1. Banking Institutions

2. Selecting a Banking Institution: Location Convenience Interest rates Insured by the FDIC Financial services Safety and Security Service fees

3. FDIC (Federal Deposit Insurance Corporation) – In 1934, the U.S. government agency created protection of your money by insuring your deposits.  Each account category is insured up to $250,000.00  Mutual funds, annuities, life insurance policies, stocks & bond are noninsured.

4. What if your bank is in financial trouble? FDIC comes to the rescue There has never been a loss of insured deposits by individuals since the FDIC was founded.

5. Kinds of Checks Certified – The bank guarantees that there are funds to cover the amount of the check. Cashiers – This check is drawn by the bank on itself after you pay the amount of the check. Personal – This is a written order drawn on a checking account to pay cash on demand.

6. Endorsing Checks

7. Blank endorsement :  payee’s signature  Sign your name exactly the same way it is written on the front of the check  If it is spelled wrong on the front then sign it again with the correct spelling.

8. Restrictive  For deposit only OR For deposit to account no. 7832894  payee’s signature  For deposit only George Leon

9. Special endorsement:  Transferred to someone else (a third party)  Write Pay to the Order Of, then name, sign by payee, finally person’s signature who is to cash the check  Pay to the order of Lindsey Storm Sara Thomas Lindsey Storm (Lindsey’s signature)

10. FORGING OR ALTERING A CHECK IS A CRIMINAL ACT.  Sign another person’s name to a check  Endorse it & try to cash it  Make up a name & sign it  Changing the amount of the check

11. Tracking Your Checking Account: Checks & debit card transactions are debited from accounts very quickly. There is very little or no waiting period so be careful not to “bounce a check”.

12. What to write down in your check register: Deposits in checking account When you write a check Use your debit card

13. Use the ATM Deduct a fee that the bank charges Withdraw money from your account TIP: keep up with check register at the moment and not try to remember to fill it in later. Without a paper record you cannot see errors in transactions.

14. The End

16. FINANCIAL INSTITUTIONS The mission of a financial institution is to keep money moving and in use. 1.Commercial Bank 2.Credit Unions