check it out. 2 you will know the benefits of using a credit union or bank vs. using a check...

Check It Out

2

You Will Know The benefits of using a credit

union or bank vs. using a check cashing service

Types of fees Types of checking accounts How to open a checking account How to write checks How to use ATM and debit cards How to keep records How to reconcile an account

3

Benefits of Checking Accounts

Benefits of Checking Accounts

Convenience Cost

Budgeting Safety

4

Fee ScheduleFriendly Federal Credit Union

Schedule of Fees for ABC Checking Account**

Monthly Service Fee This fee is waived if you keep a

$500 minimum daily balance.

$2

FFCU Fees for ATM Transactions at Friendly Federal Credit Union ATMs

Non-Friendly Federal Credit Union ATMs

Owners of Non-FFCU ATMs may charge a fee

FREE

FREE

Overdraft, Insufficient Funds

$20 per item

Stop Payment Requests

$15 per item

**Note: This is only a small section of a fee schedule.

5

Types of Checking Accounts at Credit Unions and Banks

Low-cost checking ATM checking Regular checking Special Dividend or Interest

checking

6

Check Register

CheckNumber

Date Description of Transaction Payment/Debit (-)

Fee Deposit/Credit (+)

Balance

31 4 65 72

7

Check Register

Check

Number Date Description of Transaction Payment/

Debit (-) Fee Deposit/

Credit (+) Balance

2/ 20 Opening Deposit $ $200 00 $200 00

105 2/ 26 Coff ee Mart 19 75 19 75

180 25

3/ 12 ATM 100 00 100 00

80 25

3/ 22 Deposit 30 00 30 00

110 25

3/ 23 Deposit 50 00 50 00

160 25

3/ 23 Cash Back f rom Deposit 25 00 25 00

135 25

3/ 18 Monthly Fee 2.00 2 00

133 25

8

Sample Check

YOUR NAMEYOUR ADDRESS

YOUR PHONE NUMBER

PAY TO THE ORDER OF

105

00-6879 770

Dollars

FINANCIAL INSTITUTION Your City, State, Zip Code

:00000000 : 0000 0000 0 000 0 0.:

Memo

$

Date:_______

12 3

4 5 6

7 8 9

1011

9

The Back of a Check

INDORSE HERE

DO NOT WRITE, STAMP OR SIGN BELOW THIS LINERESERVED FOR FINANCIAL INSTITUTION USE *

10

Sample Checks

YOUR NAMEYOUR ADDRESS

YOUR PHONE NUMBER

PAY TO THE ORDER OF

105

00-6879 770

Dollars

FINANCIAL INSTITUTION Your City, State, Zip Code

:00000000 : 0000 0000 0 000 0 0.:

Memo

$

Date:_______

YOUR NAMEYOUR ADDRESS

YOUR PHONE NUMBER

PAY TO THE ORDER OF

105

00-6879 770

Dollars

FINANCIAL INSTITUTION Your City, State, Zip Code

:00000000 : 0000 0000 0 000 0 0.:

Memo

$

Date:_______2/26

Coffee Mart

Nineteen and 75/100

19.75

Your signaturecoffee maker

11

ATM

3

4

21

Automatic Teller Machine

12

Sample Deposit Slips

Your NameYour Address

Your Phone Number

DE

PO

SIT

T

ICK

ET

DATE DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL

SIGN HERE IF CASH RECEIVED FROM DEPOSIT

YOUR FINANCIAL INSTITUTION

YOUR CITY, STATE Zip Code

DO NOT USE FOR AUTOMATIC PAYMENT OR CHECK

TRANSACTIONS

:00000000 : 00000 00000.:

CURRENCY

COIN

CHECKS

OR TOTAL FROM REVERSE

SUBTOTAL

LESS CASH RECEIVED

NET DEPOSIT

Your NameYour Address

Your Phone Number

DE

PO

SIT

T

ICK

ET

DATE DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL

SIGN HERE IF CASH RECEIVED FORM DEPOSIT

YOUR FINANCIAL INSTITUTION

YOUR CITY, STATE Zip Code

DO NOT USE FOR AUTOMATIC PAYMENT OR CHECK

TRANSACTIONS

:00000000 : 00000 00000.:

CURRENCY

COIN

CHECKS

OR TOTAL FROM REVERSE

SUBTOTAL

LESS CASH RECEIVED

NET DEPOSIT

3/2230

30 0

0 0

0

13

Sample Deposit Slips

Back of Deposit Slip

EN

TE

R T

OT

AL

ON

TH

E F

RO

NT

OF

TH

IS

TIC

KE

T

Cen

tsD

ollars

Ch

ecks

Lis

t si

ng

ly

1 2 3 4 5 6 7 8 9 10

11

12

13

14

15

16

TO

TA

L

Your NameYour Address

Your Phone Number

DE

PO

SIT

T

ICK

ET

DATE DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL

SIGN HERE IF CASH RECEIVED FROM DEPOSIT

YOUR FINANCIAL INSTITUTION

YOUR CITY, STATE Zip Code

DO NOT USE FOR AUTOMATIC PAYMENT OR CHECK TRANSACTIONS

:00000000 : 00000 00000.:

CURRENCY

COIN

CHECKS

OR TOTAL FROM REVERSE

SUBTOTAL

LESS CASH RECEIVED

NET DEPOSIT

3/23Your

Signature

50

2525

0 0

0 00 0

14

Your Financial Institution Street Address City, State Zip

Your Name

Street Address City, State Zip

Account Number 0000000000

Summary of Account Activity For period ending 3/20 Date of last statement 2/20

Date Transaction Description Withdrawal/

Deposit Amount Balance

2/20

Opening Balance Deposit

200.00

200.00

2/26 Check #105 -19.75 180.25 3/12 ATM Withdrawal -100.00 80.25 3/18 Monthly Fee -2.00 78.25

Cleared Checks Check # 105

Amount 19.75

Summary

Previous Total Total No. of No. ATM No. of Service New Balance Deposits Withdr. Checks Transactions Deposits Charge Balance $200.00 $0 $124.75 1 1 0 $2.00 $78.25

Checking Account Statement

76

5

4321

15

Reconciling Your Account

WITHDRAWALS OUTSTANDING - NOT CHARGED TO ACCOUNT

 Financial Institution

balance shown on this statement

$

Check Number Check Amount  

    $

    Total $

    $

      $

      $

    Balance $

     * This balance should agree with balance in your check register.

Total $  

Subtract withdrawalsoutstanding

Add deposits outstanding

75.25

25.0050.25

30.0050.00

130.25

0.00