Bank On It Personal Finance Unit. Why Learn About Banking?

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Presentation transcript:

Bank On It Personal Finance Unit

Why Learn About Banking?

Purpose Bank On It :  Is an overview of banking services.  Will help you build a positive relationship with banks, thrifts, and credit unions.

Objectives By the end of this presentation, you will be able to:  Identify the major types of insured financial institutions.  Identify five reasons to use a bank.  Describe the steps involved in opening and maintaining a bank account.

Objectives (continued)  Describe two types of deposit accounts.  Identify additional bank services that come with deposit accounts.  Describe the main functions of the bank customer service representative, teller, loan officer, and branch manager.

Bank A business that:  Offers you a safe place to keep your money.  Uses your deposits to make loans.  Provides a variety of services. Also called a financial institution.

Why Keep Money in a Bank?  Safety  Convenience  Cost  Security  Financial future

Types of Financial Institutions  Banks  Credit unions  Thrifts

Opening & Maintaining a Bank Account Steps:  Open the account and go through account verification.  Make deposits and withdrawals.  Record interest and fees.  Keep track of your account balance.

Account Verification The bank:  Reviews your credit and past banking history.  Checks your photo identification.  Determines if you can open an account. Now you can deposit your money!

Deposit  A deposit is money you add to your account using a deposit slip.

Balance  The balance is the amount of money you have in your bank account.

Withdrawal A withdrawal is money you take out of your account using:  Checks  Withdrawal slips  ATMs  Check/debit cards

What’s a Fee?

Fees Banks deduct fees from your account for:  Certain services (monthly maintenance fee).  Penalties (for bouncing a check).

Interest  Interest is a percentage of your balance that the bank pays you for keeping your money at that bank.

Practice Exercise Instructions:  Read the scenario  Carl just opened a bank account and deposited $500 cash. The next day, he wrote a check to pay his electric bill for $70. At the end of the week he received a paycheck for $870 and deposited it into his account.  What is the balance in Carl’s account after he made the withdrawal and deposit?

Deposit Accounts Accounts that let you add money to the account:  Checking accounts let you write checks to pay bills or buy goods.  Savings accounts always earn interest.

Non-Deposit Accounts These accounts are NOT FDIC-insured.  Stocks  Bonds  Mutual funds

Additional Banking Services  Direct deposit  Money order  Online and telephone banking  Automated Teller Machine (ATM)

Additional Banking Services  Money transfer  Debit card  Stored value cards  Loan

Privacy Notices Notices that companies involved in financial transactions must send you. They explain:  What personal financial information is collected.  If they intend to share it.  How to limit the sharing.  How your personal financial information is protected.

Opting Out You can opt out by:  Reading the privacy notice to find out how.  Calling OPTOUT ( ).  Visiting

Important Bank Employees Get to know these important bank employees:  Customer service representative  Teller  Loan officer  Branch manager