Banking
Checks
Banks accept a lot of checks, and sometimes they aren't always filled out right. Although the bank accepts all kinds of written checks, there is only one correct way to write them.
The first thing you will notice is the top left corner of the check will have your name pre-printed. The check number, account ID, and the bank ID will also be pre-printed at the bottom of the check.
|
How to Write a Check
-The first thing you do is put the date. The date goes on the topmost line(this line is also next to the number 20).
-Then you fill out the 'PAY TO THE ORDER OF' line by writing the company of who you want the check to go to.
-Next you fill out the box with the dollar sign in front of it. Write in how much money you wish to pay and make sure the amount takes up the entire box.
-Then you will have to write out the number in word form using cursive. You write this on the line that ends with 'DOLLARS.' Instead of writing out the cents, write the number over 100. If your spending $53.34 then write 34/100 instead of actually writing it out(like you have to do for the 53).
-Next is the memo, which is located in the bottom left-hand corner. This line is where you specify what you are paying for. If the check is for your child's school lunch money, you would write lunch money on the memo line and the name of the school on the 'PAY TO THE ORDER OF' line.
-The last line, in the bottom right-hand corner, is where you re-write your signature. Make sure your signature is unique and in cursive so that it'll be a lot harder for others to try to recreate it.
-Then you fill out the 'PAY TO THE ORDER OF' line by writing the company of who you want the check to go to.
-Next you fill out the box with the dollar sign in front of it. Write in how much money you wish to pay and make sure the amount takes up the entire box.
-Then you will have to write out the number in word form using cursive. You write this on the line that ends with 'DOLLARS.' Instead of writing out the cents, write the number over 100. If your spending $53.34 then write 34/100 instead of actually writing it out(like you have to do for the 53).
-Next is the memo, which is located in the bottom left-hand corner. This line is where you specify what you are paying for. If the check is for your child's school lunch money, you would write lunch money on the memo line and the name of the school on the 'PAY TO THE ORDER OF' line.
-The last line, in the bottom right-hand corner, is where you re-write your signature. Make sure your signature is unique and in cursive so that it'll be a lot harder for others to try to recreate it.
The correct way to write a check is shown below.
Types of Banks
Commercial Banks- Commercial banks are owned by shareholders. Banks like this usually have lower interest rates for savings accounts and charge more money for loans.
Mutual Savings Banks- Mutual savings banks are state-chartered banks.
Mutual Savings Banks- Mutual savings banks are state-chartered banks.
Online Banks
Is there ever a time when you know you won't be at your house to pay your bills? A great solution to that problem would be to switch to online banking. Online banking makes it a lot easier to not miss paying a bill and saves you some money on buying checks. Either way, online banks operate almost the same way other banks do.
The FDIC
One way a bank can get shut down is if they run out of money. A lot of people think that when something happens to the economy that they have to get their money from the bank, or it'll disappear. This is not true. The FDIC makes sure that doesn't happen. When a bank gets shut down, you will get your money back. If your bank has FDIC, then you will definitely get your money back if something happens. So next time you think your money is going to disappear from the bank, remember that won't happen because of the FDIC.
Keeping Track of Your Money
Whenever you write a check or spend money at the grocery store, you need to write down how much you spent! This mostly goes along with keeping a budget; in other words it helps you stay in your budget. This is called a checkbook register! Here's one way to do that.
1. If you wrote a check, write down the check number. If you didn't, then you can skip this step.
2. Write down the date you spent the money.
3. Next, put down what you spent it on. Whether it's the company's name or just "clothes" make sure you can still identify what you spent the money on.
4. Then write if you received the money or spent the money.
5. Subtract the money from your balance if you spent money and add money to your balance if you received money. Then use your new balance for the next time you spend or get money.
2. Write down the date you spent the money.
3. Next, put down what you spent it on. Whether it's the company's name or just "clothes" make sure you can still identify what you spent the money on.
4. Then write if you received the money or spent the money.
5. Subtract the money from your balance if you spent money and add money to your balance if you received money. Then use your new balance for the next time you spend or get money.
Writing a Deposit Slip
The first thing you is write your name, the date, and your address. Then you need to write how much money you will be depositing. First right down how much cash you will be putting in. If you aren't putting in any cash, just leave it blank. Then you write down how much money you will be putting in with checks. In the box labeled subtotal, you will add together both the amounts. The box under the subtotal is where you put how much money you want to keep out for other uses. Subtract this amount for your new total. Lastly, you need to sign your signature on the blank line next to the capital "X" and sign your name on the back of the slip.