1. Banking

2. Checking Accounts  A safe and easy way to manage the money you make when you are working is with a bank checking account.  This account allows you to deposit money (add to your account) or withdraw money (subtract from your account) by writing checks.

3. Why should you have a checking account?  Keeps you from having to carry a lot of cash with you. You can write a check for what you buy.  Provides a safe and easy way to pay bills by mail. Money sent by mail can get lost or stolen.  Gives you a written record of your transactions.

4. Cont…  Provides a safe and economical way to have checks cashed. (Check cashing stores charge up to 5% of the check amount. To cash two paychecks a month, you would pay more than five times as much in fees at a check cashing store as you would at a bank with a regular checking account.)

5. Comparing Checking Accounts  Location-branch offices, hours of operation, availability of ATM’s  Fees-monthly, per check, printing of checks, balance inquiry fees, ATM fees.  Other Charges -overdraft charge, stop-payment fees, certified check fees.  Interest-rate earned, minimum deposit required, compounding method, fee for falling below necessary balance.

6. Cont...  Restrictions-minimum balance, deposit insurance, holding period for deposited checks.  Special Features-direct deposit, on-line banking, overdraft protections, discounts for students.

7. Writing a Check

8. Rules for Writing Checks  Always use a pen to write a check. Never write a check with a pencil.  Never change figures on a check. If you make a mistake, tear up the check and write a new one.  Completely fill all the blank lines on the check with word, numbers, or lines.  Be sure to use the correct date.

9. Rules cont...  Never write a check for more than the amount in your account.  If a check is lost or stolen, ask the bank to stop payment on it.

10. Writing Amounts for Checks Write the amounts for these checks in words.  $7.48  $211.39

11. Writing amounts cont...  $68.20  $14.98

12. To Ingles for $56.82 for groceries on Nov. 28, 2007.

13. To Walmart for $24.24 for shoes on Dec. 2, 2007.

14. End Day 1 Assignment: Worksheet-Writing Checks