Banking Services and Types of Money. Let’s look at some of the services offered by banks… Savings Account: Pays interest, has no maturity date, and from.

Slides:



Advertisements
Similar presentations
Money and Financial Institutions. In the monetary system goods and services are indirectly exchanged using money, which can then be exchanged for other.
Advertisements

Chapter 10 Section 3 Banking Today
1 Chapter 18 Practice Quiz Tutorial Money and The Federal Reserve ©2004 South-Western.
Money and Banking. The Functions and Characteristics of Money.
© Family Economics & Financial Education – Revised November 2004 – Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to.
Unit 5 Microeconomics: Money and Finance Chapters 10.3 Economics Mr. Biggs.
 Also Known as the FED  Known as the “Central Bank” of the United States  Main Function: controlling money supply through monetary policy  Other Functions:
 How to Manage Your Cash › Daily Cash Needs  Lunch, movies, gas, or paying for other activities  Carry cash  Go to an ATM  Credit Card  Know pros.
Bank On It.
Chapter 5 Vocabulary Review
Chapter 4 Money Management Managing Checking and Savings Accounts –Checking and savings accounts are the foundation of financial asset management –Cash.
Savings and Investing. Key Terms Saving Investing Deposit Withdrawal Interest Interest rate Account balance Compounding of interest Future value Present.
Types of Savings Accounts Unit 2. Lesson 2.. Objectives Identify types of investing options offered by banks Compare and contrast the pros and cons of.
© Family Economics & Financial Education – Revised April 2008– Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to the.
Financial Literacy Vocabulary Terms How is money used in society? How do I pay for goods and services? How do I keep track of my saving and spending? 1.
Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Banking Services and Fees 9.
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.
 CONVENIENT  HELPS YOU KEEP TRACK OF MONEY: USING THE CHECK REGISTER OR ONLINE BANKING  SAVES YOU MONEY – EXPENSES ARE LESS THAN MONEY ORDERS.
Chapter 10 Money and Banking.
1 Chapter 2 Principles of Money © 2000 South-Western College Publishing.
Intro to Banking and Credit Two basic types of accounts 1.Savings – savings accounts pay interest on the money in the account. This is because the bank.
CONTEMPORARY ECONOMICS© Thomson South-Western 16.3Money, Near Money, and Credit Cards  Describe the narrow definition of money.  Explain why distinctions.
Chapter 10 Section 3.  Service 1: Customer Can Store Money  Banks store currency safely  Insured against failure  Safety deposit boxes  Service 2:
Chapter 13 Money and Our Banking System. Copyright © 2005 Pearson Addison-Wesley. All rights reserved.13-2 Learning Objectives List the functions of money.
© Family Economics & Financial Education – Revised April 2008– Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to the.
Chapter 3, Section 3 ELECTRONIC BANKING.
© Family Economics & Financial Education – Revised November 2004 – Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to.
Money and Banking  1. Median of Exchange= any items that sellers accept as payment.  2. Standard of Value= a way to measure the relative value of goods.
Innovations in Modern Banking
Part 2: Accounts Dollars & Sense. Accounts Offered by Banks & Credit Unions Savings Certificates of Deposits (CD’s) Money Market Checking.
Banking Savings Checking Credit Cards
Banking Math 10 Essentials. Banking Transactions A bank is an financial institution which deals with cash, domestic and foreign, receives and stores deposits.
2 You Will Know Major types of insured financial institutions Basic banking terms Differences between banks and check-cashing services Bank employees.
Section 3.1 CHECKING ACCOUNTS. How do people gain access to money they keep in a bank?  How many of you have a savings account?  How many of you have.
Do Now In a few sentences, describe the barter system. What are its advantages and disadvantages? If you had to function within a barter system, what would.
Checking Account. Key Terms Check Online and smartphone banking Deposit/credit Automated Teller Machines (ATMs) Debit Overdrawn Balance/reconcile Overdraft.
* Do you have a checking account or credit card that you pay for? Do you know how to manage a checking account or credit card? * Please put your responses.
Banking: Managing your money Chapter 4 Part 2. Saving Accounts May save money for a specific purpose or just build to reserve for a rainy day, you may.
© 2003 SOUTH-WESTERN PUBLISHINGCHAPTER 23Slide 1 CHAPTER 23 BANKING AND CREDIT 23.1Financial Institutions 23.2Checking Accounts 23.3Credit and Its Use.
© Family Economics & Financial Education – Revised April 2008– Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to the.
Today’s Schedule – 11/28 PPT: Money Supply & Banking Rdg: Pitfalls of Credit Card Debt Bonus Quiz: Money HW: Read 17.2/17.3 Start Studying for Unit 5 Test.
GOALS BUSINESS MATH© Thomson/South-WesternLesson 3.2Slide 1 3.2Electronic Banking Record electronic banking transactions Find account balance when banking.
Chapter 14 Money & Banking Money is usually exchanged for a good or service. Money can be something other than bills, coins and checks (Disney dollars,
Business Math 3-2 Electronic Banking. Start up Marc uses his charge card to pay for almost everything he buys. Lenore pays for most of her purchases with.
Why should you have a checking account?. What is an “ATM”? Automated Teller Machine- ATMs have several functions, such as allowing the account holder.
4.1: DEPOSIT ACCOUNTS CHAPTER 4: DEPOSITS IN BANKS.
Characteristics & Functions of Money
Financial Algebra © 2011 Cengage Learning. All Rights Reserved. Slide CHECKING ACCOUNTS Understand how checking accounts work. Complete a check register.
Chapter 14 Money 3 Functions of Money Medium of Exchange - Barter System Unit of Accounting - Yardstick for comparison - Enables accurate financial records.
Chapter 14. Chapter 14, Section 1  Money: Anything customarily used as a medium of exchange, a unit of accounting and a store of value.  Without money,
What Is Money?  Serves ALL the following purposes:  Medium of exchange: accepted as payment for goods and services (and debts).  Store of value: can.
PERSONAL FINANCE PERSONAL BANKING BY MR. BROWN. TOPICS Bank Accounts Check Writing ACH Transfers vs. Wire Transfers Bank Fees FDIC Debit Cards vs. Credit.
Fri. 4/15. Ch. 10 Money and Banking 10.3 Notes “Banking Today”
Banking 10.2/3. Ajektivs The Hiztorye of Banks How u can put yer har erned mone inta bank.
Electronic Banking 7.3. EFT  Electronic Funds Transfer Banks ability to move money from one account to another by computer  Advantages to Banks (Cost.
Savings Options, Features and Plans Section 2 Notes Chapter 10 Unit 4: Saving.
Unit 4: Savings & Checking Accounts. Plan for the Unit... So far ▪ Day 1: Vocabulary & Vocabulary Comp Check and Start Building the.
11/10/15 Topic: The Banking System EQ: How is money created through loans? Bellwork: Set up your Cornell notes, then answer the following question: What.
Chapter 14 Money and Banking.
Chapter 14 Section 3 Types of Money in the United States.
Unit 4: Banking Consumer Education Chapter 7. How Banks Work  Banks are a business; they work to earn a profit  Most profit comes from interest charged.
Chapter 14 Money and Banking.
Take Charge of Your Finances Family Economics & Financial Education
Banking Today Homework Page 266 Problems 1 to 8.
Chapter 14 Money & Banking
Consumer Education Chapter 7
Types of Money in the United States
Chapter 10 Section 3 Banking Today
What is the purpose of a bank?
Chapter 10 Money and Banking.
Presentation transcript:

Banking Services and Types of Money

Let’s look at some of the services offered by banks… Savings Account: Pays interest, has no maturity date, and from which funds can be withdrawn at any time without penalty. Checking Account: Deposited funds can be withdrawn at any time by writing a check. Overdraft Checking: Checking account that allows a customer to write a check for more money than exists in his or her account.

Where to save your money? Type of AccountMinimum Deposit?Interest Rate?Availability of Funds? SavingsNoLowImmediate Money Market$1,000-$2,500HighImmediate Time Deposit$1,000HighDepends on maturity; penalty for withdrawal Certificates of Deposit: Time deposits that state the amount of the deposit, maturity, and rate of interest being paid.

How do these services affect your money? AccountAmount InvestedInterest RateOriginal Investment plus interest after 12 months Savings$1,0000.8%$1, CD$1,0004%$1, If you have money that you will not need for a while it is better to save it in a time deposit, like a CD, because the interest will earn you more income.

Electronic Banking Electronic Funds Transfer: system of transferring money from one bank account directly to another without any paper money changing hands Automated Teller Machine (ATM): Machine that lets consumers do their banking without the help of a teller. Many banks no allow you to do you banking on your cell phone or computer! Convenient, but what are some problems with this?

Types of Money in the U.S. 1. Currency: Coins and dollar bills, also known as Federal Reserve Notes.

Checks Checkable Deposits: Funds deposited in a bank that can be withdrawn at any time by presenting a check. How to write a check?

Credit and Debit Cards Credit cards are loans to you by the issuer of the card. They defer payments rather than complete transactions that ultimately involve the use of money. Debit cards electronically withdraw money from the consumer’s checking account and transfer it directly to the store’s bank account.

The Money Supply Near Moneys: Assets such as savings accounts that can be turned into money relatively easily without the loss of value. M1: Narrowest definition of the money supply; consists of money that can be spent immediately and against which checks can be written. M2: Includes all of M1 plus near moneys.

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.