Managing Your Checking Account
Learn to Manage Your Checking Account and
Protect Your Money
Benefits of Your Checking Account
Maintaining your TFCU share draft (checking) account responsibly
and accurately is a great way to accomplish five important things:
Safety: Checks are safer to carry around and mail than cash.
Budgeting: Keeping records of checking activity helps you better
budget your expenses and income.
Convenience: Electronic services such as Home Branch (Internet
account access), MoneyPlusTM Visa check card or ATM card and
Command Center (telephone account access) give you easy
access to your account 24 hours a day.
Establish Credit: A well-maintained checking account can serve as
a good reference when you begin to establish credit.
Overdraft Protection: Your checking account at TFCU is
automatically protected by Overdraft Coverage (see current rate
sheet for NSF fee). You may also choose to sign up for optional
overdraft transfer and have funds pulled from your savings account
or one of your other designated accounts to cover a submitted
check, in case of an overdraft, without a fee.
How to Write a Check
Handle your checks as carefully as you do your cash. It is important
to complete each check correctly.
1.Write the date.
2.Write the name of the person or company you are paying. Draw a line after the name.
3.Write the amount in figures directly next to the dollar sign.
4.Write out the amount on the next line, beginning at the extreme
left. Write in amounts of dollars and fractions of dollars.
5.Draw a line through any unused space to the right of the amount.
6.Write what the check was for.
7.Sign your name consistently on all checks. Avoid using illegible
writing or a hand-printed signature that can be easily copied.
How to Endorse Your Checks
Before you can cash or deposit a check made out to you, you must
sign, or endorse, it. Most checks have a designated line for your
signature. If not, endorsements should be made within 1 and 1/2
inch from the left edge on the back of the check.
There are three types of endorsements:
1.Blank endorsement is the signature of the person to whom the
check is written. Put your checking account number on the back,
under your signature. Once endorsed, anyone can cash it. To be
safe, endorse your checks only when you are ready to cash or
deposit them.
2.Restrictive endorsement states that the check is “for deposit
only,” which you write on the back of the check. Put your
checking account number on the back, under the notation “for
deposit only.” No signature is required. Use this endorsement
when mailing a deposit to your credit union.
3.Special endorsement makes a check payable to a third party
and prevents anyone else from cashing it. Sign your name, then
write “pay to the order of (name)” below your signature.
Other Helpful Hints
• Never use pencil or erasable pen when writing a check.
• Don’t make a check out to “cash.” Instead, write your own name
•
•
•
•
on the payee line.
Never sign your checks before you are ready to use them.
Flip through your checks from time to time. Forgers sometimes
steal checks from the back to postpone detection.
If you make a mistake, write VOID in big letters across the check
and in your register. Then destroy the check and write another.
Destroy all old checks if you change your name and address.
How to Make a Deposit to Your Account
Use the deposit slips that come with your checks for making
deposits into your account. In the designated areas, you will write:
1.The date of the deposit
2.The amount of currency (paper money) and coin deposits
3.All checks, with each amount listed separately
4.The subtotal of the checks, currency and coins
5.The amount of cash you want back
6.The total, minus cash received
7.Your signature, if you wish to receive cash back
Endorse all checks properly before making your deposit.
Direct Deposit Your Pay
Have your net pay, retirement, Social Security or other recurring
payments directly deposited to your TFCU checking account for
time-saving convenience.
Duplicate Checks
TFCU offers checkbooks that create a carbon copy of each check
you write. These are called duplicate checks. When all your checks
are used up, you are left with a book of duplicates for your records.
It is still important to keep your check register up-to-date, so you will
know at all times what your balance is. (See more information about
maintaining a register below.)
Balancing Your Checkbook
Steps for Balancing:
1.Verify and check off in your check register each deposit, check or
other transaction shown on your statement.
2.Enter in your register and SUBTRACT:
• Any checks or other deductions (automatic or electronic
payments, ATM withdrawals, MoneyPlus purchases) on your
statement that you have not already entered
• Any service charge on your statement
3.Enter in your checkbook and ADD:
• Any deposits or other credits on your statement you have not
already entered
• Any dividends on your statement
4.List from your check register any checks or other deductions not
on your statement:
NUMBER
AMOUNT
___________________________
___________________________
___________________________
___________________________
TOTAL CHECKS:
$_______________
5. List any deposits from your register not on your statement:
DATE
AMOUNT
___________________________
___________________________
___________________________
___________________________
TOTAL DEPOSITS:
$_______________
6. Enter ENDING BALANCE shown on your statement:
$_______________
7. Add totals from #5 and #6 and enter total here:
8. Enter total from #4:
$_______________
$_______________
9. Subtract #8 from #7 and enter difference here:
*$_______________
*This amount should agree with your check register balance.
Using a MoneyPlusTM Card or ATM Card
A MoneyPlusTM Visa® check card gives you 24-hour access to
the funds in your checking account. All you need to access your
account from any ATM is your card and your Personal Identification
Number (PIN).
Instead of writing checks, use your MoneyPlus card anywhere Visa
is accepted to pay for purchases. The money is debited from your
checking account.
Just remember, with any type of electronic transaction, be sure to
write it in your check register for an accurate balance.
How to Keep a Check Register
It’s important to keep a record of all transactions in your checking
account — including deposits, withdrawals, fees and dividends.
That’s what your check register is for. Even though your TFCU
checks have carbon copies, keeping the register current is important
and lets you know how much money you have in your account at all
times.
You will receive a check register when you order checks. There are
two lines for every transaction.
On the top line, record:
• The number of the check or another transaction type (see
abbreviations for various transaction types on the form below)
• The date you write the check, withdraw funds or make a deposit
• The name of the person or company the check was written to (if
it was a deposit, dividend, ATM cash withdrawal, transfer of funds
from another account, or service charge, record that instead)
• The amount of the payment or debit
• Any fees charged
• If the transaction was a deposit, credit or dividend, write the
amount under the section deposit/credit
• The amount to be added to or subtracted from your balance
On the second line, write:
• The reason for the check (lunch, tires, clothes, etc.)
• The new balance after adding or subtracting the entry
TRANSACTION TYPES: D - Deposit, ATM - ATM Withdrawal, CC - Check/Debit Card, ET - Electronic Payment, AD - Automatic Deposit, T - Tax Deduction, O - Other
TRANS. TYPE
DATE
OR
CHECK NO.
DESCRIPTION OF TRANSACTION
PAYMENT/
DEBIT
(-)
1683
1/31
Sam’s Discount Grocery Store
groceries for dinner party
56 38
CC
2/4
18 00
D
2/6
ATM
2/8
MoneyPlus purchase
(Bubba’s Gas Stop) tank of gas
deposit
insurance refund check
ATM withdrawal
FEE
IF ANY
(-) ()
DEPOSIT/
CREDIT
(+)
125 00
100 00
Federally insured by NCUA
BALANCE
$ 508 93
56 38
452 55
18 00
434 55
125 00
559 55
100 00
459 55
RV 8-2013