2. WHERE DO YOU WANT TO GO
WITH YOUR MONEY?
• How will your money get you
where you want to go?
• Write down some of your
goals …
3.
4. IMPORTANT QUESTIONS TO ASK YOURSELF
• What will be your first step on this journey?
• Who will you partner with or share information with
in your family or circle of friends?
5. WHAT DO I WANT MY FINANCIAL
LIFE TO LOOK AND FEEL LIKE :
• In five years?
• In five months?
• In five days?
6. SOME SPECIFIC GOALS I WANT TO ACHIEVE
ARE:
• Goal One
• Goal Two
• Goal Three
8. • Why do I want or need an account?
• What services and products do I need from my
bank or credit union?
• What challenges have I faced when using an
account before?
• What do I need to do differently this time ?
• Why do I want to maintain a healthy checking or
savings account?
9. CHOOSING A BANK OR CREDIT UNION
When you set out to choose a bank or credit union,
take the worksheet on page 8 with you. Knowing
what a financial institution is like will help you
decide which one is best for you. It will help you
form a good relationship with that institution.
10. CHOOSING AN ACCOUNT
Which accounts are best for you? Take the
checklist found on page 9 with you when you visit a
bank. The checklist will help you determine which
account will work best for you.
11.
12. • In the past, how have you been successful with
using an account?
• In the past, what has been challenging for you
using an account?
• What do you want to learn about using an
account?
13. DEPOSITS
To open your account, you’ll need to make a
deposit. To keep your account open you’ll have to
continue making deposits. Depositing and keeping
money in your account keeps your money safe
when you’re not using it. Your money is available to
you at any time when you do need to use it.
14. There are two ways for money to be deposited
in your account
15. DIRECT DEPOSIT
Your money is deposited electronically and
automatically into your account. With this
service, money will show up immediately in you
account. You won’t receive a paper check that
you have to take to your financial institution to
deposit.
16. TIPS FOR MAKING THE MOST OF YOUR
DIRECT DEPOSIT
• Direct Deposit is a fast, easy, and safe way to get your
paycheck. Your paycheck won’t get lost or damaged.
You can access your money more quickly.
• You can also ask for your tax refunds, benefits such as
Social Security, disability, or TANF, and other payment to
be directly deposited to your account.
• To set up direct deposit, you’ll just need to speak with
your employer or the agency where you get benefits.
17. MANUAL DEPOSIT
If you receive money in cash or paper check, you must take it
to the branch of the bank or credit union where you have an
account. You will need to fill out a deposit slip (also called a
deposit ticket) and five the ticket and your money or check to
the teller., The teller will enter this information into the
financial institution’s records and the funds will show up in
you account within a short time, ready for use.
18. DEPOSITS AND ENDORSEMENTS
To manually deposit a check
You will first need to endorse it.
• Check endorsement-Sign your
name in ink in the designated
space on the back of the checks.
This is called a blank
endorsement. You must sign
your name the same way it is
written on the “pay to the order
of” line. If your name is spelled
wrong on that line , sign your
name once that way, then sign
you name correctly on the next
line.
Jane Smith
19. OTHER WAYS TO ENDORSE A CHECK
Special Endorsement- Do this when you want to
give someone else the ability to cash the
check. Write “Pay To The Order Of” and that
person’s name below it. Then sign your name
underneath. Now, that person is the only one
who can cash the check.
Restrictive Endorsement- When you want your
check to be very safe, like when you mail it to
your bank or credit union for deposit, use this
kind of endorsement. Write ”For Deposit
Only” and sign underneath. Now, the check
can only be deposited into your account and
not cashed.
20. FUNDS AVAILABLE IN YOUR ACCOUNT
Sometimes it may take a day or two (or more) for manual
deposits, and sometimes direct deposits, to post, or go
through. Sometimes, your bank or credit union might make all
or part of the deposit available for you to use before the
deposit posts. Each Bank or credit union has specific rules
about when you can access your deposits. When you open an
account, you can ask your banker to review their institution’s
rules, if you want to know more.
21. FUNDS AVAILABLE IN YOUR ACCOUNT
Usually, when you deposit a payroll check, those funds are not
available for you to withdraw or spend with a check, debit
card, ATM card, or any other means for at least 1 to 2 days.
Some banks and credit unions may not allow use of cash
deposits for 1 day. If you spend this money before it is
available you may be charged and overdraft fee.
22. TIPS FOR KEEPING TRACK OF DEPOSITS
• Be sure to get a receipt for your deposit.
• Keep all receipts until you receive your monthly
accounts statement.
• Use this receipt to record deposits in your account
register.
24. WRITING A CHECK
Writing a check is one way to pay for the items and
services you need and want. Here’s what a completed check might look
like:
1/1/2013
Ashland Electric
Two Hundred and Fifty and 0/100
250.00---
December Bill Jane Smith
25. WRITING A CHECK
Just like a deposit slip, there are several things you have to included every time
you write a check:
1. Date
2. Pay to the Order of
3. Amount
4. Dollars
5. Signature
6. Memo
7.Routing Number
8. Account Number
9. Check Number
There are three other important
parts of a Check:
1/1/2013
Ashland Electric 250.00
Two Hundred and Fifty and 0/100
December Bill
Jane Smith
1
2 3
4
5
6
7
8
9
26. WRITING A CHECK
Today is January 2, 2013. You need to pay the Ashland Wayer Company
$95.75 for your December water bill. Practice writing a check for this
transaction:
27. TIPS FOR WRITING A CHECK SAFELY
• Make sure you have enough money in your account to pay the amount of the
check. Never write a check knowing you do not have the duns in you account or hoping it won’t be
deposited or cashed until a later date. This could result in fees for you or the person to whom you gave
the check.
• When Writing a check, make sure you always use a pen and write neatly
• If you make a mistake or scratch something out, this check is no longer valid.
Write VOID on the check, shred it , throw it away, and start over on a new
check.
• You cannot post date a check . As soon as you give someone a check they
are legally allowed to deposit that check whenever they so choose
• As you write a check, record the number and amount in you account register.
28. USING A DEBIT CARD
Another way to access the money in your account is ti use a
debit card. Using your debit card electronically takes money
from your account and gives it to the business where you’re
making a purchase.
When you receive your debit card, your financial institution will
assign you a Personal Identification Number (PIN). Your PIN is
like a password. You will usually need to enter you PIN before
you for something with your debit card.
29. USING A DEBIT CARD
3 Expiration Date:
Your Card can only be used
until this date.
5 Brand Logo:
You can use your card
anywhere this brand is
accepted
9 Customer Service
Phone #:
Call if you have questions or
problems
6 Magnetic Strip:
When you swipe your card the
strip tell the machine to
electronically take money from
your account
4 Your Name
7 Signature:
For your protection against
fraud, be sure to sign here
as soon as you receive your
card.
8 CVV Code:
3 digit code is unique to
your card. Use this when
you make purchases over
the phone or the internet.
This confirms you have the
card with you.
1 Financial
Institution Name:
The name of your Bank
2 Debit Card #:
16 digit number unique to
your card
1
2
3
4 5
6
7
8
9
30. TIPS FOR USING A DEBIT CARD SAFELY
• Always have a good estimate of your account balances so you can avoid
overdrafts. A good way to keep track of your account balance is to save all
receipts from your purchases until you get your monthly account statement.
Another option is to record debit card charges and the date you made them
in your account register.
• Keep your PIN secret. Do not keep it written down anywhere near your card.
• Make sure you know if your bank or credit union charges a fee for using their
automatic teller machine (ATM) or another institution’s ATM.
• Sometimes you can get cash back when you make a purchase. This may be a
good way to avoid ATM fees. Just remember that the amount of cash you
choose to get back will be included in the total amount of your purchase.
31. USING YOUR ACCOUNT REGISTER
Number
Or Code
Date Transaction
Description
Pmt.
Amount
-
Fee Deposit
Amount
Balance
Deposit 12/15 Direct Deposit 950 00 950.00
Transfer 12/15 TTS $100 00 850.00
1934 12/21 Daycare $400 00 450.00
Debit 12/22 Kroger $99 15 350.85
Auto
Payment
12/25 Car Insurance $75 00 275.85
Auto
Payment
12/30 Car Payment $215 00 60.85
1935 12/30 Rent Check $600 00
1
2
3
4
5 6 7 8
1. Number or Code
2. Date
3. Description of
Transaction
4. Payment
5. Completed Transaction
6. Fee
7. Deposit
8. Balance
32. READING YOUR MONTHLY STATEMENT
On your statement you will find:
1. Information about your financial institution
2. When the statement began and ended
3. Summary of activity in the statement period
4. The type of transaction that took place.
5. The institution internal reference numbers
6. The amount of money that went into or out of your account in each
transaction.
7. The amount of money left after a transaction.
33. BALANCING YOUR ACCOUNT AND AVOIDING
OVERDRAFTS
Looking over your account statements every month is a good habit. But
in order to avoid over drafting your account, you’ll also need to
balance, or reconcile , your account often. To balance your account,
you will compare your account register with your monthly account
statement.
This will show you which transactions have cleared and which ones have
not. It will also show you if any checks you wrote or debit card
charges have not yet cleared. This will help you plan and avoid
overdrafts, by having enough money in your account for when those
charges do appear on your account.
34. YOUR TURN:
Compare the account register and statement on page 19 to practice balancing your
account.
Find the first check number listed on the account statement- look in the description
column.
Find that same check number on the account register. In the row where the check
number is written, place a check in the appropriate column to mark this as a completed
transaction.
Do the same for every check on your statement.
Are there any checks in the account register that are not listed on the statement? If so,
record them on the “Checks Outstanding” section below.
Find the first deposit listed on the statement. Match it to the deposit listed on the
register and place a check mark in the appropriate column to mark this as a completed
transaction. Do the same for all other deposits on the statement.
Are there any other service fees or charges? ATM withdrawals? Automatic deductions? If
you see these items on your statement, find the item on the register that matches each,
and check it off.
Add and subtract as needed to find the balance of your register.
35. OVERDRAFT PROTECTION
Overdraft protection is like a safety net. It is a line of credit from your bank or
credit union on your account. It allows you to make the purchases you need,
even when you don’t have enough money in your account. But you have to
pay back the amount you use, plus fees.
It’s important to remember that, even if your account comes with an overdraft
protection feature, you can opt out. In fact, we recommend optin out. When
you opt out of overdraft protection, your debit card will be declined if you try
to use it when you don’t have enough funds in your account to cover the
purchase you want make. You will not have to pay any fees for this; you will
simply be unable to make the purchase at that time.
However, even opting out of overdraft protection may not protect you from
overdrafting by bouncing a check or making a payment online. So, the best
insurance against overdrafts and fees to always have clear idea of your
account balance, and to know what purchases are within you budget. If you
do use overdraft protection , never rely on it or intentionally overdraw your
account to cover debits. All this does is accrue debt, and debt has to be
repaid.
36. ONLINE AND MOBILE BANKING
Another way to keep track of your balance, daily and
weekly, is with online or mobile banking. Many
financial institutions offer online and mobile
banking as a service included with your account.
37. TIPS TO MAKE ONLINE AND MOBILE
BANKING WORK FOR YOU
• When you open an account with a bank or credit union, you may also get access to
your account on-line, through the institution’s secured website. There, you can
check you balance, and you may be able to set up automatic payments and
transfers.
• Some institutions also offer smartphone applications that can allow you to deposit
checks without visiting a branch. You can also set up e-mail or text message alerts
about your account.
• If you think online and mobile banking might be helpful to you, ask your financial
institution for more details.
• CAUTION! Remember that, if you check your account online, the balance shown
there doesn’t always reflect your most current balance. Your online account may
not show your activity in real time, but it can help you get an idea of your balance
sooner than viewing your monthly statements. The best rule, though, is to track
your purchases and reconcile this with your account balance every few days or
weekly.
