Managing Money

“CHECKing” Your Money What is the most common tool to manage money? –checking account –Why? Advantages –don’t have to carry large amounts of money –check is receipt for purchases –check register provides you with a record of how you are spending your money –send checks through the mail and not worry about them being stolen –money is safe when it’s deposited in a bank Disadvantages –must carry identification with you to write checks –some businesses refuse to cash checks –cost money to use –necessary to keep accurate records –must remember to carry checks with you

The Check Cycle YOUR STORESTORE’S BANK YOUR BANK YOUR CHECK YOUR STATEMENT

How To Open A Checking Account Take identification to the bank officer who handles new checking accounts Choose the type of checking account that best fits your needs Complete a signature card Make an opening deposit

Types of Checking Accounts Regular Account –charged for each check you write –charged a maintenance fee Economy Account –designed for those who write few checks a month –no maintenance fee –charged more per check Interest-Bearing Account –bank pays you money for maintaining a minimum balance Minimum Balance Account –free checking, typically, if a minimum balance is kept

What other types of payments? ATM Debit Card Automatic Payment Telephone Transfer Online Transfer

Selecting a Bank Go to Read and take the test SHOW ME THE RESULTS OF YOUR TEST!