HUMS 202 Study Guide - Quiz Guide: Payment Card, Debit Card, Overdraft
26 Apr 2018
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● Writing a Check:
○ Check: written order to your bank to pay someone a specific amount of money;
directing the bank to take money from your account and pay it to someone else
■ Make sure you have enough money in your account:
● Record every deposit and withdrawal in your check register
● Verify the account balance is accurate
■ Complete all the blank spaces on the check:
● The date: include month, day, and year
● Pay to the order of: where you write the name of the person or
company that you want to receive your money
● The dollar amount of the check in numbers
● The dollar amount of the check in words: draw a line at the end
● The memo section: (optional) reason you wrote check or account
number you wrote it to
● The signature line
■ Record the transaction in your check register
● Ways to take money out of your account:
○ Writing a check:
■ For Cash: write “cash” or your name in the “pay to the order of” area on
your check and then present it to a teller at your bank
● Do not write “cash” until you are in the bank; if you lose it along
the way, anyone can cash the check
● Remember to record the withdrawal
○ Using an ATM:
■ Insert your ATM card
■ Follow the instructions on the screen
■ Take your money and ATM card
○ Using the teller service and withdrawal slip:
■ Fill in the date, account number & account type, the amount you wish to
withdraw in words and again in numbers, & your name (print and sign)
○ Receiving cash back from a purchase
● Overdraft Fees:
○ Overdraft occurs when you do not have enought money in your account to cover
a transaction
○ Usually a fee around $35
○ If you do not have an overdraft program and you overdraw, the bank will bounce
the check
○ Bank and company may charge you non-sufficient funds (NSF)/returned item fee
(15-50$)
○ How to avoid:
■ Keep track of how much money is in your account
■ Pay special attention to track your electronic transactions
■ Remember to record automatic bill payments and checks you write
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