Financial Service Providers SELECT YOUR OWN FINANCIAL SERVICE PROVIDER 1©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service.

Slides:

Advertisements

Similar presentations

KaChing!, Lesson 3: Cash the Check and Track the Dough

Advertisements

Chapter 23.1 Use your Money Wisely

Building Bucks Basic Financial Services. Financial Institutions 3 Main Types – Banks – Credit Unions – Savings and Loan Associations (S&L) Advantages.

Section 5.1: Selecting Financial Services and Institutions

Display slides 2 and 3 with Procedure step 2 in the lesson.

True/False Credit unions do not provide insurance for their depositor’s savings.

Depository Institution Discovery G1 © Family Economics & Financial Education – Revised April 2006 – Get Ready to Take Charge of Your Finances –

Depository Institution Discovery G1 © Take Charge Today – Revised April 2006– Depository Institution Discovery – Slide 2 Funded by a grant from.

Financial Institution Frenzy G1 © Family Economics & Financial Education – April 2006 – Get Ready To Take Charge of Your Finances – Financial Institution.

TEST PREP 1. A. The amount you can afford to pay B. The minimum payment stated on your bill C. The minimum amount due on your debit card D. 20 percent.

Using a Bank or Credit Union consumer.gov. Why use a bank? A bank is a place to keep your money safe A bank’s services include: – checking accounts and.

TEST YOUR KNOWLEDGE LESSON 2: IN THE AFTERMATH ABC.

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

 In order to stay competitive in today’s marketplace, banks and other financial institutions have expanded the range of services that they offer.  Four.

Saving For Your Future Chapter 10 Notes Money Management Financial Security –Financial Security begins when you start ___________________________________.

 Safety  Security  Convenience  Cost  Financial Future.

Banking Basics O You can take charge of your financial future!

HOW EXPENSIVE ARE PAYDAY LOANS?. TERMINOLOGY FINANCE CHARGE: The dollar amount paid to borrow money. INTEREST: The cost of borrowing money expressed as.

Payday Lending Take Charge of Your Finances.

Checking Accounts. Things Not To Do Don’t write checks for more money than you have in your account. ▫You could be charged an overdraft fee by your financial.

Bank On It The Basics. Homework (Passport page 9)

Using A Check Book 3 rd Grade Math Jeanette Conner.

Personal Finance Savings and Checking Accounts. How Banks (Do Not) Work Banks do not hold all of our money when we deposit it.

LEARNING ABOUT FINANCIAL SERVICES. What is a Financial Institution? §An organization that provides services that everyone needs to manage money (p 57)

Banking and Savings. Basics of Saving  Pay yourself first – savings should be a fixed expense!  Save any amount you can.  Save early. It’s all about.

ABC. Question 1 A deposit account that offers easy access to your money, offers the option to pay bills online or by electronic transfer, and offers the.

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.

Banking Services. Why do you need a bank account?  Money in a bank account is safer than holding cash and may be less tempting to spend  It can be easier.

Do Now 1)What is a checking account? 2) What is the difference between a checking account and a saving account?

 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.

Unit 5 Your Money: Keeping it Safe and Secure Info from: NEFE High School Financial Planning Program.

A Dealing with Dollar $ workshop Financial Choices and Options.

Building Bucks Basic Financial Services. Financial Institutions 3 Main Types – Banks – Credit Unions – Savings and Loan Associations (S&L) Advantages.

Unit 5: Personal Finance Services of the Bank  Place to store your money safely – an Account.

Depository Institution Discovery G1 © Take Charge Today – Revised April 2006– Depository Institution Discovery – Slide 2 Funded by a grant from.

Banking Savings Checking Credit Cards

HOW TO FINANCE YOUR LIFE Financial Literacy. Savings Accounts Saving – The process of setting money aside for a future date instead of spending it today.

Health DMA Please take out a piece of paper and complete the following: 1.Write down the vocabulary word and definition. 2. Choose ONE of these options.

2 You Will Know Major types of insured financial institutions Basic banking terms Differences between banks and check-cashing services Bank employees.

Bank Project. Poster or Powerpoint Forrest-Petal Educational Federal Credit Union.

Banking Vocabulary.

Lesson 8, Unit 3 On Banking This presentation will teach you about banks and credit unions—how they work and why they are a good place to keep your money.

Reasons we save... Emergencies Purchases Wealth building (future)

CHAPTERS 9 & 10 WHERE TO STASH YOUR CASH. LEARNING TARGETS Students can… Explain how banks make a profit Identify types of checking accounts Fill out.

* 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.

Financial Service Providers SELECT YOUR OWN FINANCIAL SERVICE PROVIDER 1 ©2014 National Endowment for Financial Education | Lesson 5-4: Financial Service.

Simple Interest. Simple Interest – * the amount of money you must pay back for borrowing money from a bank or on a credit card or * the amount of money.

September 28, 2011 Objective: Students will identify the purpose of a checking account.

Financial Tools and Technology SELECT FINANCIAL TOOLS AND TECHNOLOGY TO HANDLE YOUR PERSONAL BUSINESS 1©2012 National Endowment for Financial Education.

Can You Survive? Understanding Banking and Credit.

Financial Institution Frenzy G1 © Family Economics & Financial Education – April 2006 – Get Ready To Take Charge of Your Finances – Financial Institution.

Financial Institution Frenzy G1 © Family Economics & Financial Education – April 2006 – Get Ready To Take Charge of Your Finances – Financial Institution.

“When I was young, people lived from paycheck to paycheck. Today, it seems like they live from credit card payment to credit card payment.” - Robert Kiyosaki.

Checking account – An account held at a bank, credit union, or other financial institution in which account owners deposit funds. Account owners have the.

Checking account - an account held at a bank, credit union or other financial institution in which account owners deposit funds. Account owners have the.

Do Now Why do people have checking accounts?. Unit 4: Lesson 13: Checking Accounts Day 1 Objective: identify vocabulary terms related to checking accounts.

Chapter 5. Financial Services Borrowing Short Term Regular Savings Money Market Accounts Long Term Certificates of Deposit U.S. Savings Bonds Investment.

Chapter 14. Banking  Do Now  What do you think banks will be like in 15 years?

Banking Services. Why do you need a bank account?  Money in a bank account is safer than holding cash and may be less tempting to spend  It can be easier.

 Two types of banks – for profit bank and credit unions  Credit unions are local and member owned – not for profit – limited sometimes in services 

Avoiding Common Banking Fees

Financial Services Econ 10/19.

Choose Your Feud! Team 1: Rounds Won Team 2: Rounds Won Round 1

Depository Institution Discovery

Choose Your Feud! Team 1: Rounds Won Team 2: Rounds Won Round 1

17-2 Financial Services and Electronic Banking

Choose Your Feud! Team 1: Rounds Won Team 2: Rounds Won Round 1

High School Financial Planning Program

Presentation transcript:

Financial Service Providers SELECT YOUR OWN FINANCIAL SERVICE PROVIDER 1©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider

Preview Today we will answer these questions: Where can I cash my paycheck? What is the difference between a bank, credit union, and check cashing business? What do I need to know about using banking services? How do I decide where to do my banking? Use what you learn today to select a financial service provider. 2©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider

What’s the Difference? (SG pgs ) BankCredit Union Check-Cashing Business Grocery StorePawnshop ©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider3

Read the Fine Print Find at least 5 fees and when/where/why those fees are charged. Do you think the fees and fee conditions are reasonable? Be prepared to share your findings with the class. ©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider4 Activity 5.6: What Do They Offer?

Payday Loan Customer leaves post-dated check with lender – Fill out application – Leave a check to cover principal (amount borrowed) and fee – Must be employed and must have bank account – Must be at least 18 years old Customer receives borrowed amount Customer decides options by due date: – Instruct lender to deposit post-dated check – Pay cash and reclaim post-dated check – Renew loan Customer pays fees – High interest – Additional fees for “bounced” check ©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider5

Task: PayDay Lending What are other options rather than using payday loans? ©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider6 PrincipalTimeInterestAPRTotal Owed $500 (rent)2 weeks15%390%$575 $300 (car loan)4 weeks12%156%$336 $1,000 (household and credit card bills) 2 weeks10%260%$1,100 PrincipalTimeInterestAPRTotal Owed $500 (rent)2 weeks15%390%$575 $300 (car loan)4 weeks12% $1,000 (household and credit card bills) 2 weeks10% PrincipalTimeInterestAPRTotal Owed $500 (rent)2 weeks15% $300 (car loan)4 weeks12% $1,000 (household and credit card bills) 2 weeks10%

Services That Matter Life Style In-person or ATM deposits and withdrawals Online or mobile banking Convenient hours Convenient location Number of branch locations Other services (overdraft, automatic savings programs, alerts/reminders, etc.) Fees and User Requirements Minimum opening deposit Required monthly balance Overdraft fees ATM fees Penalties and withdrawal limitations Monthly maintenance fee Interest rates ©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider7

Reflection Where do you keep your money now and why? Is it safe? Is it growing? Can you track it? ©2012 National Endowment for Financial Education | Lesson 5-4: Financial Service Provider8