The document discusses the author's plans for banking. It outlines that the author will use Interior Savings Credit Union and have both a chequing and savings account. The author plans to use debit and credit cards responsibly, paying off balances in full each month to avoid interest. The document also reviews how to properly manage accounts through paperwork like deposit slips, checks, statements and transaction registers. The author emphasizes the importance of being organized and aware of all banking activities and fees.

1. Banking
By: Hailey Macleod

2. Contents
This PowerPoint will show my
understanding/what I learned of all things
related to the topic ‘banking’ and everything I
have planned to do when it comes to what bank
I will use, credit/debit cards, bank accounts, and
other main banking points.

3. Banking Basics
• My bank is Interior Savings Credit Union, so that would be
the bank I use.
• I would have both a chequing account and a savings account
-my MyChequing account rates would be 0% , unless I
had over $3000, then it would be 0.05% . Not expecting
that though, wont have that much in my chequing (most
will be in savings)
-my savings account rates would be 0.25%, until I had
more than $5000 in my account, then my rate would be
1.05%

4. Banking Basics Continued
• With my MyChequing account with Interior Savings, I would
have to pay a monthly fee of $5
-this would allow me to have unlimited withdrawals
- I’d pay no transaction fee from Interior Savings ATM’s.
But I’d have to pay around a$1.75 fee at other random
ATM’s, and an even larger fee at an ATM outside of
Canada
• I would get my bank debit card (Interior Savings Debit card)
• I would also have a credit card

5. Debit and Credit Card
• I’d have my bank ATM card, which I already explained the
transaction fees for
• I’d have all statements come online, not mailed, because then
I’d have to pay an extra $3
• With my job, I’d have them do a direct deposit into my savings
account with each pay check I get
• I would get a credit card, but try not to use it much just so I’ll
have ‘good credit’
- I would barely use it, but if I did I would try to pay it off
fully when I got the monthly bill, instead of paying the
minimal payment the bill statement says

6. Debit and Credit Card Continued
•
•
•
•
-the interest rate on credit cards are usually quite high;
that is why I’d pay off my credit card bill completely off,
monthly; if possible
I’d have only one credit card
I would avoid cash advances with my credit card at all costs!
-Interest starts as soon as a person takes out a cash
advance with a credit card, so it ends up being very
expensive
I would right down my credit card number and hide it in a safe
spot
My credit is like my ‘reputation’, it is how the bank decides if
they should give me a big loan or not if I ever need one; things
like that

7. Banking Paperwork
• I now know how to fill out a deposit slip, check, and
transaction register
-a deposit slip is what I have to fill out
whenever I am depositing money, or
checks into my bank account
-checks need to be properly filled out so the
person I’m giving it too can’t misuse it- just an
important thing to know
-I need to write in the transaction register whenever I have
payments or deposits made in my account

8. Banking Paperwork Continued
• I understand how to read a bank statement and credit card
statement
- To keep track of where my money goes and how much I
have, I need to understand how to read a bank
statement
- Knowing how to read a credit card statement help me
effectively manage my credit usage

9. Banking Paperwork Continued 2
• Monthly, I need to balance my cheque book, which means I
need to compare the bank statement to my cheque book
-I need to be aware that the bank statement may be
behind a week or so
-To compare them I need to add deposits and minus any
cheques I made and compare it to the bank statement
• Banking paperwork is very important and I will need to work
hard to keep up to date with all that

10. Rubber Cheques (NSF)
• I learned about ‘bounced cheques’, also known as a rubber
cheques
- if I write a cheque that exceeds my account balance it
will ‘bounce’, which will cause major bank fees, and if it
becomes a habit I could get arrested for it
• I will get ‘over draft’ protection in case I make a rubber
cheque without realizing how much I have in my chequing
account. The bank will pay for it, but then I have to pay the
price with interest
• To avoid writing bad cheques I need to keep my cheque book
up to date
-whenever I write a cheque, make a deposit, or incur
service charges, I must record all information

11. Summary
That was what I
learned, and what I
know understand after
doing research. I now
know the consequences
of things, and fees I will
have to pay. I will be
smart with my money,
and banking. I must be
organized and aware of
what I do with my
money.