A checkbook contains preprinted bank checks, a register, deposit slips, and a protective sleeve. Customers can order additional checks and often choose designs. Balancing the register with the bank’s records is important to avoid fees. Parents should teach teens to maintain a checkbook and avoid writing bad checks.
A checkbook typically consists of a supply of preprinted bank checks, a register to record payments and deposits, various deposit slips for incoming checks and currency, and a protective sleeve with a pocket for receipts. Many people carry a checkbook in a purse or in addition to a wallet in their pockets. Because a checkbook often contains sensitive banking information, most people keep a close eye on it while out in public. Lost blank checks can be a very costly mistake unless the bank is reported immediately.
Whenever a bank customer opens a new checking account, the bank representative will often issue a small book of generic ‘initial checks’ that the customer must fill out completely during each transaction. A rudimentary register to keep track of check amounts can also be included in this starter checkbook package. Once a customer has reached the end of the initial check supply, additional packs of preprinted checks can be ordered through the bank itself or other professional check printing companies.
Many people select checkbook designs that reflect their individual personalities or affiliations. Checks must contain certain standard information, such as an account number, the name of the banking institution, the routing number for computerized deposits, and customer contact information. A checkbook only holds one set of checks at a time, but customers often order in bulk. Because checks are numbered sequentially, it’s important to maintain continuity each time a checkbook is replaced.
A checkbook register allows users to maintain a running account of incoming and outgoing checks and deposits, but periodically these amounts must be verified against the bank’s own records. Monthly statements issued by the bank can be used to determine which checks have been processed and which checks or deposits have yet to post. This information may also be available by phone or through a secure online account. Making sure that the balance in the register matches the factual information provided by the bank is called ‘balancing a checkbook’. Accurate checkbook information can be vital if the amount of an outstanding check would be greater than the available balance in the account. Checks returned for insufficient funds can create numerous additional fees from both the bank and the check holder.
Maintaining a checkbook correctly is an important habit to develop early in life. Parents of working teens should demonstrate how to balance or reconcile a checkbook and also emphasize the dangers of writing worthless checks.
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