Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved1 Introduction Today, banks are more like a super Walmart than the traditional banks of years ago! Banks now provide you with access to a host of financial services that were only available to the wealthy in years past! Unfortunately, not all of the banks charge the same for the financial services they provide! Most banks now provide one-stop shopping for your deposit, loan, investment and miscellaneous services!

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved2 Objectives List the services banks have always provided to their customers You should be able to do the following after completing this lesson Identify the typical services offered by banks today Explain what a checking account is and how it works Explain what a savings account is and how it works Explain what a time deposit is and how it works Identify the types of retirement accounts available from banks Review the types of loans banks make Discuss the miscellaneous services most banks offer Define the important banking terms introduced in this lesson

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Banking Services What is meant by “typical services” when talking about banks What deposit services are offered by banks What loan services are offered by banks What investment services are offered by banks What miscellaneous services are offered by banks In this section, you will learn:

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Checking Accounts What a checking account is How a checking account works What a check is and how to fill one out Which type of checking accounts generally pays interest What a debit card is and how it is used Checking Accounts Exercise In this section, you will learn: You will run the following Interactive Exercise How to use a check register and what it is used for How to open a checking account

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Savings Accounts What a savings account is Why savings accounts provide an incentive to save What you can’t do with a savings account The typical interest rate for a savings account today Savings Accounts Exercise In this section, you will learn: When you can add to or withdraw money from a savings account How a savings account works You will run the following Interactive Exercise

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Time Deposits What a time deposit is and how they work What happens if you withdraw your money before the specified amount of time has elapsed What two popular types of time deposits are Why a GIC is a popular investment for those just getting started In this section, you will learn: Why the interest rate for a time deposit is higher than a savings account

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Retirement Accounts What a retirement account is The types of retirement accounts offered by banks What your money is actually invested in In this section, you will learn: Why a retirement account with a bank may not be adequate The advantage of depositing money in retirement accounts

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Loans What a bank loan is and how they work The 3 types of loans banks typically make Who consumer, business and mortgage loans are made to Home and Auto Loans Example What the collateral for a consumer and mortgage loan is In this section, you will learn: How consumer and mortgage loans are paid back You will run the following Interactive Example How consumer, business and mortgage loans work

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved – Miscellaneous Services What banking services are considered miscellaneous Why banks offer miscellaneous services Common miscellaneous services offered by banks If banks make money off the miscellaneous services they offer Whether banks charge fees for the miscellaneous services they offer Miscellaneous Bank Services Example In this section, you will learn: You will run the following Interactive Example

Lesson 6.3 Banking Services February 28, 2011Copyright © … REMTECH, inc … All Rights Reserved10 Discussion Questions Many people have a safe deposit box at their bank. What kind of things do you think are in those safe deposit boxes? The bank or banks you will use in the future will have much of your personal information on file. What does the bank do with your personal information they have on file?