Name Class Date Opening and Managing a Checking Account (continued) WHAT TO DO IF YOUR CHECKBOOK ISN'T BALANCED If you have tried to balance your checkbook and your register shows a different amount than the bank records, use this checklist to try to identify the reason for the discrepancy: 1. First, make sure that you started off with a balanced checkbook. Q Was your checkbook balanced last month? If not, the problem may be with last month's figures. 2. Then make sure that you have accounted for every deposit, check, debit card transaction, and ATM withdrawal made on your account. Also be sure to record any bank charges in your check register. Have you recorded every transaction in your check register? Have you overlooked any deposit, withdrawal, or fee/charge that has not cleared the bank since the closing date on your bank statement? 3. Double-check your math. 4. Check with the bank. If you have double-checked everything and have found no errors, it is possible that the bank made the error. 8 by Savvas Learning Company LLC. All Rights Reserved.Name Class Date Opening and Managing a Checking Account (continued) BALANCING YOUR CHECKBOOK Step 1. In the v column of your check register, check off every deposit, check, debit card, and ATM transaction that appears on the bank statement. Step 2. Record the closing balance (from bank statement): Step 3. Calculate the total deposits by adding together all deposits made since the closing date on the bank statement (all deposits with no check marks in the v column): Date Amount Total Deposits =S Step 4. Add together the closing balance (from Step 2) and the total deposits (from Step 3) to get the subtotal: = $ Step 5. Calculate the total debits by adding together all debits (checks, debit card, and ATM withdrawals) made since the closing date on the bank statement (all debits with no check marks in the v column). Include bank service fees: Date Amount Total Debits Step 6. Add total debits to the subtotal in Step 4: = $ This total shows the amount of money in your account according to the bank. It should match the most recent running total in your check register, after recording any bank service fees. 7 @by Savvas Learning Company LLC. All Rights Reserved.Name Class Date Opening and Managing a Checking Account (continued) Number or Code Date Transaction Description Payment, Fee, Withdrawal (-) Deposit, Credit (+) Balance 4/10 deposit 50.00 birthday gift from Aunt Teresita 228 4/12 Ted's Auto Shop 17903 car repairs SC 4/17 bank fee 10.00 AD 4/18 deposit paycheck 546.30 THE BANK STATEMENT You will receive a bank statement once a month, either electronically or by mail, that shows all of the activity on your account for the last month. Note that the dates on the statement for checks indicate the dates the checks cleared the bank, not the date the checks were written. Checking Account Statement Account Number 12345-6789-0 Statement Date 3/18/18-4/17/18 Closing balance: $532.04 Opening Balance Total Credits Total Debits Ending Balance $323.33 632.50 -$423.79 $532.04 Credits Date Amount 3/28 582.50 DD 4/10 50.00 Debits Date Number or Code Amount 3/18 DC 12.50 3/22 DC 18.00 3/23 226 73.80 3/24 227 68.80 3/25 DC 6.75 3/30 ATM 100.00 4/5 DC 29.95 4/7 DC 93.99 4/17 SC 10.00 DD: Direct deposit DC: Debit card transaction ATM: Automated teller machine SC: Service charge INT: Interest earned @ by Savvas Learning Company LLC. All Rights Reserved.Name Class Date Opening and Managing a Checking Account Research ahead of time to determine which bank and type of checking account best meets your needs. To open a checking account, you will need identification (birth certificate or driver's license) and a deposit to leave with the bank. You should keep careful records when managing your checking account. This record keeping involves two major steps: writing down every check, debit card use, and ATM transaction you make and balancing your check register against your bank statement. CHECK REGISTER 1. The first step in managing your checking account is to keep good records of deposits and debits. Using the check register below, complete the balance column by subtracting withdrawals (debits) and adding deposits (credits). The first transaction is completed for you. AD: Automatic deposit . AP: Automatic payment *ATM: Automatic teller machine . DC: Debit card transaction . SC: Service charge Number Date Payment, Fee. or Code Transaction Description Withdrawal (-) Deposit, Credit (+) Balance 323.33 DC 3/18 Butterfields Grocery 22.50 22.50 appetizers for Erin's party 300.83 226 3/21 AllTel 73.80 DC 3/22 Cinaplex 18.00 movie with friends 227 3/22 Octagon Ticket Agency 58.80 music festival ticket DC 3/25 U.S. Post Office 6.75 send Shawn's birthday gift AD 3/28 deposit paycheck 582.50 ATM 3/30 cash withdrawal 100.00 DC 4/5 Monroe's Dry Cleaners 29.95 DC 4/7 Hawkes Shoe Store 3.99 2 pairs of shoes 5 @ by Savvas Learning Company LLC. All Rights Reserved