1. How many of you have checking accounts?
How do you use them?

2. Why a checking account? Safety Convenience Record Keeping
It is unsafe to carry around a large amount of money.
CONVENIENCE
you can write checks to pay bills
set up payments for recurring bills (such as rent or mortgage or a car payment) to be automatically withdrawn (debited) from your account, so that you don't even have to write checks for those.
RECORD KEEPING
The canceled check (indicating that the check has gone to your financial institution and the sum has been drawn out of your account) is proof of payment. If a creditor believes he has not been paid, and you have paid him with a check, you can prove this by sending a copy of the canceled check (copy both the front and back) to the creditor.
SAVING MONEY
Checking accounts typically cost from $5.00 to $12.00 per month. Some financial institutions offer free checking, and others offer free checking if a minimum balance is maintained. Even with a fee, this is cheaper than paying for each money order ($.80 to $8.00)
Saving Money $$$$

3. ICE Student
755 Pulaski Road
Calumet City, IL 60409
Writing a check…
Jan 29,
US Cellular
87.50
Eighty-seven and no cents
Illiana Financial Credit Union
1600 Huntington Drive
Calumet City, IL 60409
Date:
record the date in which you write the check. Do not post-date checks.
Payee:
person or institution to which you write the check.
Numerical amount:
87.50
if under a dollar put a “0” in front of the decimal point and insert the work cents ie “$0.85 cents” So that the amount cannot be altered, place the figures close to the dollar sign.

4. Use this to put account number on or what the check is for
Written Amount:
Write out the dollar amount, place the word “and” then put in the cent amount 35/100.
If less than a dollar write “Only eighty-five cents” and draw a line through the word Dollars
The written amount is the legal amount on a check if the numerical and written amounts differ.
Memo
Use this to put account number on or what the check is for
Signature
Match
with your
signature
card
Jan 29,
US Cellular
87.50
Eighty seven and
50/100
Cell phone
Jennifer Donovan

5. Write the transaction in your check register right away.
Number
Date
Description
Pay
Ment
Amt (-)
Tax
Deposit
Amt (+)
New
Balance
 208
1/15
Best Image
57.13
189.31
DEP
1/17
Paycheck
304.50
493.81
209
1/21
The Safe and Secure Bank (Car Loan)
383.33
110.48
210
1/29
US Cellular – Cell phone bill
87.50
22.98
Write the transaction in your check register right away.

6. You need to deposit the following two checks and get cash back
XYZ Corporation Payroll check number
1000 Corporation Court Pay Date: 01/26/11
New Town, USA Social Security No
Pay to the Emily Biegel $
order of
The amount TWO HUNDRED SEVENTY-THREE AND 85/100 DOLLARS
ADP _Scott Bradford_________
AUTHORIZED SIGNATURE
|’ ”| |: |: |’
Endorse Here
___________________________
Do not write or sign below the line
Reserved for financial institution use
Blank Endorsement – most likely to be stolen
Sign your name the same way it's written on the front of the check.
Make certain to sign it only when you're ready to cash it or deposit the money into your account.
Once the check is signed on the back (endorsed), if you lose it, someone else could get your money.
Emily Biegel

7. Check #2 For Deposit Only Emily Biegel
Grandma Pushover Check number 2389
911Emergency Lane Date: 01/26/11
New Town, USA 10000
Pay to the Emily Biegel $
order of
The amount ONE HUNDRED FIFTY-THREE AND 06/ DOLLARS
MEMO: Winter Ball Stuff Grandma Pushover_______
AUTHORIZED SIGNATURE
|’2389”| |: |: |’
Endorse Here
___________________________
Do not write or sign below the line
Reserved for financial institution use
Restrictive Endorsement - Safest
When you want your check to be very safe, like when you send it to your financial institution in the mail, use a restrictive endorsement.
Write "for deposit only" and sign underneath. Now the check can only be deposited into your account, and not cashed
For Deposit Only
Emily Biegel
What do your paychecks and Grandma’s check have in common? (look carefully!)

8. Routing Transit Number Why is it important to know these items?
When may you use them?
XYZ Corporation Payroll check number
1000 Corporation Court Pay Date: 01/26/11
New Town, USA Social Security No
Pay to the ICE Student________________________ $
order of
The amount TWO HUNDRED SEVENTY-THREE AND 85/100 DOLLARS
ADP _Scptt Bradford_________
AUTHORIZED SIGNATURE
|’ ”| |: |: |’
Routing Transit Number ABA number is nine digits, which appears on the bottom of a check …this identifies which financial institution it is drawn upon.
This code is also used by the Automated Clearing House to process direct deposits and other automated transfers.
Account Number
An individuals specific bank account number unique to that persons financial institution.

9. Making a Deposit Using the example above…
______Deposit Ticket _______
Your name
Your Address
Hometown, State 12345
Date: ___January 30, 2011___
__________________________
Sign here if cash received from deposit
Safe & Secure Financial
Institution in Your Community
Cash
Checks
273 85
2389
153 06
Total from other side
Total
426 91
Less cash received 00
Net deposit
Using the example above…
Do I have to sign the DEPOSIT TICKET?

10. Deposit Slip when money is received from deposit
______Deposit Ticket _______
Your name
Your Address
Hometown, State 12345
Date: ___January 30, 2011___
_____Emily Biegel ___________
Sign here if cash received from deposit
Safe & Secure Financial
Institution in Your Community
Cash
Checks
273 85
2389
153 06
Total from other side
Total
426 91
Less cash received
150 00
Net deposit
276

11. YOU MUST KEEP A RUNNING BALANCE IN YOUR CHECK REGISTER AT ALL TIMES!
Number
Date
Description
Pay
Ment
Amt (-)
Tax
Deposit
Amt (+)
New
Balance
 208
1/15
Best Image
57.13
189.31
DEP
1/17
Paycheck
304.50
493.81
209
1/21
The Safe and Secure Bank (Car Loan)
383.33
110.48
201
1/29
US Cellular – Cell phone Bill
87.50
22.98
1/30
Paycheck & Ck from Grandma
276.91
299.89
ATM
02/02
ATM
122.25
177.64
IMPORTANT
YOU MUST KEEP A RUNNING BALANCE IN YOUR CHECK REGISTER AT ALL TIMES!

12. One Last Endorsement you need to know…
Special Endorsement
Do this when you want to give someone else the money.
Write "pay to the order of" and that person's name below it.
Then sign your name underneath.
Now that person is the only one who can cash the check.

13. Your Check Register – Keeping a Running Balance
Number
Date
Description
Pay
Ment
Amt (-)
Tax
Deposit
Amt (+)
New
Balance
May 26th Balance
527.96
107
5/27
Mrs. Wilson – June Rent
226.00
301.96
DBT
5/28
Foodland
22.52
279.44
108
6/1
Bank of IL
156.32
123.12
Void
Void of check 108
109
165.23
114.21

14. Reconciling What does reconciling mean. Why do you want to reconcile
Reconciling What does reconciling mean? Why do you want to reconcile? What errors can be found?

15. Reconciling – you are comparing what the bank has received at a certain date with what you have in your check register
Bank One
Meadow Street Branch
Hometown, State 12333
Your Name
Account Number:
1515 My Home Avenue
Statement Covers: 8/1 - 8/31
Whiting, Indiana 46394
Total Deposit
1,650.00
Beginning Balance
500.00
Total Payments/Withdrawals
1,515.60
Ending Balance
627.96
Date
Deposits
8/3
Customer Deposit
750.00
8/19
800.00
8/20
IRS - Tax Return Electronic Dep
100.00
8/31
August Interest Earned
3.56
Payments/Withdrawals
8/11
ATM Withdrawal (Whiting, In)
200.00
ATM Fee
1.25
8/17
ATM Withdrawal (Hammond, In)
1.00
Check 301
53.00
8/8
Check 302
70.00
Check 303
80.00
8/18
Check 304
257.35
Check 306
65.00
Check 307
88.00
Check 309
8/30
Maintenance Fee
10.00

16. Reconciling, step #2 List Outstanding Checks Outstanding Deposits
Check Date/Number
Amt.
Date
Total
Balance Your Checkbook
1. Review your statement for service charges
and other transactions not recorded in
your register. Bring your register up to
date and enter your new balance here. $
With the Bank's Records
2. Enter ending balance from your statement
3. Enter amount of any outstanding deposits.
4. Add line 2 plus line 3 and enter sum.
5. Enter the dollar amt of total outstanding checks
6. Subtract line 5 from 4. This figure should agree
with your new checkbook balance shown on line 1

17. endorsements To deposit a check, you need to endorse it.
That means you sign your name in ink on the back of the check. You must sign your name the same way it's written on the check. If your name is spelled wrong, also sign your name the correct way on the next line.
1. Blank Endorsement – most likely to be stolen
Sign your name the same way it's written on the front of the check.
Make certain to sign it only when you're ready to cash it or deposit the money into your account.
Once the check is signed on the back (endorsed), if you lose it, someone else could get your money.
3. Restrictive Endorsement - Safest
When you want your check to be very safe, like when you send it to your financial institution in the mail, use a restrictive endorsement.
Write "for deposit only" and sign underneath. Now the check can only be deposited into your account, and not cashed

18. Opening a Checking Account - Signature Card
Answers the questions
Who is authorized to make transactions on this account?
Your First Bank
18555 Burnham Avenue Account Number ______________
Lansing, Il Date: _______________________
SIGNATURE AUTHORIZATION CARD
Name: _________________________
Address: _______________________
______________________________
Phone: ________________________
Social Security No. __ __ __ - __ __ - __ __ __ __
Your are hereby authorized to recognize any of the signatures subscribed here in the payment of funds or the transaction of any business for this account. It is agreed that all transactions between the bank and the depositor shall be governed by the contract printed on the reverse side of this card.
___________________________________
AUTHORIZED SIGNATURE w
Type of account
Individual
Joint
Business
Partnership
Always sign your checks the same way you sign the signature card
Always use ink

19. Checking Accounts Shopping around for a checking account
There are many differences between financial institutions and the services they offer, including the specifics of checking accounts.
Here are some things to consider when shopping for a checking account:
Location
Availability of ATMs
Branch Offices
Hours of Operation
Fees
Monthly Fees (Balance Requirement)
Per Check Fees
Balance Inquiry Fees
ATM Fees
Other Charges
Overdraft Charges Compounding Method Stop-Payment Fees Certified Check Fees
Interest +Rate Earned
Restrictions
Minimum Balance, Minimum Deposit Requirement Deposit Insurance Holding Period for Deposited Checks
Special Features Direct Deposit Automatic Payments Overdraft Protection Online Banking Discounts or Free Checking for Students, Seniors or Certain Companies

20. Common Charges
Overdraft: when you write a check for more that you have in your account. It is known as “bouncing” a check. May be charged a NSF fee (non-sufficient funds fee can be charged this by the bank and by the place you wrote the check to)
Stop-payment Fee: when you write a check and decide that you do not want the bank to disburse that money to the recipient