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Banking

Banking
by

Brittany Czerwinski

on 27 February 2017

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Transcript of Banking

Banking - The Main Idea Behind it!
Financial Institutions
Services Provided
A
checking account
is a bank account that allows easy access to the funds on demand. With the use of Debit Cards and Checks.
Other Services Provided
Retirement
How Your Money
Principal
– the money deposited
What does the word Bank mean to you?
Bank
Credit Union
Serves individuals & businesses
Offer a wide variety of services
Savings
Checking
Loans
Investments
Main source of loans for business
Offer memberships to people who share a particular bond.
May only use if you’re a member
Offers variety of Services
Checking
Savings
Loans
The Standard Account
Bank Packages can include:
Free Checks
ATM Services - Ex: No ATM Fees
Safety Deposit Box
How to Start Saving!
Feed the Pig!
Set goal
% of your income
$ every week/month
Decide how to save
Savings account
Certificate of Deposit (CD) – Has a maturity date. This means you have to wait until this date to use the money.
Start young
G
R
O
W
S
Interest
– money paid to the depositor
Compound Interest
– interest accumulated on the principal AND the interest
Behind the Scenes Protection
Federal Deposit Insurance Corporation
Insures Deposits
Examines financial institutions for safety, soundness, and consumer protection
An independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by:
The members of the group pool their money to provide loans and checking accounts to other members.
Each member having a say in how the credit union is run.
Important Features
Checking Account Terms You Should Know
Direct Deposit

- Paychecks are automatically deposited into checking accounts.
*
Must be offered by Employer

Minimum Fees
- the amount the bank requires a customer to have in their account at all times
Transaction Limits
- how many time the banks allow you withdraw from your account in a period of time
Overdraft
:
taking or spending more money then what is in the checking account.
Current Balance & Available Balance
Your account's current balance is the beginning-of-the-day balance after the prior evening's posting.

The available balance is the amount you have in your account that is available for immediate withdrawal or to cover other debit items.

The available balance represents the difference between the current balance and pending items (those items we have received but have not yet posted).


Available Balance = Current Balance + Pending Credits - Pending Debits

Mobile Banking
Rewards
Helpful Features
AKA Demand Deposit
The Joint Account
Just like a standard account but opened by 2 or more people
All parties have the right to entire amount deposited
"And" - needs a signature of both owners of the account
"Or" - needs a signature from either account owner
Types of Accounts
May have monthly fees
Minimum balance may be required
Be Careful:
You need to decide if you want“AND” or “OR” account
Bank Accounts:
Credit
vs.
Debit
Credit
Credits are deposits or transfers of money into your account.
Examples:
- Cash
- Paychecks
-Personal Checks
Debit
Debits are withdrawals or transfers or money out of your account.
Examples:
- Make a purchase with your ATM Card (aka Debit Card)
- Writing a check for Rent
- Withdrawing Cash from the ATM
Pay bills more conveniently!
Gain access to your money immediately!
But Watch Out for This!
*Usually comes with a hefty fee
How to Protect Yourself
Overdraft Protection is offered by banks to protect your checking account from dipping below its funds.
Example: Text Alerts or Automatic Transfers
A
savings account
is putting money aside for the future - you do not use it on a daily basis.
Long Term:
Short Term:
Car Maintenance
Emergencies
When choosing an account consider the following:
Convenience
Safety
Fees and Restrictions
Banks
Credit Unions
How it works:
Full transcript