Presentation on theme: "Banking Addressing Standard 2.0"— Presentation transcript:
1 Banking Addressing Standard 2.0 TSW: Evaluate best practices for successful money management.
2 Read & Absorb & ApplyYou will read (interact) 2 short lessons on bankingBank On ItCheck It OutYou will compete in a Round Robin Competition
3 FDIC Money Smart for Young Adults Bank On ItFDIC Money Smart for Young AdultsBuilding: Knowledge, Security, Confidence
4 Welcome to Bank On It!Why do you want to learn about the services and functions of a bank?To choose the one that’s right for you when the time comesTo take the right steps to open a bank accountTo determine the right person to talk to at the bank when you need different services
5 Objectives Identify the major types of insured financial institutions Identify five reasons to use a bankDescribe the steps involved in opening and maintaining a bank accountDescribe two types of deposit accountsIdentify additional bank services that come with deposit accountsDescribe the main functions of the bank customer service representative, teller, loan officer, and branch manager
6 Checking Account in Bank vs. Satin Bag in Drawer
7 What Do Banks Do?They’re businesses that offer a safe place to keep moneyUse deposits to make loansAlso called financial institutionsOffer many financial services
8 Why keep your money in a bank? SafetyConvenienceLower costSecurityBuild your financial future
9 Types of Financial Institutions BankCredit UnionThrift (or savings and loan)
10 How Do I Open a Bank Account? Your bank should meet your needs, so ask yourself:Click Pic& ReadWhat services does it offer?Is it near my home?Where are its ATMs?What are the fees for different accounts?Is it insured by the FDIC?Suggested changing top question to: How Do I Know What Bank is Right for Me?. If that is too big a change, add to the slide content question the phrase: “about the bank” as in “You should ask yourself several questions about the bank, including:”JK: I kept the question since it matches the lesson, but changed the “Before you open….” wording.
11 Banking Terms Deposit Withdrawal Balance Fees Overdraft put money in the bankWithdrawaltake money out of the bankBalancehow much money you have in the bankFeesmoney charged for servicesOverdraftwithdrawing more money than you have in your accountWIN, LOSE, or DRAW
12 WIN, LOSE, or DRAW Form 2 Groups Teacher will give instructions On Go: Student from each group will complete taskYou will get 30 sec. to prepareHow to get pointsBest interpretation wins (teacher is judge)Team that wins gets Extra Credit
13 What Is Account Verification? Proving your identity and showing your readiness to open an account with identification such as:Photo ID, state-issued ID cardPassportDriver’s licenseSSN, ITINChanged dash from keyboard dash to symbol to be consistent with other slides..
14 Depositing Money Use a deposit slip A deposit slip tells the bank how much money you are adding
15 Deposit Accounts Checking accounts Savings accounts Write checks to pay bills or buy goods or servicesLinked to an ATM/Debit cardSavings accountsEarn more money on your depositsUsually use money only on things you saved forCan be linked to an ATM/Debit card
16 Other Banking Services Direct depositMoney ordersElectronic (phone and online) bankingATMsMoney transfersDebit cards and stored value cardsLoans
17 Important Bank Employees Branch ManagerLoan OfficerBank TellerCustomer Service Representative
18 CONCLUSION: Checking Account in Bank vs Satin Bag in Drawer
19 Checking Your BalanceCongratulations! You have completed the Bank On It module. You have learned about:Types of insured financial institutionsBasic banking termsHow to open and maintain a bank accountTypes of accounts and servicesBank employees and their rolesChanged dashes to symbols to be consistent with other slides.–
20 Check It Out FDIC Money Smart for Young Adults Building: Knowledge, Security, Confidence
21 Better Money Management Having a checking account lets you:Keep a record of “transactions”Build a positive relationship with your bank
22 Safety Having a checking account: Is safer than carrying large amounts of cashProtects your checks and check card if they are lost or stolenMeans your money is insured up to the maximum amount allowed by law
35 Sign the Back of the Check DO NOT WRITE, STAMP OR SIGN BELOW THIS LINERESERVED FOR FINANCIAL INSTITUTION USE *ENDORSE HEREWhen depositing a check that has been made out to you, you MUST sign the back and place your account number underneath the signature.
36 ENTER TOTAL ON THE FRONT OF THIS TICKET Sample Deposit Slip Front and BackENTER TOTAL ON THE FRONT OF THIS TICKET
37 ATM Deposits Like an ATM withdrawal Use the special deposit envelope Take the receiptImage altered
38 Mail Deposits Include a deposit slip with the check NEVER send cash through the mail
39 Direct Deposit Directly into your checking account Your money is available immediatelySafeEasy to sign-up
40 Checking Account Statement A monthly report from your bank listing:Checks you wroteWithdrawals and depositsDebit card purchasesBank fees
41 ? = Reconciling Your Checking Account Does… Just like doing a budget→ both should balance out
42 Check It Out!Congratulations! You have completed the module. You have learned:The benefits of using a checking accountWhich checking account is best for youThe steps involved in opening a checking accountHow to add and withdraw money from a checking accountHow to reconcile a check register with a bank statement
43 What Next???... Put your new knowledge to work Round Robin Activities You will have 5 stations to complete (10min ea)Staple & Submit work to bin pts