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1 Checking Accounts
Writing Checks
Writing Checks
Writing Checks
Section 24.1 Checking Accounts Why Its Important Knowing about checking accounts and writing checks will help you use your money wisely.
Writing Checks
Legal Terms
stale check (p. 522) outstanding checks (p. 523) bad check (p. 526) forgery (p. 527) uttering (p. 528)
Writing Checks
Section Outline
Using a Checking Account
Opening a Checking Account Balancing Your Checkbook Writing Checks
Writing Checks
Pre-Learning Question
How would you use a checking account?
Writing Checks
Writing Checks
Writing Checks
Writing Checks
Writing a Check
Banks provide regular and special printed check forms. These checks display a series of numbers printed in magnetic ink that make it possible for computers to process the checks quickly and accurately.
Understanding Business and Personal Law Writing Checks
A Personal Check
Writing Checks
Parities to a Check
A check is a draft drawn on a bank and payable on demand. Drawerperson who writes the check Draweebank ordered to pay the money Payeeperson to whom the check is made payable
Understanding Business and Personal Law Writing Checks
Avoiding Negligence
To avoid negligence, you should write checks that cannot be changed easily or signed by a forger.
Writing Checks
Writing Checks
Writing Checks
Writing Checks
Bad Checks
A bad check is a check drawn on an account in which you have insufficient funds.
Writing Checks
Bad Checks
Writing a check on an account with insufficient funds is larceny or attempted larceny, unless it is accidental.
Writing Checks
Forged Checks
A forged check is a check that is signed by someone other than the drawer without the drawers authority. Forgery is a crime, subject to a fine and imprisonment.
Understanding Business and Personal Law Writing Checks
Forged Checks
You are guilty of a crime if you knowingly offer a forged check, even if you did not personally commit the act of forgery.
Writing Checks
Forged Checks
When an offeror deliberately submits a forged instrument to another, the resulting crime is called uttering.
Writing Checks
Writing Checks
Writing Checks
Fill in the blanks in the statements below. 1. A _____ check is one that is signed by someone other than the drawer without the drawers authority.
Understanding Business and Personal Law Writing Checks
ANSWER
Forged
Writing Checks
Writing Checks
ANSWER
Stale
Writing Checks
3. A _____ check is one that is drawn on an account in which there is insufficient funds.
Writing Checks
ANSWER
Bad
Writing Checks
ANSWER
4. A _____ check is one that has been written but not yet returned to the bank for payment.
Writing Checks
ANSWER
outstanding
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Reviewing What You Learned 2. Describe the proper way to write a check.
Writing Checks
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Writing Checks
Writing Checks
Writing Checks
Reviewing What You Learned 3. Summarize the process of balancing your checkbook.
Writing Checks
Writing Checks
Writing Checks
Writing Checks
Writing Checks
Writing Checks