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Bank On It The Basics. Homework (Passport page 9)

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Presentation on theme: "Bank On It The Basics. Homework (Passport page 9)"— Presentation transcript:

1 Bank On It The Basics

2 Homework (Passport page 9)

3 Why Are We Here? Money Cycles Earn Spend Earn Spend Borrow Spend Earn Spend Save Earn Save Spend

4 What Do You Know? (Pre-Test pages 5-6)

5 Let’s Talk About You

6 How Does it Work? Deposits Interest Loans

7 Safety Convenience Cost Security Financial future Why Keep Money in an Account?

8 Check-cashing fees: 4 x $5 = $20 a month Money order fees: 5 x $1 = $5 a month Financial Institution vs. Check-Cashing Fees Check-Cashing Services $240 a year $60 a year Total: $300 Bank or Credit Union Monthly fee: $5 $60 a year Box of checks: $18 Total: $78 Savings: $222

9 Financial Institutions BankCredit Union Make loans Pay checks Accept deposits Other financial services Ownership may be limited Not for profit Open to anyone Insured

10 Types of Checking Accounts Free/low cost Regular Electronic-only/ ATM Interest-bearing

11 Common Services Direct Deposit Loan Wire Transfer Remittance ATM Money Order Stored Value Card Debit Card Phone/Online Banking

12 Deposits & Withdrawals Deposit –Direct deposit, cash, checks, ATMs –Check hold ~ you may not have immediate use of deposited funds Withdrawals –Debit card, ATM, write checks to “cash” –Fees

13 Fee Schedules Monthly Service ATM Use Stop Payment Per-Check Overdraft Phone Inquiry Check Printing Returned Deposit Teller

14 Check Register Check Number DateDescription of Transaction Payment/Debit (-) Deposit/Credit (+) Balance 3/20Opening Deposit 20000 $20000 3/22Deposit 3000 $23000 3/23Deposit5000$28000 3/23Withdrawal2500$25500 105 3/26 Coffee Mart 19 75 $235 25

15 Activity 1: Making Deposits and Withdrawals Complete Activity 1 in the Participant Guide. 1.Read the scenario carefully. 2.Complete the table. 3.Determine the new balance.

16 Checking Account Statement 1.Bank or credit union name/address 2.Statement period 3.Your name/address 4.Account number 5.Transactions 6.Cashed checks 7.Account summary with fees/charges 1 2 3 4 5 7 6

17 Reconciling Your Account Balancing: Keeping your checkbook register up-to-date and maintaining totals Reconciling: Finding and correcting any differences between the statement and your register

18 Your name and address Check number and codes Preprinted Information Financial Institution's name Routing & Transit Number Account Number 0105

19 Complete the Check Date Pay to the order of Amount Signature Memo 0105

20 Barriers & Strategies 1.Keeping track of your money –Bounced check fees 2.Your checking history –ChexSystems –Second chance checking 3.“I didn’t know!”

21 Temporary Holds Restaurants Gas Stations Hotels Phone/Online Purchases

22 Electronic Banking Automatic Bill Payment Online Bill Payment Mobile Banking

23 New Opt-In Rule You control what is paid By default, you are “opted-out” There could be a fee You can change your mind Does not cover checks / auto payments

24 Privacy Notices Explains how your personal financial information is shared and protected Under Federal law: Personal financial information is private You can stop or “opt out”

25 What Have You Learned? (Post-Test page 39)

26 Homework (Passport page 15)

27 Questions?

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