Chapter 9: Checking Accounts and Other Banking Services

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Chapter 9 Checking Accounts and Other Banking
Services
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Lesson 9.1 Checking Accounts

• I. Purpose of a checking account
• Provides a convenient way to pay bills
• Writing a check is often safer than using cash
• A checking account has a built in record keeping
  system

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• II. Opening a checking account
• Must fill out and sign an authorization form
• Most banks often require a 50 or more deposit to
  open

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• III. Parts of a check
• Check number
• ABA number (American Bankers Association)
• Makers reprinted name and address
• Date
• Payee
• Numeric amount
• Written amount
• Signature
• Account and routing numbers
• Memo

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• IV. Using your checking account
• Writing checks
• Always use a pen
• Write legibly
• Avoid mistakes
• Paying bills online
• Some banks charge a monthly fee for online bill
  payment
• Making deposit
• Using a checkbook register
• Reconciling your checking account

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• V. Endorsing checks
• Blank Endorsement
• Special endorsement
• Gives the right to cash the check for someone
  else
• Restrictive endorsement
• Example For Deposit Only

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• VI. Types of checking accounts
• Joint
• Special
• Standard
• Interest bearing
• Share
• Checking accounts with low or no average daily
  balance requirements
• Often used in credit unions

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Lesson 9.2 Other Banking Service and Fees

• I. Other banking services
• Guarantee Payment Checks
• Certified check
• Cashiers check
• Money orders
• Debit cards
• Bank credit cards
• ATM
• Online and telephone banking
• Stop payment orders
• Safe deposit boxes
• Loans and trusts
• Financial services

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• II. Bank Fees