Checking Accounts
Financial Fitness for Life
2009 FFFL HS101 1
Types of Checking
Accounts
Special Account
• Limited check writing
• Minimum balance required or pay a fee
• Low Activity
Standard Account – this is what I need to
look for
• No minimum balance
• Unlimited check writing
• Online Banking
• Free ATM Usage*
Interest Bearing Account – ??**
2009 FFFL HS101 2
ATM/Debit Cards
Automated Teller Machine
Require a PIN number – 4 to 6 digits
What NOT to use…
Deducts amount of purchase from
account ASAP- card is cash
Keep all receipts to reconcile account
2009 FFFL HS101 3
Online Banking
Access your checking account
information 24/7
Always know your account balance
before you shop/pay bills/ATM
Pay Bills for Free – only use the bank
website to ensure safety of information
Reconcile your account balance
2009 FFFL HS101 4
Opening a Checking
Account
Choose type of account
Identification Required – 2 forms
• Major Picture ID – NJDL, US Passport
• Other Picture ID – student ID, employee
ID
• Social Security Number
Complete signature card
Make deposit
2009 FFFL HS101 5
Check Register
Record of money in and out of account
Record Immediately-
Deposits (+)
Checks written (-)
ATM Withdrawals (-)
Debit Card Transactions (-)
Record new balance after every
transaction
2009 FFFL HS101 6
Making a Deposit
Write the current calendar date
Cash: write the amount of currency
and coin in cash section
Checks: write the amount of check
and check number
Total cash and checks
Keep record of deposit in register
2009 FFFL HS101 7
Endorsing Checks
Endorsement -Signature on the back of
check – when you sign, it is “live”.
3 Types -Regular, Restrictive and Special.
Signature must be inside the
red area of the check ONLY.
Sign in blue/black ink ONLY.
2009 FFFL HS101 8
Writing a Check
Complete all parts of check
Write in blue/black ink only – why?
Write clearly – why?
Sign your name – “unforgeable signature”
Account must have enough money to cover
check – be careful!!
Void check if any mistake is made
Record all checks written in check register –
including “void” check
2009 FFFL HS101 9
How to Write a Check
2009 FFFL HS101 10
Reconcile Checkbook
Compare checkbook register to the monthly
statement
Compare all deposits, withdrawals
(checks,ATM,debit card), interest earned
and fees – adjust register as needed.
Compare ending balances of bank
statement and register making adjustments
for items not recorded on statement yet.
Underline reconciled ending balance in
register.
2009 FFFL HS101 11