAMP OR SIGN BELOW THIS LINE RESERVED FOR FINANCIAL INSTITUTION USE * ENDORSE HERE
  • Check Writing Tips
    • Write in blue or black ink.
    • Write clearly.
    • Remember to record each check you write in your check register.
  • What if you make a mistake? If you make a small mistake when writing a check, cross out the incorrect information, write your initials above it, and then write the correct information. If you make a big mistake when writing a check, write “VOID” across the entire check, rip it up, or shred it, and throw it away. Write a new check. Remember to entire all checks – even VOIDED checks – in your check register.
  • Your Check Register
    • Use your check register to keep
    • an accurate record of all your
    • checking account transactions
    • including:
      • Checks & ATM transactions
      • Interest
      • Other bank charges
  • http://www.moneyinstructor.com/in/incheckbook.asp How to Use a Check Register
  • Let’s Practice Using a Check Register
  • Words to Remember Payee:   The party that receives the check.   Payor:   The party that writes the check (to the payee).   Check Register:   A booklet that is used to keep a record of all your checking related transactions, including checks written and deposits.   Endorse a Check:   When the payee signs their name on the back of a check to cash or deposit the check.   Balance:  The amount of money currently in your checking account.   Overdraft or Non-sufficient Funds:   When you write a check for more money than you have in your account .
  • Checking Account Statement
    • Checks you wrote
    • Withdrawals and deposits
    • Debit card purchases
    • Bank fees
    Each month your bank will send you an account statement:
  • “ Reconciling” Your Account Banks can make mistakes! You should reconcile your check register with your monthly checking account statement each and every month to make sure your balance is correct.
  • “ Bad” or NSF Check
    • A check you write when there isn’t enough money in your checking account to cover it
    • Also called a “bounced check”
  • Consequences of Writing Bad Checks
    • Bad check fees
    • Bank closes your account
    • Merchants may not accept your checks
    • Your credit will be impacted
    • Maybe jail!
  • Check It Out!
    • The benefits of using a checking account
    • How to write a check
    • How to use a check register
    • Why you should not write a “bad” check
    Congratulations! Today we have learned:
  • Thank you!
    • American Debt Counseling, Inc.
    • 1 888 DEBT USA
    • www.americandebtcounseling.org