1. Checking Account Opening a Checking Account

2. Advantages of a Checking Account  Convenience  Write checks at home  Pay bills by mail  Don’t have to carry large amounts of cash  Make payments through the EFT system

3. Advantages of a Checking Account  Safety  Not so much cash on hand  Only the person who the check is written to can cash the check.(Mail)  Money in your account is protected by the FDIC What are some possible inconveniences of having a checking account?

4. Advantages of a Checking Account  Proof of Payment  Legal proof of payment, once it is cashed

5. Advantages of a Checking Account  Record of Finances  You must record Deposits and Checks written.  You can tell from these records how much you are spending and how much you have left.  This will help manage your money.

6. Checking Accounts  Not all checking accounts are the same.  Some banks offer different services or have service charges and others don’t.  When you are ready to open a checking account, you should comparison shop to find the bank that will fit you best.

7. Opening a Checking Account  A representative will help you sign a signature card, make your deposit, and select your checks. Some banks, however, may require you to be at least 18 years old to open a checking account.

8. The Signature Card  Signature card is the bank’s official record of your signature.  Joint checking account can have two or more people. Each person will have to sign a signature card.

9. Deposit Slip  A deposit slip is a from on which you list all items you are depositing-- currency, coins, or checks.

10. Endorsing Checks and Making Deposits  An Endorsement is written evidence that you received payment or that you transferred your right of receiving payment to someone else.

11. Endorsing Checks and Making Deposits  The purpose of Endorsements  Endorsements allow the recipient to cash, deposit, or transfer it to someone else.  Endorsements serve as legal evidence that the receiver cashed or transferred the check.  Endorsements mean that the endorser will pay the check in case the next owner of the check cannot collect the money.

12. Placement of Endorsements  Your endorsement must be made in the 1 1/2-inch space on the left side of the check.  If you write anything outside the 1 1/2-inch limit, it may cause the check to be returned.

13. Types of Endorsements  Blank Endorsement is an endorsement that consists of only the endorser’s name. 1.Sign your name in ink exactly as it is written on the face of the check. 2.If the name on the check is different then you official signature you need to sign the check twice. 3.A blank endorsement makes a check payable to anyone who has the check.

14. Types of Endorsements  Special Endorsement include the name of the person to whom the check has been transferred. Also called full endorsements.  Example: Pay to the order of Joe Smith Jeremy R. Brooks

15. Types of Endorsements  Restrictive endorsement limits the use of the check to the purpose given in the endorsement.  You may have a check you want to mail to the bank or put in an ATM for deposit.  Example: For deposit only Nancy Johnson

16. Recording the Deposit  When you make a deposit make sure that you get a receipt.  When you make a deposit or write a check you should record it immediately in your checkbook.  You either record this information on a check stub or a check register.