1. Chapter 9: Checking Accounts and Other Banking Services

2. 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

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

4. 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

5. 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

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

7. 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

8. 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

9. II. Bank Fees