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Transcript of financial institutions
companies that cash checks
which one would suit you better?
Banks or Credit Unions?
Check cashing services
these companies often cash checks for
people without bank accounts, or if
you want your money instantly, they
cash your check for a small transaction
Tuesday, October 28, 2014
By: Sydney Tinker, Josh Winston, and Austin Walsh
Advantages & disadvantages
an alternative way to transfer money
some advantages of online banking include:
some disadvantages of online banking
what is paypal?
an electronical connection between a personal checking account to make
deposits and withdraws easier
who uses it?
paypal benefits mainly businesses.
who does it deter?
it deters scammers by giving you a separate card number only good for
that transaction if you pay with paypal, preventing your actual card
information being given to the wrong person
there are little to no fees associated with paypal
Econ & Personal Finance/A1
28 October, 2013
The banks depositors are consumers.
Banks are owned by stockholders, and you as the consumer do not have any say.
They are open to the public
Banks are mainly focused accounts and services that would generate the most income, since they make money off of it.
The board members of the bank are paid.
every consumer owns a part of the Credit Union
since all the consumers own apart of the credit union.
The work force for the credit union are mainly volunteers.
the Credit unions are local
in june 2011 a 36 month loan with a credit loan had a 3.88% interest. compared to a banks inerest which was 5.61%
what is an interest rate?
it's when someone borrows
money from a lender or bank
and pays back the bank or
lender through a series of
payments usually are anual
if you borrow $10,000 at that rate
of 5% for 5 years.
therefore you would have to pay $2,500 extra
pawn shops sell and buy any used or unwanted items that they can benefit from.
in order to transfer large sums of money, you must report it to the US treasury department or the IRS. If you don't report the transfer of money it warrants for a federal investigation.
Large sums of money
they lend money to customers at a higher rate. and the consumer pays to borrow the money through interest.
how do banks make money?
what is it?
otherwise known as the FRS, it regulates the U.S. monetary (money) and the financial system
why does it alter the interest rates?
are clearing checks are disappearing?
" Credit Union and Bank Interest Rate Comparison." Credit Union and Bank Interest Rate Comparison. N.p., n.d. Web. 27 Oct. 2014.
"How Does a Check-Cashing Business Work?" Small Business. N.p., n.d. Web. 27 Oct. 2014.
"Monetary." The Free Dictionary. Farlex, n.d. Web. 27 Oct. 2014.
"Tutorial Examples of Simple Interest." Examples of Simple Interest. N.p., n.d. Web. 27 Oct. 2014.
"What Is PayPal?" EHow. Demand Media, 12 Nov. 2008. Web. 27 Oct. 2014.