Working With Checking and Savings Accounts - The Homer Fund

More documents

Recommendations

Info

Summary Points • Checking and savings accounts are generally the safest, most secure and least expensive way to manage your money. • A financial institution will pay you interest for keeping money in your account. Interest is calculated as a percentage of the total funds you have in your account. • Talk to a number of financial institutions before you select one. • Record ALL transactions in your check register. • Balance your checkbook each month to be sure you have entered all transactions into your check register. • Direct deposit is when funds, such as your payroll check, are deposited directly into your account. It is convenient and will save you and your company money. After you open an account call 1.800.429.3376 to sign up. • ATMs allow you to electronically access your accounts at financial institutions. Pay attention to ATM fees that apply to you account. • Managing your account means keeping good records and always making sure that you have enough money in your account before you write a check. 28
To review the concepts discussed in this session, complete the following exercise. 1. List two benefits to having a checking or savings account. _____________________________________________________________________________________________ _____________________________________________________________________________________________ 2. Explain the difference between keeping your savings at home and keeping it in an interest-earning savings account. _____________________________________________________________________________________________ _____________________________________________________________________________________________ _____________________________________________________________________________________________ 3. Peter Lin goes to the bank. He needs to deposit two checks and would like to get $20 in cash. Complete the deposit slip for Peter Lin. Claudia Hung 123 Any Street Anytown, USA 12345 Peter Lin 123 Any Street Anytown, USA 12345 Date_________________20______ ______________________________ Sign here for less cash received ABC Bank Anytown, USA Date___________________ Pay to the order of__________________________________________________$ Peter Lin DEPOSIT TICKET CASH CHECKS - LIST SINGLY 123 00-123/100 __________________________________________________________________Dollars For_______________________________ :123456789: 0123456789 || 0123 10/5/01 Thirty-three & 43 /100 –––––––––––––––––––––––––––––– 33.43 Claudia Hung ___________________________________ Mark Whitman 123 Any Street Anytown, USA 12345 CURRENCY COIN Total From Other Side TOTAL LESS CASH RECEIVED TOTAL DEPOSIT Date___________________ Pay to the order of__________________________________________________$ Peter Lin 00-123/100 USE OTHER SIDE FOR ADDITIONAL LISTING TOTAL ITEMS BE SURE EACH ITEM IS PROPERLY ENDORSED 456 00-123/100 __________________________________________________________________Dollars For_______________________________ :123456789: 0123456789 || 0456 10/6/01 Two hundred fifty & 00 /100 ––––––––––––––––––––––– 250.00 Mark Whitman ___________________________________ Knowledge Review CHECKS AND OTHER ITEMS ARE RECEIVED FOR DEPOSIT SUBJECT TO THE PROVISIONS OF THE UNIFORM COMMERCIAL CODE OR ANY APPLICABLE COLLECTION AGREEMENT. :123456789: 0123456789 || 0123 29
Page 1 and 2: Personal Financial Skills: WORKBOOK
Page 3 and 4: Introduction . . . . . . . . . . .
Page 5 and 6: 2 1. When you want to purchase some
Page 7 and 8: Earning Interest A financial instit
Page 9 and 10: Opening an Account When you decide
Page 11 and 12: SELF-ASSESSMENT 2 1. To open a chec
Page 13 and 14: Endorsing a Check Endorsing a check
Page 15 and 16: Writing a Check If you have a check
Page 17 and 18: Using a Check Register A check regi
Page 19 and 20: Reading Your Account Statement At t
Page 21 and 22: Balancing Derek’s Checkbook Exerc
Page 23 and 24: Check Register Date Check # ✓ Des
Page 25 and 26: Saving with Direct Deposit Once you
Page 27 and 28: If you report your card missing:
Page 29: When you write a check, your accoun
Page 33 and 34: Using Keisha’s Check Register Exe
Page 35 and 36: 4. Write the following checks: Your
Page 37 and 38: Account statement - This is a recor
Page 39 and 40: Federal Deposit Insurance Corporati
Page 41 and 42: Stop payment - An order by a custom
Page 44: 4000 Wisconsin Avenue, NW North Tow

Working With Checking and Savings Accounts - The Homer Fund

Create successful ePaper yourself

Delete template?

Save as template?