Your Checking Account

1
Your Checking Account

• Senior Advisory
• May 26, 2015

2
Selecting Your Bank

• Location, Location, Location
• Can you get to your money when you need it?
• Do the banks your are considering have the
  services you need? Online banking? ATM options?
• What are their fees?
• Hours? Do you need late hours, weekends?

3
Open Your Account

• After youve done your research, choose a bank
  that best suits your needs and open an account.

4
When using your checking account remember the
above.

• Always sign your checks the same way you sign the
  sign the Signature Card
• Always use ink, pencil can be erased
• Write clearly and neatly
• Be sure all figures are legible
• If you make a mistake, do not white out, write
  void in large letters on the front of the
  documents and write another one.

5
Deposit Slip

• This is a typical deposit slip. You usually get
  three to five deposit slips at the end of your
  checkbook. If you make a deposit in the bank,
  youll need to fill out a deposit slip. All
  deposit slips contain all the necessary
  information for you to deposit money in your
  account.
• Many ATMs and online banking deposits no longer
  require deposit slips.

6
Three Types of Endorsements

• Endorsing a check means you are giving permission
  for someone to cash it.
• You can endorse a check to yourself and cash it.
• You can endorse a check to yourself and deposit
  it into your account.
• You can endorse a check to someone else and give
  them the money on the check.

7
Notes About Checkbook Records

• Keep track of every transaction
• Write it in your register or on your computer
  program/app.
• Keep ATM and POS (point of sale) receipts until
  you record them
• Reconcile your checkbook monthly

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9
21st Century Banking

• Touch Tone Banking
• Check balance, activity, and transfers
• Direct Deposit
• Your paycheck goes directly into account
• ATM Automatic Teller Machine
• Can get cash as well as other banking tasks
• Automatic Payments
• Pay bills automatically each month
• Internet Banking
• Full access to your account and can do many
  things
• Debit Cards
• Used like a credit card, money comes out of
  account

10
Smartphone/Online Banking

• From your phone, computer, or tablet, some banks
  allow you to
• Check account balances
• Transfer funds
• Make payments
• But you should beware
• There could be fees associated with these
  transactions.
• SECURITY!!!!!

11
When its time

• Ask lots of questions when you open your account.
• Read the literature the bank gives you when you
  open an account. You need to fully understand
  all the hidden costs.
• Keep everything confidential.
• Always balance your account! You will incur FEES
  if you bounce a check or overdraw your account,
  so be sure you know how much money you have
  before you start spending!!