1.2.1.F1
© Take Charge Today – August 2014 – Checking Out Depository Instuons – Page 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Instute at The University of Arizona
Opening a Checking Account
Read through the contract
from the bank
Fill out a signature
authorizaon card
- printed name
- signed name
- Social Security
number
- telephone number
- address
- date of birth
Checking Out Depository InsƟtuƟons
Checks are used to withdraw money from a checking
account. Checks are legal documents that funcon like cash.
They are used to make purchases, but there must be
sufficient funds in a checking account in order to write a
check. If a person writes a check from an account that
doesn’t have sufficient funds, it is referred to as “bouncing a
check” and the individual may be charged a fee and harm
future credit opportunies.
A debit card is a plasc card that is electronically connected
to the cardholder’s checking account and can be used
instead of checks for making purchases. When a purchase is
made, money is automacally withdrawn from the
designated account. Debit cards require using a personal
idenficaon number (PIN) to access the account to
perform transacons. A PIN confirms that the user of the
debit card is authorized to access the account.
An automated teller machine (ATM) is another way to have
access to your account without human assistance. ATMs are
accessed using a card and PIN. ATMs allow customers to
withdraw and deposit money into their account, as well as
make account transfers and view account balances.
CHECKING ACCOUNT
Interest‐Earning Checking Account
A type of checking account
Pays a small amount of interest
What negave consequences occur aer “bouncing a check?”
What is an advantage to having an interest
earning checking account instead of a regular
checking account?
A checking account is a very common type of account that offers safety and convenience. Frequent
withdrawals and deposits are expected with a checking account.
