Chapter 9: Checking Accounts and Other Banking Services

Lesson 9.1 Checking Accounts I. Purpose of a checking account Provides a convenient way to pay bills Writing a check is often safer than using cash A checking account has a built in record keeping system

II. Opening a checking account Must fill out and sign an authorization form Most banks often require a $50 or more deposit to open

III. Parts of a check Check number ABA number (American Bankers Association) Maker’s reprinted name and address Date Payee Numeric amount Written amount Signature Account and routing numbers Memo

IV. Using your checking account Writing checks Always use a pen Write legibly Avoid mistakes Paying bills online Some banks charge a monthly fee for online bill payment Making deposit Using a checkbook register Reconciling your checking account

V. Endorsing checks Blank Endorsement Special endorsement Gives the right to cash the check for someone else Restrictive endorsement Example “For Deposit Only”

VI. Types of checking accounts Joint Special Standard Interest bearing Share Checking accounts with low or no average daily balance requirements Often used in credit unions

Lesson 9.2 Other Banking Service and Fees I. Other banking services Guarantee Payment Checks Certified check Cashier’s check Money orders Debit cards Bank credit cards ATM Online and telephone banking Stop payment orders Safe deposit boxes Loans and trusts Financial services

II. Bank Fees