personal financial literacy: "Checking Account"

You may withdraw money from your checking account by using an ATM, visiting a teller inside the bank, visiting a teller at the drive-through window, using your debit card, transferring money, paying a bill online, or by writing a check. Let's take a look at how to write a check.

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What should appear in this section of a check register?

Amount deposited

These are the parts of a check register:

Check number. If you wrote a check, enter the check number here. If the transaction was something other than a check, you can abbreviate the type of transaction. For example, if you used an ATM, write ATM. And if you made a deposit, write dep. Date. Write the date of the transaction in this column. Description. Write a description of the transaction. For example, if it's a check, write the name of the payee and the item that was purchased. You can write 'cash' or 'spending money' when you withdraw cash. Transaction amount. Write the amount of the withdrawal. The amount entered in this column will be subtracted from the balance. Deposit amount. Write the amount of the deposit. Amounts entered in this column will be added to the balance. Balance. Write your balance, or the amount you have in your checking account, in this column. You'll need to add the deposit amount and subtract the withdrawal amount for each transaction. Current balance. If you've been careful to record all transactions and your figuring is correct, the last figure in this column is the amount you have in your checking account.

These are the parts of a check:

Date line. Write today's date here. Payee. Write the name of the person or the company you are paying. Amount of check in numbers. Enter the amount of the check in numbers. Amount of check in words. Enter the amount of the check in words. Start writing at the far left side of the line. After the dollar amount, write "and," then write the amount of cents above the number 100. Draw a line from the end of the 100 to the end of the line. For example, $134.56

When opening a checking account, the bank does not run an account verification if you provide a state-issued ID.

False, not true

There are three steps involved in maintaining a checking account:

Make deposits and withdrawals. Record deposits, withdrawals, interest, and fees in the checkbook register. Keep track of your balance.

Select all the tasks associated with maintaining a checking account.

Record and subtract cash withdrawals from an ATM. Balance the checking account. Record and add interest. Record paycheck deposits in a check register. Transfer money from checking to savings.

Jordan already has a checking account. She wants to deposit a check that she received from her aunt for her birthday. What should Jordan do?

Sign the back of the check, complete a deposit slip, and bring it to the teller.

Here is a description of each step involved in completing a deposit slip:

Write the date of the deposit in this field. If you are depositing currency or dollar bills, write the total amount here. If you are depositing coins, write the total amount here. If you are depositing a check, write the check number here. Write the amount of the check here. If you are depositing more checks than can be listed on the front, continue to list them on the back. Write the total amount of the checks from the back on this line. Write the total amount you are depositing here. If you are making a deposit inside a bank with a teller and you want to receive cash back from your deposit, write the amount you want in this field. Write the total amount of your deposit in this field.

When writing a check, you complete all of these steps except for _____.

signing the back of the check