ZACHARY MEYER

RESPONSIBLE CHECKING
PROJECT
Block 1

Vocabulary

Checking Account = an account that can hold your money, you

receive no interest on your money within this account but you also
receive a debit card so that you can access the account whenever you
so desire.

Deposit = A deposit means to put money into something, like a credit

or savings account.
Withdrawal = A withdrawal means to take money out of an account,
like a savings or checking account.

Check = A legal document that is filled out to someone or something

that can accept money. This amount specified by the check is then
deposited into their account when they cash the check; that money is
taken out of the check givers account.

Checkbook = A check book is where you take your checks from, these
checks are linked to your account so it is not recommended that you
lose these.

Check Register = this is where you can keep track of all the things
that you use with checks

Debit Card = this is a card that is linked to a checking account so that

you can access the account whenever you want to access.

ATM = this is like a smaller bank where you can receive money on the
fly from your account, though you may be charged extra depending on
your bank.

PIN = this is a code that you put into the ATM in order to take money
out of your account

Purpose of Checking Accounts

Why do people have checking accounts?
o People have checking accounts because they need to have an
account that they can use for everyday expenses. Therefore
these accounts are the best for this because they do not have a
certain limit on the number of withdrawals that you can do in one
month like other accounts. Another perk of having a checking
account is that it comes with a debit card and now a days many
places accept debit cards, which eliminates the need to carry
larger amounts of cash in your wallet, which could be annoying if
you were to lose your wallet. Lastly a checking account is good
to have because you have a secure place to put your money
rather than under your mattress.
What are 2 ways to make payments with checking accounts?
With a checking account there are two ways that you can pay
your bills. The first way is to use your debit card, which now-adays is almost universally accepted. The other way to pay for
things besides using cash is to pay with a check. Although some
places do not accept checks anymore, they are still considered a
valid way to pay for things. However you normally should not use
a check to pay for McDonalds or something small like that,
generally you save checks for when you pay larger bills. For
something small like that you could always pay with your debit
card or with cash.

Checks
Explain why a check could be used

A check could be used to pay for things in a variety of different

situations. The first and most probably the most common way is
when you have to pay a larger bill and you do not have the cash
in your hand at that moment but you do know that you have the
money in your bank account. The other situation is when you
have to pay a bill through the mail, since it is very dangerous to
mail straight cash to a place through the postal service, since
anyone can just open the package and steal the money inside of
the envelope. The other and final way is to pay for something
that you will not be there for. For example my mom gave me a
check to pay for my soccer club and this was because she
wanted that money only used for my admission to the club and
not anything else.

How to deposit a check

To deposit a check there are a few steps that you have to complete. The first
step is to sign the back of the check with your signature. Then after that is
complete put the check into the machine and enter all the information that it
asks you for. After that is complete then you get a receipt and you print that.
After you print everything, your check is deposited and the money should be
in your account that you specified in the machine.

Debit Cards
1. A debit card is a small plastic card that is linked to your checking
account. This small card has your signature on it and is used to access
your account. You can use this card to pay for most things, since now
they are almost universally accepted. The debit card can be used to
pay for groceries, gas, and other important things that you buy every
so often, in most cases it is very easy to use, all you have to do is
swipe it and then put in your PIN and sign.

Debit Card Tips

1. Always protect your ATM card and keep it in a safe place, just as you
would cash, credit cards or checks.
2. Do not leave your debit card lying around the house.
3. If your card is lost or stolen, or you suspect it is being used fraudulently,
report it immediately to your bank. Close your account and ask your bank for
a new account number and PIN.
4. Hold on to receipts from your debit transactions. Don't throw them in
public trash cans or even in your own trash without first shredding them. This
is because some people have been known to find them after you throw them
out.
5. Memorize your PIN, and do not write it on your card.
6. Don't choose a PIN a smart thief could figure out, such as numbers
corresponding to your birth date or your phone number.
7. Never give your PIN to anyone. Keep it private.
8. Always know how much money you have in your account, and review
bank statements carefully. Don't forget that your debit card may allow you to
access money that you have set aside to cover a check that has not yet
cleared your bank.
9. Keep your receipts in one place for easy retrieval and to have a better
idea of where your account is money-wise.
10. Never give your debit card number over the phone unless you started
the call and are certain that the recipient is someone who can be trusted.