1. PD 21 Mrs. Biegel

2. NPR Podcast

3. Banks are a business, they: Provide a safe place for people to deposit money Lend funds to people & businesses in temporary need of cash

4. Accept Money Transfer Money Create Money Deposits Deposits Demand Demand Time TimeWithdrawal Limits Limits Why: profit Why: profit for the bank for the bankInterest Money paid to depositors for using their funds Money paid to depositors for using their funds Between accounts on depositors request Make money from loans & deposits Use money deposited to create loans Must keep a reserve Why: if depositors want to withdraw funds Why: if depositors want to withdraw funds

5. Protect Your Money’s Purchasing Power Protects against rising prices through the payment of interest Banks are Regulated So your money will be there when you need it Deposits are Insured By FDIC up to $250,000 each account

6. Interest Bearing Must have minimum balance or pay monthly fee Non-interest Bearing No minimum balance

7. Moving of money from one account to another by computer Types of EFT: 1.Automated teller machines 2.Automated Bill payment 3.Debit and Check Cards 4.Banking at home

8. Do not give out your PIN Do not keep your PIN with ATM card Record transactions immediately in check register Record ATM fees in check register

9. Funds are immediately withdrawn from your checking account Record transactions immediately in your checking register Record any fees in your check register

10. Certified Check Cashier’s Check Money Order Wire Transfer Safe Deposit Box

11. Personal check that has been stamped and signed by a bank officer Stamp guarantees that your account has the money to cover the check Fee ($5 – 20) Use when purchasing large item A car Down payment on a house

12. A bank’s own personal check signed by the bank’s cashier Payment comes from the bank’s own money Fee approximately $25 Use when purchasing a large item A car Down payment on a house

13. Use when need to pay with a check but you DO NOT have a checking account Purchase at grocery stores, banks, post office Pay a small fee ($1-$10) for each money order

14. An electronic communication that moves money from an account in one bank to an account in a different bank Happen instantly

15. Boxes with individual locks that you may rent from a bank Located in a vault Store valuables and irreplaceable items in the box Pay a yearly rental fee ($30-$40)