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Banking Chapter 3, Section 2 (page 55) Fraud • Alter purchases you made legally • Ask for your information • Mail, phone, and email • Send you stuff and have you forward it • Steal your Credit / Debit Card Number • Steal your identity Writing Utensil • Blue / black normal pen • Gel pens may not read • Colors may not show up on digital scans • Safety pens • Ink is absorbed into the check and cannot be ‘washed’ off • Online: Only enter information into trusted / researched companies • Check your statements closely • Be careful who you hand a debit card to and where you use it Responsible Banking • Keep your checking account balanced • Know how much money you have or could cost you • Overdrafts are a sign of crisis living and sloppy, lazy money habits • Use duplicate checks if need be • Most will be digital so find a good app that you like • If not managed the debit card is certain to become a budget buster Deposit 2 Exercise 5-C, Page 62 6 1 Today’s date goes here Print Your Name Here 3 Print Your Address Here 4 Sign Your Name Here 5 3 33 3 3 3 3 Click the numbers 5-E-1 7 x 125 0 9 3 75 2 5 500 3 4 75 0 0 4 25 3 4 Complete Exercise Handout 5-E-2 Deposit Exercise 5-C, Page 62 x Mrs. Catalano 1001 S. Barnes Rd Mason MI 60 3 1 3 0 0 4 5-E-3 50 0 0 31 4 67 5 01 2 414 7 9 2500 389 7 9 Endorsing Checks • Endorsement: Signing your approval for a check to be chased • Blank: Sign your name • Restrictive: Make sure deposited only in your account • For Deposit Only, Sign Name, Account # • Special: Give check to someone else • Pay to the order of, Their name, Sign Practice • Handout with Endorsement and another Deposit Check Practice Check Details Click the numbers 1 2 3 4 5 6 7 8 9 10 11 Enter Put Here your just the personal date number you check signature write ofNumber. this number each Check. here. check. again (see above right). On Here This Legibly Place Make the isisthe sure to lower where the your print add Routing your Account line, the any you personal amount information write write Number out the of information the money name for you (Note amount your want ofthis the that bank on like check toparty the sometimes related (used this. check is you for. for to are iselectronic this these correct. writing check. twoyour check transfers numbers to (the of arefunds payee). the reverse from Beyour sure of what account to write is shown to orthe print here.) payee’s legibly!account) John M. Smith 5-F Practice Writing a Check & Recording • Handout Start with $416.68 • 1st Check # 234 • For Shoes to Robinson’s Department Store, $47.93 Keep a Record Click Here 1 2 Finish recording transactions 3 Last Balance 234 235 3/7 Robinson’s Department Shoes 3/12 Acme Insurance – Auto 416.68 47.93 350 -47.93 368.75 18.75 274.36 5-G Does It Balance? 1 of 2 Reconciling your checking account statements Why reconciling is important • Lets you check for mistakes and checks you wrote but did not enter. • Gives you a chance to subtract other charges that the financial institution may have added. • Lets you add any interest that your checking account may have earned. 5-H-1 Does It Balance? 2 of 2 Reconciling your checking account statements Why reconciling is important • Not all the checks you have written will always be shown, because they may not have been cleared by your bank or credit union. • Uncleared checks will show up on your next statement. 5-H-2 Exercise 5E: Does it Balance? 1. Add interest and other deposits made but not yet entered in your checkbook balance sheet. 2. Subtract any service charge or other deductions not previously entered in your checkbook balance sheet. 3. Add deposits made but not shown on this statement. 4. Subtract checks issued and withdrawals made but not shown on the statement. 5-H-3 PRACTICE WITH HANDOUT Debit Cards HOW TO USE A DEBIT CARD • Swipe the debit card in the card reader, or give it to the clerk to swipe. • Choose the “Debit” option. • Enter your PIN number* • Enter the amount of cash back, if desired. • Money is taken directly out of your checking account, so enter the amount spent into your checking ledger. 5-J *About your PIN About Your PIN • PIN stands for Personal Identification Number. This number gives you access to your account, so it’s important to keep it secret. • Memorize your PIN number. Do not write it down and keep it somewhere in your wallet (where someone could find and use it). 5-J-Extra Using Debit Card as Credit • Swipe the credit card in the card reader, or give it to the clerk to swipe. • Choose the “Credit” option. • Sign the receipt. • Keep and save your copy of the receipt to record later in order to keep track of what you have spent. 5-K