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Checking Accounts. Writing Checks Finance Cluster. Good Reasons to Have a Checking Account. Cash can be stolen If you lose a check, the bank can stop it from being cashed. You won’t have to carry a large amount of cash with you. It is easier and quicker to pay the bills.
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Checking Accounts Writing Checks Finance Cluster
Good Reasons to Have a Checking Account • Cash can be stolen • If you lose a check, the bank can stop it from being cashed. • You won’t have to carry a large amount of cash with you. • It is easier and quicker to pay the bills. • A check is a record of a bill that you have paid.
Good Reasons to Have a Checking Account Cont. • An automated teller card will also allow you to get cash, make deposits, transfer money between accounts, check balances, and make most of your regular transactions. • A debit card will allow you to do everything an automated teller card can do and also allows you to access funds from your checking account wherever you see a major credit symbol that matches your debit card.
Opening a Checking Account • Individual checking account—This account is for one person. Only this person can legally write the check. • Joint Checking Account—This is an account for two or more people. Married people usually have this type of account. Business partners may also use this type of checking account.
ATM Card • An automated teller machine (ATM) card can be used to do the following: • Withdraw cash from your checking account • Deposit cash or checks into your checking account • Transfer money between your checking and savings accounts • Check the balances in you account • Change your personal identification number (PIN) and use it immediately.
Check Writing Rules • Checks should always be numbered consecutively (in order)—pre-printed checks will have numbers on them • Checks should be written legibly (clearly) and in INK. • Start writing to the extreme left of each space. • Line out any unused space to the right of the written amount.
Check Writing Rules, Con’t. • Avoid crossing out, erasing or changing the check. If you make a huge mistake, write VOID across the check & tear it into small pieces. Some small mistakes can be corrected and initialed. • Be sure to record the check/debit in the register!!
Check Writing Steps • Fill in the date on which the check is written. It can be spelled out, abbreviated or numbered.
2. After the printed words, “Pay to the Order of”, write the name of the person or business who is receiving the payment.
Next to the $ write the amount of the check in numbers. Example: $104.97 Remember to begin as far left as possible.
Write the amount of the check in words on the next line. Beginning as far left as possible, follow these grammar rules. • Capitalize the first word and ONLY the first word. • Hyphenate number twenty-one through ninety-nine. • Use the word and ONLY before writing the change amount. • DO NOT write the word dollars!
E. All amounts are written in terms of dollars & fractions of dollars. A check for $10 is written “Ten & 00/100.” A check for $12.65 is written “Twelve and 65/100.” The fractions of no/100, 00/100 or xx/100 are acceptable for checks of even amounts. When writing a check for less than a dollar, write the word “only” and then the amount: “Only 95/100.” Remember to fill in any unused space with a line.
