Getting Started with Numbers
Numbers & Money
1 penny + 1 nickel + 1 dime + 1 quarter
.01 + .05 + .10 + .25 = $.41 (or 41 cents)
Going to the Bank
What services do banks normally offer?
In the past, when people wanted to save their money, they sometimes put it under their mattresses or in their freezers! They didn't want other people to find it. They thought their money was safe in those places. Now most people in the United States keep money in banks or credit unions. Banks and credit unions have many services. They can help you save and manage your money.
In order to use a bank's services, you usually need to be a customer of the bank, which means you will need to open an account. You can open several different types of accounts. The two most common are:
$ Savings Accounts: A savings account is a place where you deposit your money so that it will be safe and grow. The bank pays you money, called interest, when you save your money in one of their accounts.
$ Checking Accounts: A checking account is a place where you deposit your money when you will need to spend it soon. You can pay your bills with checks. The bank or credit union takes the money from your account when they receive your check from a business or company.
How to Write a Check
1. Date – Write the current date including the month, day, and year. You can do this using all numbers or you can write out the month in words.
2. Pay to the order of – Write the name of the person or company to whom you are writing the check. Make sure that you get the spelling correct or their bank may not accept it for deposit.
3. Amount in numeric form – Write in the amount of the check using numbers. Make sure your decimal point is clear and your numbers are legible.
4. Amount in words – Write out the dollar amount in words and the cents amount in numbers over 100. Fill in the rest of the blank with a line all the way to the end (this prevents anyone from altering the amount you have written on the check).
5. Signature line – This is where you write (not print) your name. You will sign all checks the same way and should use your full name rather than a shortened version. This is a formal document.
6. Memo – Record a note to remind yourself what the payment was for. This helps when you are balancing your check register and making your budget as then you know where you have spent your money.
How Much Money Do I Have?
When you have a bank account, the bank will send you monthly statements that you can review to see how much is left in your account. It is helpful to also have a check register where you subtract and add your withdrawals and your deposits into your account.
Other Bank-Related Resources
$ ATM: The ATM (Automated Teller Machine) is a machine that lets you withdraw, or take, money from your checking or savings account and deposit money into an account at any time. If you use an ATM that is not from your bank, you usually have to pay for the service. It can cost from $.50 to $4.00 every time you use an ATM machine. ATM machines can be found in banks, gas stations, malls, etc.
$ ATM/Debit Card: You insert the ATM card into the ATM machine to withdraw or deposit money. You can also use the card at stores, supermarkets, gas stations, or restaurants. It is similar to a credit card or cash. Sometimes you have to pay for the service, as you do at ATM machines.
$ Loans: Banks or credit unions can loan you money. You pay the money back a little at a time. They charge you interest for the loan.
$ Money Orders and Traveler's Checks: You can get money orders and traveler's checks from a bank or credit union. If you have an account, they do not charge you as much as other places do. Sometimes they are free. (You can often get money orders at grocery stores and at the post office.)
$ Check-Cashing: At a bank or credit union, you do not have to pay a fee for cashing a paycheck or any other check. Many check-cashing businesses charge 10% (of the check amount) or more to cash your check.