Money 101 | finance-lectures.com1 Banking and Transactions Daniel Folkinshteyn, PhD

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Presentation transcript:

Money 101 | finance-lectures.com1 Banking and Transactions Daniel Folkinshteyn, PhD

Money 101 | finance-lectures.com2 Learning objectives Describe the role of transactional financial institutions and services Explain the function of checking accounts and checks

Money 101 | finance-lectures.com3 Banks Financial intermediaries

Money 101 | finance-lectures.com4 Bank services Transactional Savings/Safekeeping Investment Loans/credit Currency exchange Advisory/reporting Commercial

Money 101 | finance-lectures.com5 Transactional services Deposit/Checking account Check writing/clearing Debit card Bank wire ACH (automated clearing house) ATM (automated teller machine) Bill pay (ACH)

Money 101 | finance-lectures.com6 Checking accounts and checks

Money 101 | finance-lectures.com7 Check transaction Alice Bob Check clearing

Money 101 | finance-lectures.com8 Quiz 1 What if someone writes you a check for $500, but they only have $400 in their account at the time? A: you get $400 B: you get nothing $400 $500

Money 101 | finance-lectures.com9 Bounced check Alice Bob bad check

Money 101 | finance-lectures.com10 Debit cards

Money 101 | finance-lectures.com11 Bank wire and ACH Alice Bob Wire: Same or next day Costly, $20-$50, on each side International payments Forms usually required ACH: 3-4 business days Free U.S. domestic payments only Easy setup via bank website, online bill pay

Money 101 | finance-lectures.com12 ATM

Money 101 | finance-lectures.com13 Online banks "brick and mortar" bankonline bank

Money 101 | finance-lectures.com14 Additional reading

Money 101 | finance-lectures.com15 Attributions All images, unless otherwise noted, are sourced from pixabay.com or Wikimedia Commons, and are licensed under CC0, public domain. Image of Jefferson check, sourced from Wikimedia Commons, by National Numismatic Collection at the Smithsonian Institution, CC- BY-SA 3.0. Image of personal check sample, sourced from Wikimedia Commons, by Sergio Ortega, CC- BY-SA 3.0.