Banking Services ATM card Allows you to get money out of ATM Requires PIN number

Banking Services Debit Cards Comes directly out of checking, savings, or money market account

Banking Services As good as cash: Cashier/Bank Checks Certified Checks Guaranteed by banks Certified Checks Stamped personal check b/c funds are set aside to pay on the check

Banking Services: Checking Regular Checking Monthly and per-check fees

Banking Services: Checking Free Checking Minimum balance is often required If you fall below, you often owe a fee

Banking Services: Checking Writing a Check Please fill out the check Pay Lee-Davis $63.12 for “student fees”

Banking Services: Checking Parts of a check: Date Payor—the person writing the check Payee—the person receiving the money

Banking Services: Checking Parts of a check: Numerical Amount, Word Amount Memo Line Signature Line

Banking Services: Checking Parts of a check: ABA routing number—identifies bank/credit union Account number—identifies your account Check number—identifies check number 

Banking Services: Checking Practice again Write a check to Martins for $145.91 for “groceries”

Banking Services: Checking Check Register (Checkbook) Record your deposits (money in) and withdrawals (money out)

Banking Services: Checking When you don’t have enough money to cover your checks? Fee to bank (Overdraw/Overdraft) Fee to payee (“Returned check fee”)

Banking Services: Checking Overdraft Protection Some banks protect you from overdraft (they will cover you if you overdraft) Doesn’t work forever Sometimes costs extra money

Banking Services: Checking Should you ever make check payable to “cash”? No—if you lose it, anyone can cash it

Banking Services: Checking You can call your bank and ask to “stop payment” on a check. But it costs you a fee. When/Why would you ever do it? If you lose a check or if someone steals it