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Banking Addressing Standard 2.0

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Presentation on theme: "Banking Addressing Standard 2.0"— Presentation transcript:

1 Banking Addressing Standard 2.0
TSW: Evaluate best practices for successful money management.

2 Read & Absorb & Apply You will read (interact) 2 short lessons on banking Bank On It Check It Out You will compete in a Round Robin Competition

3 FDIC Money Smart for Young Adults
Bank On It FDIC Money Smart for Young Adults Building: Knowledge, Security, Confidence

4 Welcome to Bank On It! Why do you want to learn about the services and functions of a bank? To choose the one that’s right for you when the time comes To take the right steps to open a bank account To determine the right person to talk to at the bank when you need different services

5 Objectives 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 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

6 Checking Account in Bank vs. Satin Bag in Drawer

7 What Do Banks Do? They’re businesses that offer a safe place to keep money Use deposits to make loans Also called financial institutions Offer many financial services

8 Why keep your money in a bank?
Safety Convenience Lower cost Security Build your financial future

9 Types of Financial Institutions
Bank Credit Union Thrift (or savings and loan)

10 How Do I Open a Bank Account?
Your bank should meet your needs, so ask yourself: Click Pic & Read What services does it offer? Is it near my home? Where are its ATMs? What are the fees for different accounts? Is it insured by the FDIC? Suggested changing top question to: How Do I Know What Bank is Right for Me?. If that is too big a change, add to the slide content question the phrase: “about the bank” as in “You should ask yourself several questions about the bank, including:” JK: I kept the question since it matches the lesson, but changed the “Before you open….” wording.

11 Banking Terms Deposit Withdrawal Balance Fees Overdraft
put money in the bank Withdrawal take money out of the bank Balance how much money you have in the bank Fees money charged for services Overdraft withdrawing more money than you have in your account WIN, LOSE, or DRAW

12 WIN, LOSE, or DRAW Form 2 Groups Teacher will give instructions On Go:
Student from each group will complete task You will get 30 sec. to prepare How to get points Best interpretation wins (teacher is judge) Team that wins gets Extra Credit

13 What Is Account Verification?
Proving your identity and showing your readiness to open an account with identification such as: Photo ID, state-issued ID card Passport Driver’s license SSN, ITIN Changed dash from keyboard dash to symbol to be consistent with other slides..

14 Depositing Money Use a deposit slip
A deposit slip tells the bank how much money you are adding

15 Deposit Accounts Checking accounts Savings accounts
Write checks to pay bills or buy goods or services Linked to an ATM/Debit card Savings accounts Earn more money on your deposits Usually use money only on things you saved for Can be linked to an ATM/Debit card

16 Other Banking Services
Direct deposit Money orders Electronic (phone and online) banking ATMs Money transfers Debit cards and stored value cards Loans

17 Important Bank Employees
Branch Manager Loan Officer Bank Teller Customer Service Representative

18 CONCLUSION: Checking Account in Bank vs Satin Bag in Drawer

19 Checking Your Balance Congratulations! You have completed the Bank On It module. You have learned about: Types of insured financial institutions Basic banking terms How to open and maintain a bank account Types of accounts and services Bank employees and their roles Changed dashes to symbols to be consistent with other slides.–

20 Check It Out FDIC Money Smart for Young Adults
Building: Knowledge, Security, Confidence

21 Better Money Management
Having a checking account lets you: Keep a record of “transactions” Build a positive relationship with your bank

22 Safety Having a checking account:
Is safer than carrying large amounts of cash Protects your checks and check card if they are lost or stolen Means your money is insured up to the maximum amount allowed by law

23 Types of Checking Accounts
Free/low-cost checking Electronic/ATM checking Regular checking Interest checking Images changed

24 Fee Schedule Some common bank fees include: Monthly service fee
Minimum balance fee Automated Teller Machine (ATM) user fee Overdraft fee Stop payment fee

25 Needed to Open a Checking Account
Photo ID Social Security number (SSN) Or Individual Taxpayer Identification Number (ITIN) A deposit

26 The Checkbook Contains: Checks Deposit slips

27 Sample Checks Best Tees 19.75 Nineteen and 75/100 shirt Your signature
2/26/20XX Best Tees 19.75 Nineteen and 75/100 shirt Your signature

28 “Bad” or NSF Check A check you write when there isn’t enough money in your checking account to cover it Also called a “bounced check”

29 Consequences of Writing Bad Checks
Bad check fees Negative activity reported Bank closes your account Civil and/or criminal prosecution Merchants may not accept your checks Your credit may be impacted

30 Electronic Banking ATM transactions Debit card transactions
Electronic bill pay

31 Debit Card A debit card lets you: Be careful!
Deposit and withdraw money Make purchases at retail locations Be careful! The money is immediately taken out of your account

32 Electronic Bill Pay Automatically pays your bills from your account
No postage No late payments Also pay bills online

33 Add Money to Your Checking Account
Cash or check deposit using the teller service ATM deposit Deposit by mail Direct deposit Image changed

34 Sample Deposit Slip 3/22/20XX

35 Sign the Back of the Check
DO NOT WRITE, STAMP OR SIGN BELOW THIS LINE RESERVED FOR FINANCIAL INSTITUTION USE * ENDORSE HERE When depositing a check that has been made out to you, you MUST sign the back and place your account number underneath the signature.

Sample Deposit Slip Front and Back ENTER TOTAL ON THE FRONT OF THIS TICKET

37 ATM Deposits Like an ATM withdrawal Use the special deposit envelope
Take the receipt Image altered

38 Mail Deposits Include a deposit slip with the check
NEVER send cash through the mail

39 Direct Deposit Directly into your checking account
Your money is available immediately Safe Easy to sign-up

40 Checking Account Statement
A monthly report from your bank listing: Checks you wrote Withdrawals and deposits Debit card purchases Bank fees

41 ? = Reconciling Your Checking Account Does…
Just like doing a budget→ both should balance out

42 Check It Out! Congratulations! You have completed the module. You have learned: The benefits of using a checking account Which checking account is best for you The steps involved in opening a checking account How to add and withdraw money from a checking account How to reconcile a check register with a bank statement

43 What Next???... Put your new knowledge to work Round Robin Activities
You will have 5 stations to complete (10min ea) Staple & Submit work to bin pts

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