Opening A Debit/Checking

AccountIncome and Money Management

2003-2004

Advantages of a Checking/Debit Account

• Convenience• Checks by mail

• Debit cards easy to carry

• EFT

• Safety• Cash vulnerability

• Proof of Payment• Cancelled check

• Record of Finances• Check register

Types of Checking Accounts

• Regular Checking Accounts

• Checking Accounts with Mastercard/VISA Debit Card

• Interest Bearing Checking Accounts

Opening A Checking Account

• The Signature Card– Importance of the

signature

– Joint account

• First Deposit– Deposit slip

Endorsements• Purpose of

endorsements• Placement of

endorsements• Types of

endorsements• Blank• Special• Restrictive

Endorsements

• Blank Restrictive

• Carla Borovicka For deposit only• Carla C. Borovicka Carla C.

Borovicka• Special

• Pay to the order of• Mike Gump• Carla C. Borovicka

The Check Register

• Recording• Deposit

• Checks written

• Withdrawals

• Debit Cards

• Bank Fees

• A Record of Transactions

• Helpful in Reconciling Your Account

Banking Unit Vocabulary

• Checkbook• Check register• Check stub• Deposit slip• Endorsement• Joint account• Money market rate• Service charge

• Sharedrafts• Signature card• Blank endorsement• Drawee• Drawer • float• Forgery• Overdrawing

More Vocabulary

• Payee• Postdated check• Raised check• Restrictive

endorsement• Special or full

endorsement• Stopping payment• Money order

• Bank reconciliation• Bank statement• Canceled check• Clearing a check• Clearing house• Outstanding checks• Bank draft• Cashier’s check• Certified check• Traveler’s check