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Transcript of Check&Save Acct
The Financial Learning Ambassadors Different Types of Checking Accounts Personal
Generally fall under:
have limits on the number of checks that can be written
per month and can charge a monthly maintenance fee
while free checking accounts have no limits on checks written or any additional fees. Joint Shared by two people
Ex: such as spouses or roommates
Generally used for household or shared expenses Student Offered by banks to high school or college students with incentives
Ex: Higher interest rates or free checks Second Chance Small Business For those with bad credit who can't obtain checking accounts elsewhere.
Account holder may have to
Pay a monthly membership fee or
Maintain a minimum balance For small business owners to pay expenses.
To qualify, a bank will set a limit of monthly transactions
Ex: Limited to 200 monthly transactions Savings VS. Checking How do Savings Accounts Work? A savings account keep your money in a safe place while it earns a small amount of interest each month.
If you put your money in a savings account is safer because it is insured. Banks insure your money (up to $100,000) through the Federal Deposit Insurance Corporation (FDIC).
This means that even if the bank goes out of business (which is very rare!) your money will still be there. Basically, it works like this:
•You open a savings account at the bank.
•The bank pays you interest on the money that you deposit and leave in that account.
•The bank then loans that money out to other people, only they charge a slightly higher interest rate on the loan than what they pay you for your account
The difference in interest they pay you verses the interest they charge others is part of how they stay in business. Types of Savings Accounts: Financial Institutions and Savings Accounts... The amount of interest your money earns in a savings account often depends on the type of financial institution you have selected and the type of account.
In other words, Do Your Own in depth Research
on Banks/Credit Unions ;) Interest rates may not always be as high as what you can get at a bank
Commercial, owned by Stockholders
Anyone can join! Not-for-profit
Cooperative, meaning it's owned and operated by its members
Your initial membership deposit makes you a part owner & gives you a say in the Unions decisions
Offered to a specific group of people Banks: Credit Unions: Banks VS Credit Unions So...More Bang For My Buck? Can offer Lower interest rates on loan products and credit cards since they're nonprofit
Higher interest rates on CDs, Checking & Savings accounts "Back to the Drawing Board" PROS CONS CHECKING SAVINGS Debit Card = Convenience
FDIC$ = insured up $250,000 Debit Card = Convenience
(Resist Temptations to spend!)
Less interest for $
Require minimum Balance
Fees Charged FDIC$ = insured up $250,000
Open without a Debit Card
(Makes $ harder to withdraw)
Option to set up auto deposit &
manage your account Require minimum Balance
(Ex: May be $5 or $1000)
May have lower interest rates Credit Unions VS Banks "it's not even a Competition." Caution! Warning! us on Facebook Check Follow us on This Out! && Find us on Facebook:
$ Valencia Financial Learning Ambassadors $ To promote financial awareness across the student body through peer to peer learning. Goal?
Our Goal is to empower students to improve personal financial awareness throughout college and to continue on a road to financial success.