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{ Your Checking Account Senior Advisory May 17, 2016.

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Presentation on theme: "{ Your Checking Account Senior Advisory May 17, 2016."— Presentation transcript:

1 { Your Checking Account Senior Advisory May 17, 2016

2  Location, Location, Location  Can you get to your money when you need it?  Do the banks you are considering have the services you need? Online banking? ATM options?  What are their fees?  Hours? Do you need late hours, weekends? Selecting Your Bank

3 Open Your Account  After you’ve done your research, choose a bank that best suits your needs and open an account.

4  Always sign your checks the same way you sign the Signature Card  Always use ink – pencil can be erased  Write clearly and neatly  Be sure all figures are legible  If you make a mistake, do not white out, write void in large letters on the front of the documents and write another one. When writing a check, remember the above…….

5 Deposit Slip  This is a typical deposit slip. You usually get three to five deposit slips at the end of your checkbook. If you make a deposit in the bank, you’ll need to fill out a deposit slip. All deposit slips contain all the necessary information for you to deposit money in your account.  Many ATMs and online banking deposits no longer require deposit slips.

6 Three Types of Endorsements  Endorsing a check means you are giving permission for someone to cash it.  You can endorse a check to yourself and cash it.  You can endorse a check to yourself and deposit it into your account.  You can endorse a check to someone else and give them the money on the check.

7  Keep track of every transaction  Write it in your register or on your computer program/app.  Keep ATM and POS (point of sale) receipts until you record them  Reconcile your checkbook monthly  DON’T RELY ON YOUR ATM RECEIPT FOR YOUR ACTUAL BALANCE! If you have written checks that have not been cashed yet, your balance will be lower once those checks clear, so keep an accurate record of your spending. Notes About Checkbook Records

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9  Touch-Tone Banking  Check balance, activity, and transfers  Direct Deposit  Your paycheck goes directly into account  ATM – Automatic Teller Machine  Can get cash as well as perform other banking tasks  Automatic Payments  Pay bills automatically each month  Internet Banking  Full access to your account and can do many things  Debit Cards  Used like a credit card – money comes out of your account 21 st Century Banking

10  From your phone, computer, or tablet, some banks allow you to:  Check account balances  Transfer funds  Make payments  Deposit Checks  But you should beware:  There could be fees associated with these transactions.  SECURITY!!!!! Smartphone/Online Banking

11  Ask lots of questions when you open your account.  Read the literature the bank gives you when you open an account. You need to fully understand all the hidden costs.  Keep everything confidential.  Always balance your account! You will incur FEES if you bounce a check or overdraw your account, so be sure you know how much money you have before you start spending!! When it’s time……


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