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Your Checking Your Checking AccountAccount

Senior AdvisorySenior Advisory

May 26, 2015May 26, 2015

Location, Location, LocationLocation, Location, Location Can you get to your money when Can you get to your money when

you need it?you need it? Do the banks your are considering Do the banks your are considering

have the services you need? Online have the services you need? Online banking? ATM options?banking? ATM options?

What are their fees?What are their fees? Hours? Do you need late hours, Hours? Do you need late hours,

weekends?weekends?

Selecting Your BankSelecting Your Bank

Open Your Account Open Your Account

After you’ve done your research, choose a bank After you’ve done your research, choose a bank that best suits your needs and open an account.that best suits your needs and open an account.

Always sign your checks the same way Always sign your checks the same way you sign the sign the Signature Cardyou sign the sign the Signature Card

Always use ink, pencil can be erasedAlways use ink, pencil can be erased Write clearly and neatlyWrite clearly and neatly Be sure all figures are legibleBe sure all figures are legible If you make a mistake, do not white out, If you make a mistake, do not white out,

write void in large letters on the front of write void in large letters on the front of the documents and write another one.the documents and write another one.

When using your checking When using your checking account remember the account remember the above…….above…….

Deposit SlipDeposit Slip

This is a typical deposit slip. You usually get This is a typical deposit slip. You usually get three to five deposit slips at the end of your three to five deposit slips at the end of your checkbook. If you make a deposit in the bank, checkbook. If you make a deposit in the bank, you’ll need to fill out a deposit slip. All deposit you’ll need to fill out a deposit slip. All deposit slips contain all the necessary information for you slips contain all the necessary information for you to deposit money in your account.to deposit money in your account.

Many ATMs and online banking deposits no Many ATMs and online banking deposits no longer require deposit slips.longer require deposit slips.

Three Types of Three Types of EndorsementsEndorsements

Endorsing a check means you are Endorsing a check means you are giving permission for someone to cash giving permission for someone to cash it.it.

You can endorse a check to yourself You can endorse a check to yourself and cash it.and cash it.

You can endorse a check to yourself You can endorse a check to yourself and deposit it into your account.and deposit it into your account.

You can endorse a check to someone You can endorse a check to someone else and give them the money on the else and give them the money on the check.check.

Keep track of every transactionKeep track of every transaction Write it in your register or on your Write it in your register or on your

computer program/app.computer program/app. Keep ATM and POS (point of sale) Keep ATM and POS (point of sale)

receipts until you record themreceipts until you record them Reconcile your checkbook monthlyReconcile your checkbook monthly

Notes About Notes About Checkbook RecordsCheckbook Records

Touch – Tone BankingTouch – Tone Banking Check balance, activity, and transfersCheck balance, activity, and transfers

Direct DepositDirect Deposit Your paycheck goes directly into accountYour paycheck goes directly into account

ATM – Automatic Teller MachineATM – Automatic Teller Machine Can get cash as well as other banking tasksCan get cash as well as other banking tasks

Automatic Payments Automatic Payments Pay bills automatically each monthPay bills automatically each month

Internet BankingInternet Banking Full access to your account and can do many Full access to your account and can do many

thingsthings Debit Cards Debit Cards

Used like a credit card, money comes out of Used like a credit card, money comes out of accountaccount

2121stst Century Banking Century Banking

From your phone, computer, or From your phone, computer, or tablet, some banks allow you to:tablet, some banks allow you to: Check account balancesCheck account balances Transfer fundsTransfer funds Make paymentsMake payments

But you should beware:But you should beware: There could be fees associated There could be fees associated

with these transactions.with these transactions. SECURITY!!!!!SECURITY!!!!!

Smartphone/Online Smartphone/Online BankingBanking

Ask lots of questions when you open your Ask lots of questions when you open your account.account.

Read the literature the bank gives you Read the literature the bank gives you when you open an account. You need to when you open an account. You need to fully understand all the hidden costs. fully understand all the hidden costs.

Keep everything confidential.Keep everything confidential. Always balance your account! You will Always balance your account! You will

incur FEES if you bounce a check or incur FEES if you bounce a check or overdraw your account, so be sure you overdraw your account, so be sure you know how much money you have before know how much money you have before you start spending!!you start spending!!

When it’s time……When it’s time……