Presentation is loading. Please wait.
Published byJudith Snow Modified over 7 years ago
Also Known as the FED Known as the “Central Bank” of the United States Main Function: controlling money supply through monetary policy Other Functions: Depository Service for US Government Influencing Interest Rates Supervising and Regulating Commercial Banks Does The Federal Reserve System Print the Money? Who Does?
Deposit-when you put your paycheck or cash into your account at the bank, E – checks or have payments withdrawn form your account Direct Deposit-allows pay and benefit checks to be directly deposited into a specified account Paperless form. Authorizes bills to be paid by a specified account without having to write a check Helps prevent check fraud because an actual check is not floating around the issuer, receiver and account
Offer a wide variety of services and products Checking/Savings Accounts, Loans, Safe-Deposit Boxes, CD’s, Investment Opportunities, Credit Cards, Mortgages, FDIC (Federal Deposit Insurance Corporation) Insure federally chartered commercial banks against loss of your deposits Covers up to $ 250,000
Focuses on providing loans and mortgages to customers Offer many of the same services as Commercial Banks, However their focus is on Loans and Mortgages Generally pay a higher interest rate than commercial banks FDIC Insured up to $250,000
Member owned Bank:(By Account Holders) Account Holder-the person who owns the money in an account Accounts are called Share Accounts National Credit Union Administration (NCUA) Provides insurance for Credit Unions
Offer money management plans for investing Main service is providing Investments Provide financial assistance and advice you can buy Stocks & Bonds is with a Brokerage Firm
Small Businesses that say “Cash Paycheck Here” or “Get CASH Now” Will charge the HIGHEST Interest rates out of all other Financial Institutions SAY NO TO PAYDAY LOAN COMPANIES
Purpose of Having a Checking Account? Hold money in a secure place Makes transactions more convenient Account Holder- person who own the money in the account Access to Funds: Automated Teller Machine (ATM)-Electronic computer terminals offering automated, computerized banking Debit Card-card that allows person to carry less cash Checks-Most Similar to using a Debit Card Electronic Banking- Telephone, Internet access, ATM Transactions
The Bank will ask you to provide Photo ID Signature Address Initial Deposit Social security number
Sign the Back of the Card and also write see ID If lost: Report within 2 business days card holder is reliable for $50.00 Report after 2 business days card holder is reliable for $500.00
Check written for an amount over the current balance held in the account You could be charged a fee by the following for Bouncing a Check The Store could charge you a fee Your Bank will charge you a fee Hurt your Credit Rating “Check 21” Decreased the amount of “Float” Time It clears the check more quickly than in the past
Name of Person Writing Check Check # Address Date: Pay to the Order of : The name of the Payee $ Amount Check Amount in Words Memo: Reason For Writing Check Signature: Payee: Person who is receiving the check
Blank Just Sign your name Can deposit and Cash Withdrawal Restrictive Write “For Deposit Only” with Account # and Sign your name Special Write “Pay to the order of” (to who you want to pay) and Sign your name below
Date of Deposit Sign ONLY if you want cash Back Net Amount Deposited into Bank: check amount – cash received Check Number Amount of CASH you want from Check Check Amount
Balancing a checkbook register to the balance shown on the monthly bank statement Comparing the Two
© 2023 SlidePlayer.com Inc.
All rights reserved.