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Checking

Checking. Personal Financial Literacy 1.3. Benefits of checks instead of cash. 1. Safety 2. Convenience 3. Easier Budgeting 4. Proof of Payment 5. Possible saving…..less impulsive . Consider the following when opening a checking account. 1. Location Branch offices Hours of operation

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Checking

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  1. Checking Personal Financial Literacy 1.3

  2. Benefits of checks instead of cash • 1. Safety • 2. Convenience • 3. Easier Budgeting • 4. Proof of Payment • 5. Possible saving…..less impulsive

  3. Consider the following when opening a checking account • 1. Location • Branch offices • Hours of operation • Availability of ATMs

  4. 2. Fees • Monthly • Per check • Printing • Balance inquiry • ATM

  5. 3. Other charges • Overdraft • Stop-payment • Certified checks

  6. 4. Interest • Rate earned • Minimum deposit to earn • Compounding method • Fee charged for fall below necessary balance

  7. 5. Restrictions • Minimum balance • Deposit insurance • Holding period for deposited checks

  8. 6. special features • Direct deposit • Automatic payments • Overdraft protection • Online banking • Discounts or free checking for students, seniors or employees of certain companies

  9. Precautions • 1. a check is a binding contract -if check bounces will cost additional money -returned check fee

  10. Term Alert! • Bounce a check • To not have enough funds (money) to cover the amount of a check Overdraft: - banking term used to refer to not having enough funds to cover the amount of a check

  11. 2. ALWAYS write in ink!

  12. 3. Once you endorse a check, ANYONE can cash it! • For extra safety, write: “For Deposit Only” under signature

  13. Term Alert! • Endorse: to sign the back of a check • Cash a check: to receive the cash money written on the check

  14. 4.Keep unused checks in place where others will not have easy access to them

  15. 5. Check your statement regularly for unauthorized activity -many banks offer online statements

  16. Deposit slips • TERM ALERT! • Deposit: money added or put in an account

  17. Term Alert • Check/ Debit card: a card resembling a credit card that is used in place of a check. The money to cover the transaction comes directly from a checking account • Transaction: any action performed using a checking account or a savings account

  18. Check/Debitcard • Used in the same way as a check • Must memorize and protect a PIN number • Report when the card is lost or stolen

  19. Term Alert! • PIN: personal identification number: used as a numerical password to protect an account or personal information

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