Bank On It 1. 2 Purpose Bank On It : Is an overview of banking services. Will help you build a positive relationship with banks, thrifts, and credit unions.

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Presentation transcript:

Bank On It 1

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

Bank On It 3 Objectives By the end of this module, 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.

Bank On It 4 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 On It 5 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.

Bank On It 6 Why Keep Money in a Bank? Safety Convenience Cost Security Financial future

Bank On It 7 Types of Financial Institutions Banks Credit unions Thrifts

Bank On It 8 Opening and 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.

Bank On It 9 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!

Bank On It 10 Deposit A deposit is money you add to your account using a deposit slip. Your Name Your Address Your Phone Number DEPOSIT TICKET DATE DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL SIGN HERE IF CASH RECEIVED FROM DEPOSIT YOUR FINANCIAL INSTITUTION YOUR CITY, CA DO NOT USE FOR AUTOMATIC PAYMENT OR CHECK TRANSACTIONS : : : CURRENCY COIN OR TOTAL FROM REVERSE SUBTOTAL LESS CASH RECEIVED NET DEPOSIT

Bank On It 11 Balance The balance is the amount of money you have in your bank account.

Bank On It 12 Withdrawal A withdrawal is money you take out of your account using: Checks Withdrawal slips ATMs Check/debit cards

Bank On It 13 Fees Banks deduct fees from your account for: Certain services (monthly maintenance fee). Penalties (for bouncing a check).

Bank On It 14 Interest Interest is a percentage of your balance that the bank pays you for keeping your money at that bank.

Bank On It 15 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.

Bank On It 16 Non-deposit Accounts These accounts are NOT FDIC-insured. Stocks Bonds Mutual funds

Bank On It 17 Additional Banking Services Direct deposit Money order Online and telephone banking Automated Teller Machine (ATM)

Bank On It 18 Additional Banking Services (Continued) Money transfer Debit card Stored value cards Loan

Bank On It 19 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.

Bank On It 20 “Opting Out” You can opt out by: Reading the privacy notice to find out how. Calling OPTOUT ( ). Visiting

Bank On It 21 Important Bank Employees Get to know these important bank employees: Customer service representative Teller Loan officer Branch manager