1. Financial Services and Institutions Name_____________________________ 1

2. Using a Checking Account How do you open and use a checking account? 2  Individual – one owner  Joint – two or more owners  Writing Checks  Check Register – small booklet that you use to record your activity  Record in check register – date, number of check, name of party who will receive payment, exact amount of check  Record all checks, deposits, ATM activity

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6. Keeping Track of a Checking Account 6  Each month your bank will send you a statement that shows your checking account activity for the month  Deposits  Checks you have written (charged against your account)  ATM withdrawals  Debit card charges (identified by the business to whom you made the payment)  Interest Earned  Fees

7. Endorsements 7  Signature of payee, the party to whom the check has been written.  Blank Endorsement – payee signature on back of check  Sign your name  Restrictive Endorsement – check holder’s signature and a restriction on how the paper may be used by the bank  Write “For Deposit Only” and then you sign your name

8. Endorsements 8  1.  2.

9. Endorsing a check: 9  Do not endorse a check until you are ready to cash/deposit it  Write your signature on the back of the check at the top left end  Sign your name exactly as it appears on the front of the check  Use a pen so that the signature cannot be erased  If depositing, write, “For Deposit Only” above your signature  Check Clearing – system that ensures that the money you deposited in the acct is available for withdrawal (2-5 days)