Using Deposit Accounts Information from the Virgin Islands Bankers Association

How do I cash a check?

You must endorse a check to cash it. On the back left end of the check, sign your name in the space provided exactly as it appears on the front of the check. If your name is not spelled correctly or a different version of your name is used, sign again the way you usually sign your name. Keep your endorsement within the top one-third of your check, above the line stamped on the back.

Endorse the back of the check

Once you have endorsed your check, it is as good as cash. Because anyone can sign his or her name under yours and get the cash, it is important that you wait to endorse your check until you want to cash it. If you want to sign your check over to someone else, after your signature, write "Pay to the order of and the person's name.

How do I open an account?

Once you have decided which deposit account best meets your needs, you are ready to open one. You will need to share certain information with the financial institution, such as your name, address, phone number and Social Security number. Some institutions will ask you to fill out forms with this information, although others may enter it directly into a computer. You will also need to show picture identification.

You will need to sign a signature card or a computer pad so your signature will be on file. Your institution will use this to verify that you, and not someone else, have signed your signature on deposits and withdrawals. Some institutions may request your thumb print, as well, to make sure others cannot withdraw money from your account. Signing the signature card means that you agree to all the fees, terms and conditions of the account.

When you open a checking account, the institution will ask you to choose the type of check and checkbook you want to use. Compare prices. Fancier styles may be more attractive, but are rarely worth the extra cost.

Printed checks usually include your name and address. You can often add other information to your checks for free, such as your phone or driver's license number. Do not include your Social Security number on your checks.

The institution will give you a set of starter checks to use until your printed checks arrive in the mail. You do not have to order your checks from your institution; mail-order companies offer checks that may cost less.

How do I write a check?

Writing checks properly guarantees that the right amount of money goes to the right person. Follow these guidelines to make it more difficult for someone to alter your check (see How to Write a Check). Preventing problems is much easier than trying to fix them later.

Always use ink to write checks.

Record the current date on the top line of the check.

Writing the check for a future date - postdating will not stop someone from cashing it before then. Avoid returned check fees - never write a check unless you have money in your account to cover it.

Your institution will use a signature card to verify that you, and not someone else, have signed your signature on deposits and withdrawals. Some institutions may request your thumb print as well, to make sure others cannot withdraw money from your account.

A checking account is useful if you Would rather pay your bills by check instead of cash, credit cards or money orders.

Next to "Pay to the Order of," put the name of the person or company who is to receive the check. Start writing as far to the left as you can. Fill the space completely! if the name is not long enough, draw a line after it to fill the rest of the space. Using initials makes it easier for someone to alter your check. For example, a check made out to "IRS" could easily be changed to "I R. Smith" and then cashed.

Next to and as close as you can get to the dollar sign ($), write the amount of the check in numbers, such as "25.80." Many checks have a box for this. On the next line, write the amount in words; for example, "Twenty-five and 80/100." Again, fill the space completely. if the amount written in numbers is different from the amount written in words, your institution will cash the check for the amount written in words.

Sign the check on the bottom line on the right side of the check. if you want, write the reason for writing this check in the space provided on the bottom left side of the check, where it says "Memo." Once you have written your check, record the check number, the date, the name of the person or company to whom the check is written and the amount in your checkbook register.

How do I add money to my account?

To add money to your account, you need to make a deposit. Your institution may give you preprinted deposit slips with your name, address and account number. if not, pick up blank deposit slips at your institution, and write in this information to make sure the money goes into your account and not someone else's. You also can deposit money at an Automated Teller Machine (ATM) or through Direct Deposit.

How do I deposit cash?

After writing your name, address and account number on the blank deposit slip, fill in the current date. Add up the total amount of paper money (1's, 5's, 10's, 20's, etc.) and place this amount in the space next to "Currency." Add up the amount of any coins you wish to deposit. Place this amount next to "Coin." Write the total amount of your deposit (all currency and coins added together) in the space "Total." This is the amount that will be added to your account.

How do I deposit checks?

Endorse the checks. If you want to deposit an entire check into your account, write "For Deposit Only," followed by your signature and your account number. This way, the check can only be deposited into your account. This endorsement not only keeps others from cashing your check, but also means you cannot get cash back.

If you make your deposit in person at your institution, you can get cash back. But you may only be able to get as much cash as you had in your account before making your deposit.

Make sure your name, address, account number and the current date are on your deposit slip. Use a separate line on the front of the deposit slip for each check you want to deposit. If you have more than two or three checks, use the back of the deposit slip to list them. When you use the back of the deposit slip, be sure to list the total (all the checks added together) on the line "Total from Other Side" on the front of the deposit slip. if you have currency or coins to deposit with your check, list it on the deposit slip in the spaces provided.

After you have listed all the currency, coins and checks you want to deposit, add them up. Write this amount on the line marked "Total." If you make your deposit in person at your institution, you can get cash back. But you may only be able to get as much cash as you had in your account before making your deposit. Write in the cash you want in the space next to "Less Cash Received," and subtract it from the total. Write this amount on the line "Total Deposit." The "Total Deposit" is the amount that will go into your account.

Your institution may place a hold on newly deposited funds. This means you cannot use this money until the deposit clears. Federal law specifies when certain types of deposits must be made available. Depending upon the type of deposit, the funds must be available either the next business day, within two business days or within five business days.

See the FAQ for more details

How do I manage a savings account?

You need to manage your savings account so you always know how much money you have in it. Your institution will give you a passbook or savings account register to help you do this.

There are two basic types of savings accounts. Passbook and statement savings accounts offered by most institutions - are easy to use. You can deposit money into your account at the teller window, at your ATM, by mail or by Direct Deposit. You can take money out of your account by using a withdrawal slip or an ATM card. There may be limits on the number of transfers you can make, such as moving money from one account to another or paying bills by telephone. A fee may be charged if your balance drops beneath the minimum required.

With a passbook savings account, all of your transactions - deposits, withdrawals, interest earned and fees - are recorded in a small booklet, called a passbook. Take your passbook to the institution when you want to make a deposit, withdrawal or find out how much interest you have earned. The teller will print the transaction, interest earned and your new balance in the passbook.

With a statement savings account, you will get a periodic statement that lists your transactions and interest earned during that period.

Tips for managing your account. Keep track of deposits. Making a deposit means adding money to your account. Your institution will give you receipts for the deposits you make at the teller window, at an ATM or by mail. Save these receipts. Record your deposits in your account register.

Keep track of withdrawals. To take money from your account, you need to make a withdrawal. You can pick up a withdrawal slip from your institution. Fill in your name, signature, date and the amount you want to take out of your account, then give the withdrawal slip to the teller. The teller will ask for identification, such as a driver's license. Some institutions may ask for a thumb print. You also can withdraw money from an ATM.

Compare your records with your institution's records.
If you have a statement savings account, you will get a statement, usually quarterly, that lists all your transactions since your last statement - deposits, withdrawals, interest earned and fees charged. Contact your institution immediately if you find an error.

Make sure all the deposits you made are included on the statement. if one of your deposits made before the closing date is not included on the statement, you will need your receipt to prove that you made the deposit. Deposits made after the statement closing date will not show up until your next statement. Keep these receipts until the deposits show up on your statement.

Make sure all the withdrawals you made are included on the statement. Remember that recent withdrawals may not show up until the next statement. Compare your receipts with the statement. There may also be charges or other fees. For example, your account may be charged a fee if you use an ATM from another institution. Be sure to subtract these charges from your account register.

Add any interest (dividends) earned to your account register. Your statement will also tell you how much interest your account has earned since the last statement. The larger your account balance, the more interest you will earn. Be sure to add the interest you earn to the balance shown in your account register. After you have subtracted any fees, added any interest (dividends) earned and considered any deposits or withdrawals made after the closing date, your balance should be the same as the balance shown in your check register. If not, call your institution. They can help you resolve any differences.

How do I manage a checking account? The check register helps you keep track of how much money is in your account. This will help you avoid fees for bounced checks or for dropping below any minimum balance requirements. Here are some tips to help you manage your account.

Keep track of deposits.
Make sure you add any deposits to your balance in the check register. When you make deposits, save the receipts. They can help correct mistakes. Remember to add any automatic or Electronic Funds Transfer (EFT) deposits you may get to your checking account register when they are deposited.

Keep track of withdrawals.
Record and subtract any checks you write, withdrawals you make from ATMs and payments automatically taken from your account. Be sure to subtract any fees or service charges from your account balance, including fees for ATM use.

Balance your check register.
Balance your check register every time you get a statement from your institution. Your statement shows all account transactions since the last statement. Balancing your check register means comparing the information in the statement with the information you have recorded in your check register. Statements often have a worksheet printed on the back to make balancing your check register easier.

How do I balance my account?
Start with your statement. Make sure each item listed on your statement is recorded in your check register and that the amount agrees with what you have recorded. Once you have checked an item, place a check next to it on both the statement and in your check register. This will help you to see which items listed in your register have already cleared your institution and will help you to avoid overlooking an item listed on your statement. Be sure to subtract from your register any fees and service charges listed on your statement. Place check marks next to these items in your check register to show that they have already been deducted by your institution.

Identify outstanding transactions. An outstanding transaction is one that has not cleared, or been paid out, by your institution by the statement closing date. You can easily see which transactions have not cleared in your check register:

They do not have checks next to them. You may have made deposits since the statement closing date that do not appear on the statement. List them, and add up the total. You probably will have written several checks or made withdrawals that do not appear on your statement. List these too, and add up the total.

Balance your check register.
Start with the closing balance shown on the statement from your institution. Add any outstanding deposits. Next, subtract any outstanding checks and withdrawals. The total after adding outstanding deposits and subtracting outstanding checks and withdrawals should be the same as the balance in your check register. If not, follow these tips to help you find the error:

Check your math! You may have made a mistake in your check register when adding or subtracting a transaction.

Or you may have made a mistake when adding outstanding deposits or outstanding checks.

Look for missing check numbers. Look in your check register to make sure that you did not forget to record a check you wrote.

Double-check your statement. Make sure the items that you show as outstanding in your register are not listed on the statement. Make sure the amounts shown on your statement for deposits and withdrawals match the amounts recorded in your register.

Call your institution. If you still cannot find the error, call your institution. They will help you reconcile your account. Some institutions charge a fee for this service. The fee is usually based on the amount of time needed to find and correct the error.