Presentation on theme: "FDIC Money Smart for Young Adults"— Presentation transcript:
1 FDIC Money Smart for Young Adults Bank On ItFDIC Money Smart for Young AdultsBuilding: Knowledge, Security, Confidence
2 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 comesTo take the right steps to open a bank accountTo determine the right person to talk to at the bank when you need different services
3 Objectives Identify the major types of insured financial institutions Identify five reasons to use a bankDescribe the steps involved in opening and maintaining a bank accountDescribe two types of deposit accountsIdentify additional bank services that come with deposit accountsDescribe the main functions of the bank customer service representative, teller, loan officer, and branch manager
4 Checking Account in Bank vs. Satin Bag in Drawer
5 What Do Banks Do?They’re businesses that offer a safe place to keep moneyUse deposits to make loansAlso called financial institutionsOffer many financial services
6 Why keep your money in a bank? SafetyConvenienceLower costSecurityBuild your financial future
7 Types of Financial Institutions BankCredit UnionThrift (or savings and loan)
8 Activity 1: Which is Which? Turn to Activity 1 in your Participant GuideRecall what each type of bank doesChoose the correct financial institution for each descriptionPut a in the box below the description
9 How Do I Open a Bank Account? How Do I Know What Bank is Right for Me? Your bank should meet your needs, so ask yourself before you open an account: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.
10 Activity 2: Choosing a Bank Checklist Turn to Activity 2 in your Participant GuideUse this when deciding on a bankIf a bank meets most of your needs, it’s probably the right bank for you
11 Banking Terms Deposit Withdrawal Balance Fees Overdraft put money in the bankWithdrawaltake money out of the bankBalancehow much money you have in the bankFeesmoney charged for servicesOverdraftwithdrawing more money than you have in your account
12 Steps To Open An Account Open the account and go through verificationMake deposits and withdrawalsRecord interest and feesKeep track of your balanceRemember to record everything, including deposits, withdrawals, and fees!
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 cardPassportDriver’s licenseSSN, ITINChanged 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 Activity 3: Using a Check Register Turn to the Activity 3 in your Participant GuideYour instructor will guide you through making deposits and withdrawals, and how to enter themBe sure to ask questions if you don’t understand
16 Deposit Accounts Checking accounts Savings accounts Write checks to pay bills or buy goods or servicesLinked to an ATM/Debit cardSavings accountsEarn more money on your depositsUsually use money only on things you saved forCan be linked to an ATM/Debit card
17 Activity 4: Choosing an Account Checklist Turn to Activity 4 in your Participant GuideUse this when deciding on an account typeIf an account meets most of your needs, it’s probably the right type of account for you
18 Other Banking Services Direct depositMoney ordersElectronic (phone and online) bankingATMsMoney transfersDebit cards and stored value cardsLoans
19 Activity 5: Additional Banking Services Turn to Activity 5 in your GuideTry to match each service with its descriptionUse what you know to find the ones you aren’t sure of
20 Is My Personal Information Safe? Financial institutions must keep personal information private, by lawOthers do not have access to your personal financial information
21 Important Bank Employees Branch ManagerLoan OfficerBank TellerCustomer Service Representative
22 Activity 6: Bank Employee Role Play Turn to Activity 6 in your Participant GuideYour instructor will ask for volunteers to be different bank employeesFollow your instructor’s directions
23 Key Things to Remember Ask for help when you need it Ask questions until you completely understandNever sign anything until you understand itAsk for written information to take home for review
24 Identity Theft: Protect Yourself Identity theft is a growing crime!Law enforcement’s detection technology is fast, but identity thieves are fasterIt could take years to fix your credit damageYou could be rejected for jobs, loans, or other financial opportunities
25 New Forms of Identity Theft Phishing:Fake s which ask for personal informationNever give it out!Pharming:Fake websites (that look real) which ask for personal informationNever type it in!Is it real?Did you:Type it in yourself?Ask for it to be sent to you?
26 Protect Yourself from Identity Theft Don’t give out personal informationCheck your credit report each yearShred financial papers before throwing them awayDelete s you didn’t requestDon’t visit websites ed to you from people you don’t know
27 Activity 7: Identity Theft Tips Turn to Activity 7 in your Participant GuideRead each scenario and check the box for the best action to takeUse the tips given to answer the questions if needed
28 CONCLUSION: Checking Account in Bank vs Satin Bag in Drawer
29 Checking Your BalanceCongratulations! You have completed the Bank On It module. You have learned about:Types of insured financial institutionsBasic banking termsHow to open and maintain a bank accountTypes of accounts and servicesBank employees and their rolesChanged dashes to symbols to be consistent with other slides.–
30 Don’t forget to complete the Knowledge Check in your Participant Guide Assess Your KnowledgeDon’t forget to complete the Knowledge Check in your Participant Guide