Share Draft / Checking account basics

Things to compare when choosing a checking account

1) fees and fines 2) interest 3) minimum balance

Way to electronically access checking account

ATM allows you to get cash, transfer money, or make deposits almost anywhere and anytime

True or false? Writing later date on check prevents it from being cashed until then

False

Ways to protect your checking account

Make PIN random number, memorize PIN instead of writing it, don't let people see you punch PIN in

Minimum balances

Many accounts require you to keep a minimum amount of money in your account to avoid service fees

Fees and Fines

Service charges usually based on the number of checks you write a month, your minimum balance, and the type and size of other accounts you have with the financial institution

Correct way to endorse check

Sign name close to top of back left side as possible

Interest

Some checking accounts pay interest if you keep a minimum balance in your account. Generally, the higher the balance in your checking account, the more interest you'll earn and the fewer service fees you'll pay

Why Credit Unions are different

They will pay interest on money in checking account, and fees and requirements are lower

What happens when someone bounces a check?

You pay nsf fee to financial institution and business check was written to