Ms. Smith

1. Choose a bank.2. Pick the product you want

(individual or joint).3. Provide your information.4. Agree to terms.5. Congratulate yourself!

Restrictions: Minimum balance, and number of transactions and

checks written within a month.

Fees and Charges: Monthly service charge, check printing, and stop-

payments.

Interest: Rates, frequency of compounding.

Special Services: Overdraft protection- automatic loan made to an account

if the balance will not cover checks written.

6 Elements of a Check

D Date: the date the check is issued. A Amount: this is the amount of

money to be paid to payee. M Maker: this is the person responsible

for the amount shown above. P Payee: this is the person getting the

money. EEndorsement: this is a signature of

the person cashing or getting the money.

RRouting Number: identifies the bank the check belongs to.

Writing a Check

For practice: On April 10th, you purchase a $85.99 pair of shoes from

Foot Locker.

Always start at the beginning (the far left) of the line. 

Write clearly and only use ink.Keep your checks in a safe place.Make sure the amount box and the

amount line match.Keep a record of all your written

checks in your check register. Bring proper identification when

writing checks.

Leave blank areas on checks.Sign a blank check or endorse your

own paycheck until you are in the bank.  

Throw away a check mistake. Instead, write “VOID” and tear it up.

Accept "Third Party" checks from unknown persons.

When you open a checking account, you receive a check register. This is the place to record every check you write, every

ATM withdrawal you make, every debit card purchase, and every deposit that you make.

Sample Check Register

Balancing a Checkbook

Each month, it is good practice to reconcile or balance the amount reported by the bank with the balance in your checkbook.

The difference between your checkbook balance and the balance reported on a bank statement is usually due to: Deposits in transit: deposits you make after the bank has

prepared and mailed the bank statement. Withdrawals: money you take out after the bank has

prepared and mailed the bank statement. Outstanding checks: checks you have written that have

not been cashed or cleared by the bank. Service Fees: charges the bank deducts from your account.

1. In your checkbook, make a checkmark in the appropriate box for each check returned or noted on your statement.  In addition, also mark all ATM or other electronic transactions, and all deposits.

2. Record in your check register any transactions listed on your bank statement that were not recorded in your register.  This may include ATM or debit transactions, bank fees, etc.

3. The back of your bank's statement will usually have a checking reconciliation form.  Use this form to reconcile your checking account.