10.2 Banking Basics Friday, June 10, 2016. Checking Accounts Check is the most common negotiable instrument. Drawer = person who writes the check Drawee.

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Presentation transcript:

10.2 Banking Basics Friday, June 10, 2016

Checking Accounts Check is the most common negotiable instrument. Drawer = person who writes the check Drawee = bank Payee = person receiving the money

Checking Accounts Signature card = a record of your signature that the bank keeps to verify your identity. Stale check = older than 6 months. Your bank can refuse to pay it.

Checking Accounts You are in a contract with the bank when you open a checking account.

Balancing your checkbook You need to keep a checkbook register (a record of all transactions). Each month you receive a statement from your bank. You should reconcile your checkbook register with your bank statement to make sure the balances match.

Check 21 Act Allows electronic processing to clear checks quickly and safely. A substitute check is used = a paper copy of both sides of an original check.

Rules of Check writing Write in ink. Sign your check. Never sign a blank check. If you make a mistake you should write a new check and shred the old one. Write it so it cannot easily be changed.

Stop Payment You may cancel a check you have written for a fee. You must put the request in writing or it will expire after 14 days.

Bad Checks Also called: Bounced check Rubber check A check you draw on an account in which there is not enough money to pay out the amount of the check.

Swiss banking Global law – page 237

Forgery = fraudulent making or material alteration of a writing. Subject to fines and imprisonment. If the bank pays out for a check that was forged, the bank will eat the expense.

Types of checks Certified check = checks guaranteed by a bank. Cashier’s checks = checks drawn by a bank upon itself. Bank draft = drawn by a bank against funds the bank has on deposit with another bank.

Types of checks Money orders = drafts that substitute for checks and may be purchased from places such as banks or post offices (Western Union) Traveler’s checks = you can get them from your bank and the bank guarantees them if they are lost or stolen.

EFT = Electronic fund transfer = a computerized system for transferring funds electronically rather than by writing checks.