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financial institutions

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by

Sydney Tinker

on 29 October 2014

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Transcript of financial institutions

credit unions tend to have higher saving rates; and lower rates on interest.
companies that cash checks
which one would suit you better?
Quotation 1
Interest rates
Banks or Credit Unions?
Check cashing services
Banks
Credit Unions
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
fee
Tuesday, October 28, 2014
By: Sydney Tinker, Josh Winston, and Austin Walsh
Advantages & disadvantages
Online Banking
an alternative way to transfer money
Paypal
Advantages
some advantages of online banking include:
convenience
no waiting
availability
innovation

Disadvantages
some disadvantages of online banking
include:
technical problems
security
legal issues
money usage
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
financial institutions
Sydney Tinker
Josh Winston
Austin Walsh
Econ & Personal Finance/A1
Mr. Davis
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
for example…
if you borrow $10,000 at that rate
of 5% for 5 years.
(10,000)(5/100)(5)= 2,500
therefore you would have to pay $2,500 extra
pawn shops sell and buy any used or unwanted items that they can benefit from.
Pawn shops
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?


Federal reserve
works Cited

" 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.
Full transcript