VCU HUMS 202 - HUMS 202 Module 3 (3 pages)

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HUMS 202 Module 3



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HUMS 202 Module 3

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Pages:
3
School:
Virginia Commonwealth University
Course:
Hums 202 - Choices in Consumer Society
Choices in Consumer Society Documents
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HUMS 202 Module 3 Check it Out Part 2 Writing A Check 3 Steps o Make sure you have enough money in your account Record every deposit and withdrawal in your check register Verify the account balance is accurate o Complete all of the blank spaces The Date Month Day and Year Pay to the order of Write the name of the person or company that you want to receive the money After writing the name you can draw a line to the end of the space o This prevents anyone from adding an additional name onto the check The dollar amount of the check in numbers i e 19 75 The dollar amount of the check in words After writing the amount of the check draw a line to the end o To prevent anyone from adding an additional digit after what you have written o i e Nineteen 75 100 The Memo Section Writing in this area s optional You can use it to remind yourself why you wrote the check Or record the account number of the bill you are paying Signature Line Sign your name here o Record the transaction in your check register Remember to always record your purchases in your check register Ways to take money out of your account Writing a check o Write Cash or your name in the Pay of Order to area on your check Do not write Cash until you are in the bank If you write it before then and lose the check anyone can cash it o Present it to a teller at your bank o Teller will have you endorse the back of the check As a record of who is actually cashing it o Remember to record it in your check register Using an ATM o Insert your ATM card o Follow the instructions on the screen o Take your money and ATM card Using the teller service and withdrawal slip o Fill in The Date Account number and account type The amount you wish to withdraw in words Again in numbers Your name Print and sign Receiving cash back from a purchase Overdraft Fees Occurs when you do not have enough money in your account to cover a transaction Check Overdrafts o Bad Checks o Bounced Checks o Stores will charge a fee for o NSF Non Sufficient Funds Avoiding Overdraft Fees o Keep track of how much money you have in your checking account By keeping your check register up to date o Paying special attention to track your electronic transactions ATM Debit Card and Online Transactions o Remember to record automatic bill payments and checks you write o Review your account statements each month and reconcile them with your check register o See if you can get email of cellphone alerts from your bank when your balance is running low o Keep extra funds in your account as a cushion Reconciling your checking account Balancing your checkbook o Keeping your check register up to date by recording all transactions and maintaining totals Using Electronic Banking Use of computers to move money to and from your bank account without the use of checks Types o ATM o Automatic Bill Pay o Online Bill Pay o Cell Phone Banking Electronic Banking Services o Statements and Alerts o o o o o Money deposits transfers and withdrawals Bill payment services Debit Card Replacement and check ordering Account maintenance and information Customer service via email or online chat Steps to Keeping Accurate Account Records Record all transactions in your check register or budgeting software Record Maintenance fees interest and other banking charges Review monthly checking account statements Reconcile your check register with monthly checking account statements


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