Check
It Out
Check It Out 2
Your Experience
• Have you ever had a checking account?
• What comes to mind when you think
about checking ...
Check It Out 3
Benefits of Checking Accounts
• What are the benefits of having a
checking account?
• Convenience
• Cost
• ...
Check It Out 4
Convenience
• Quick and easy access to funds
• Immediate access to direct deposit funds
• Reduced risk of l...
Check It Out 5
Better Money Management
• Maintaining a checking account:
• Allows you to monitor your spending and
make wi...
Check It Out 6
Finding the Right Checking Account
• Get recommendations
• Determine your checking
account needs
• Compare ...
Check It Out 7
Types of Checking Accounts
• Free/Low-cost checking
• Electronic-only/
ATM checking
• Regular checking
• In...
Check It Out 8
Requirements for Opening a Checking
Account
• To open an account, you will be asked for:
• Photo identifica...
Check It Out 9
Check Register
• Use a check register to keep track of the
money you put into and take out of your
account....
Check It Out 10
Check
Number
Date Description of
Transaction
Payment/Debit
(-)
Deposit/Credit
(+)
Balance
• Record:
• Date...
Check It Out 11
Cash Deposit
• When making a cash deposit with a
deposit slip:
• Make sure the deposit slip has your corre...
Check It Out 12
Check Deposit with a Deposit Slip
• Sign (endorse) the back of
the check to deposit or
cash a check
• Writ...
Check It Out 13
Direct Deposit
• Direct deposit:
• Is a safe way to receive money
• Is a convenient and cost effective way...
Check It Out 14
Automated Teller Machine
• ATMs allow you to make deposits and
withdrawals 24/7.
• ATM parts include:
A. A...
Check It Out 15
ATM Deposits
• Fill out the deposit slip or
envelope, if required
• Insert your ATM card as
directed
• Fol...
Check It Out 16
Writing a Check
1. Make sure you have enough
money in your account
2. Complete all the blank spaces
on the...
Check It Out 17
Step 1: Make Sure You Have Enough
Money
• Record every deposit and withdrawal in
your check register
• Ver...
Check It Out 18
Step 2: Complete the Check
• Date
• Pay to the
order of
• Amount
• Signature
• Memo
Check It Out 19
• Your name and address
• Check number and codes
• Bank’s name
Preprinted Information
• Routing
number
• A...
Check It Out 20
Step 3: Record the Transaction
Check
Number
Date Description of
Transaction
Payment/Debit
(-)
Deposit/Cred...
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Checking Accounts

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Checking Accounts

  1. 1. Check It Out
  2. 2. Check It Out 2 Your Experience • Have you ever had a checking account? • What comes to mind when you think about checking accounts?
  3. 3. Check It Out 3 Benefits of Checking Accounts • What are the benefits of having a checking account? • Convenience • Cost • Better money management • Safety
  4. 4. Check It Out 4 Convenience • Quick and easy access to funds • Immediate access to direct deposit funds • Reduced risk of losing cash with use of checks and debit cards
  5. 5. Check It Out 5 Better Money Management • Maintaining a checking account: • Allows you to monitor your spending and make wise spending choices • Gives you a better ability to stick to a spending plan and save money • Helps you build a positive relationship with your bank for future transactions • Provides a record that you pay your bills on time
  6. 6. Check It Out 6 Finding the Right Checking Account • Get recommendations • Determine your checking account needs • Compare accounts and fees charged
  7. 7. Check It Out 7 Types of Checking Accounts • Free/Low-cost checking • Electronic-only/ ATM checking • Regular checking • Interest-bearing checking
  8. 8. Check It Out 8 Requirements for Opening a Checking Account • To open an account, you will be asked for: • Photo identification (ID) • Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) • Your opening deposit
  9. 9. Check It Out 9 Check Register • Use a check register to keep track of the money you put into and take out of your account.Check Number Date Description of Transaction Payment/Debit (-) Deposit/Credit (+) Balance
  10. 10. Check It Out 10 Check Number Date Description of Transaction Payment/Debit (-) Deposit/Credit (+) Balance • Record: • Date: 3/20/20XX • Description of Transaction: Opening deposit • Deposit/Credit (+): $200.00 • Balance: $200.00 Check Register 3/20 Opening Deposit 200 00 200 00
  11. 11. Check It Out 11 Cash Deposit • When making a cash deposit with a deposit slip: • Make sure the deposit slip has your correct account and address information • Write in the transaction date • Write in the total cash amount • Give the teller your deposit slip and cash
  12. 12. Check It Out 12 Check Deposit with a Deposit Slip • Sign (endorse) the back of the check to deposit or cash a check • Write “For Deposit Only” if depositing the check • Fill out deposit slip Your Signature FOR DEPOSIT ONLY
  13. 13. Check It Out 13 Direct Deposit • Direct deposit: • Is a safe way to receive money • Is a convenient and cost effective way to deposit and cash checks • Is an easy and convenient way to access your money • Is predictable and dependable
  14. 14. Check It Out 14 Automated Teller Machine • ATMs allow you to make deposits and withdrawals 24/7. • ATM parts include: A. ATM screen B. ATM card slot C. ATM keypad D. Money dispenser E. Deposit slot
  15. 15. Check It Out 15 ATM Deposits • Fill out the deposit slip or envelope, if required • Insert your ATM card as directed • Follow the prompts to deposit your money • Do not forget your card!
  16. 16. Check It Out 16 Writing a Check 1. Make sure you have enough money in your account 2. Complete all the blank spaces on the check 3. Record the transaction in your check register
  17. 17. Check It Out 17 Step 1: Make Sure You Have Enough Money • Record every deposit and withdrawal in your check register • Verify the account balance is accurate
  18. 18. Check It Out 18 Step 2: Complete the Check • Date • Pay to the order of • Amount • Signature • Memo
  19. 19. Check It Out 19 • Your name and address • Check number and codes • Bank’s name Preprinted Information • Routing number • Account number
  20. 20. Check It Out 20 Step 3: Record the Transaction Check Number Date Description of Transaction Payment/Debit (-) Deposit/Credit (+) Balance 3/20 Opening Deposit 200 00 $200 00 3/22 Deposit 30 00 $230 00 3/23 Deposit 50 00 $280 00 3/23 Withdrawal 25 00 $255 00 105 3/26 Coffee Mart 19 75 $235 25

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