Cash, Loans, Debts, and Promises

the very basics

  • You open a checking account when you want to deposit money in a bank, and then write checks for things you want to buy, or to pay bills.
  • You deposit money in the account and buy the checks to use.
    • You can buy checks from the bank’s source, or from many cheaper sources online.
  • You can write checks only for the amount of money you put into the account.
  • It is extremely important that you use the check register (a record you keep of the money you started with, and the money you used with checks) to keep track of how much you have spent with your checks and what is left.
  • Writing checks for money you don’t have is a crime you can go to jail for, or you will have to pay HUGE fees for, or both.
  • Your credit rating will suffer if you write bad checks. More later.
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