1. Where should i put my money? Types of Accounts Checking? Savings? Under the mattress?

2. Banking vocabulary  balance - the current amount in your account ($$$)  bounce: a check is written for more money than is in the account  check - a piece of paper (usually) that orders payment of money  check register - where you record all account transactions  checking account - a place where you can deposit and withdraw money  credit - money that goes into your account  debit - money that comes out of your account  deposit - money put into your account  depository institution – financial institution that accepts deposits from consumers  endorse - sign your name on the back of a check Source: PDESAS.org, WikipediaPDESAS.orgWikipedia

3. Banking Vocabulary  memo line - record what the check was written for  mutual fund - investment portfolio shared with others  outstanding - transaction not appearing on your bank statement  overdraft - when you write a check with too little money in the bank  reconcile - you and the bank agree on how much money is in your account  routing number - identifies the bank where you have your account  signature card - form you need to fill out at the bank to open an account  withdrawal - money taken out of your account Sources: PDESAS.org, WikipediaPDESAS.orgWikipedia

4. Types of Deposit Accounts: Regular Accounts 0 Single – one account holder 0 Joint – more than one account holder 0 Checking accounts 0 Personal 0 Student / youth account 0 Business 0 Passbook savings 0 Statement savings 0 Christmas / Vacation Clubs More information at moneymattersmoneymatters

5. Types of Accounts: CD’s Certificates of Deposit (CDs) 0 Deposit a specific dollar amount for a specific period of time 0 Low risk investment 0 Fixed interest rate 0 Fees for early withdrawal (usually) 0 More information at FDIC.govFDIC.gov 0 How to calculate CD earnings (this is a bit advanced but some of you might be interested)calculate CD Rate samples at PNC BankPNC Bank Which account is right for you questionnairequestionnaire

6. Money Market 0 A type of checking account that pays a higher interest rate in exchange for limited access to the account. For example, you may only be able to write 4 checks per month More info and video at Investopedia.Investopedia

7. Mutual Funds 0 These funds allow you to pool your money with other investors in order to maximize return (the money your earn on your investment) and minimize risk through diversification (spreading your money over a large number of investments). 0 Every fund has a portfolio manager who buys and sell investments in order to make a profit for the mutual fund members. 0 Mutual fund portfolios often include a variety of stocks and bonds. More information at CNN Money 101and Wikipedia CNN Money 101Wikipedia

8. Types of Accounts: Accounts with Tax Savings 0 College savings plan (529) 0 Individual Retirement Account (IRA) 0 Generally long term investments but there are many types of accounts that can be opened as IRA’s 0 Tax incentives 0 Roth IRA – after tax money 0 Traditional IRA – before tax money 0 More information at The Motley Fool The Motley Fool 0 401(k) and 403(b) accounts have money take directly from your paycheck

9. Types of Loans 0 Personal loans 0 Car loans 0 Student loans at CollegeBoard.orgCollegeBoard.org 0 Mortgages 0 Primary mortgage (first loan on a house) 0 Second mortgage (additional loan on a house) 0 Home equity line of credit (based on equity in house) 0 Refinance (pay off mortgage and redo to save money or pay for something expensive) 0 Business loans

10. Other Bank Services 0 Debit cards 0 Credit cards 0 Telephone bill pay 0 Online banking 0 Online statements 0 Investment advice

11. Today’s Assignment Read through the Money Matters newsletter. Then Complete the puzzle on the handout.