HUMS 202 Lecture Notes - Lecture 3: Social Security Number, Payment Service Provider, Customer Service

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7 Feb 2017
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Benefits of checking account
- convenience → provide w/ quick & easy access to money (paycheck and income tax refunds
can be directly deposited)
-cost
-money management → need to reg. Monitor and record transactions
-safety
Types
-free/low-cost checking: charge no more than $5.00 per month, fee waived if use direct deposit
or use atm/debit card a min. 3x/month
electronic-only/ATM checking: requires use of direct deposit & ATM/debit card; good if handle
banking transactions online; may be charged monthly service charge for not meeting min. #
online transactions
Regular checking: min. Balance required to waive monthly service fee
Interest bearing checking: maintain high min. Balance ($1000) to earn interest and avoid fees
Opening checking account: need social security number, ind. Taxpayer id number (if not US
citizen), some form of ID/greencard/passport/etc with country and ID number
Cash Deposit w/ deposit slip
- Deposit slip needs correct amnt & address info
- Write in transaction line
- Add up cash and write amnt
- Giver teller slip and cash
If depositing slip-- write “For Deposit Only
Check overdrafts
-write check w/o money in account to cover the check → bouncing a check & stores will charge
a fee when this happens
Electronic banking services:
- Statements and alerts
- Money transfers, deposits, and withdrawals
- Bill payment services
- Debit card replacement and check ordering
- Account maintenance and information
- Customer service via email or online chat
**record all transactions in check register or budgeting software; record maintenance fees,
interest, and other bank charges, review monthly checking account statements, reconcile check
register w/ monthly checking account statements
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