Banking Basics. Banking 101

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1 Banking Basics Banking 101

2 What will you learn today An introduction to common terms and concepts you will come across Basic accounts with common features What to think about when picking an account or institution Additional resources

3 Why should you bank? Protect your money Earn money by way of interest Save and manage your money for a better future Get a line of credit, mortgage, or a business loan

4 Bank A financial institution that handles money, including keeping it for saving or commercial purposes, and exchanging, investing, and supplying it for loans

5 Credit Union A non-profit financial institution that is owned and operated entirely by its members Provides financial services for their members, including savings and lending When a person deposits money in a credit union the deposit is considered partial ownership in that credit union Many have membership eligibility requirements

6 Savings Institution A financial institution that accepts deposits from individuals, makes homes mortgage loans, and pays dividends

7 Web Only banks No Brick and Mortar/ATMs No tellers just customer service Offers many of the same services and products as traditional banks Generally offer higher interest rates and different financial products

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9 Deposits and Withdrawals Deposits When you put money into an account Includes cash, check, direct deposit from employers Cash is immediate Checks can take several days to clear Withdrawal To take money out of an account Includes withdrawals from ATM or teller, debit card purchases, checks you write, or online bill payments Does not include credit card purchases

10 Transfers Can be automatic Online, mobile, ATM, at the bank International remittance (global remittance) Allows you to transfer money to family members in other countries Not all institutions do this Not all transfers count as deposits or withdrawals

11 Balances Balance The amount of money in your account Available Balance The amount of money in your account that you have access to (i.e. after waiting for a check to clear) Minimum Balance The amount of money you re required to keep in an account to avoid fees or to keep the account open

12 Overdrawing your account Means you took out more money than you have in the in that account Checks can bounce Debit purchases can be denied Good banking habits will prevent this Overdraft fees can be costly

13 What is interest? The amount of money paid by a borrower to a lender in exchange for the use of the lender s money for a certain period of time. Examples You earn interest from a bank if you have a savings account You pay interest to a lender if you have a loan Interest you earn is taxable income

14 Types of Interest Simple interest Earn interest on the principal (the amount of money you originally deposited) Compound interest Interest not only on your original deposit plus the interest your deposit has earned over time APY (Annual Percentage Yield) The rate of return on an investment for a one year period

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16 Checking Account An account that allows a customer to deposit and withdraw money and to write checks Checking accounts allow you to Deposit your paycheck Pay bills Withdraw money to spend later Earn interest (not all institutions offer this) Can be linked to a debit or ATM card

17 Savings Account A bank account that allows a customer to deposit and withdraw money and earn interest on the balance May require a minimum balance Can be linked to a Debit or ATM card

18 ATM cards Vs. Debit Cards ATM Cards Can be used to operate ATM, withdraw money, and access account Can be used to make in-store purchases if used at a merchant that uses one of the networks listed on the back of your card Debit Cards Can be used to operate ATM, withdraw money and access account Has a Visa or MasterCard logo on the front and is accepted where Visa/MasterCard are accepted Can be used to purchase items/services in-store and online

19 Credit Cards vs. Debit Cards Credit Card You are borrowing money and need to pay it back Paying your credit card bills on time can build good credit Can be used online/in store in place of cash or checks Safer to use online Debit Card Deducts directly from bank account Does not build your credit history Can be used in an ATM Can be used online/in-store in place of cash or checks

20 Money Market Accounts (MMA) Pays interest like a regular savings account generally higher interest May require a higher minimum balance Has checks you can use to make withdrawals restrictions on the number of withdrawals made by check

21 Certificate of Deposit (CDs) Requires that money stay in an account for a fixed period of time called a term i.e. a few months to five or more years Interest earned is generally higher than on a regular savings or money market account If money is withdrawn before the end of the term, penalties could be applied

22 Good Banking Habits Write all of your checks, withdrawals, deposits, and transfers in your register for each account That includes your debit card purchases too Verify the activity with your monthly statements Sign all of your cards once you get them Keep bank customer service numbers on file Report stolen/lost cards immediately

23 Will my money be safe? Banks and Savings Institutions are insured by the FDIC up to $250,000 Credit Unions are insured by NCUA up to $250,000 FDIC and NCUA Insure: Checking accounts Savings accounts CDs Money market accounts IRA s and NOW accounts FDIC and NCUA do not insure: Safety deposit boxes Money Market Mutual funds Stocks, bonds, mutual funds Insurance products or investments Anything that is not a deposit

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25 Picking an Institution Are the products this institution offers FDIC/NCUA backed? Is it convenient? Locations? Hours? Services? Is the staff friendly and helpful? Do they offer other products or services you are interested in?

26 What fees can I expect? Check with the financial institution about what kinds of fees they or their products have This list is not exhaustive: ATM withdrawals from out of network ATMs Mailed statements Not making minimum monthly deposits Too many or not enough withdrawals Too many transfers Not maintaining the minimum balance Maintenance fees

27 Other services: Investing resources (not FDIC/NCUA insured) Annuities, bonds, mutual funds Online banking Mobile banking Home loans Business loans Lines of credit

28 Solid Advice Don t sign something you don t understand Always ask for clarification Always get written copies and take them home Have someone you trust go with you to the bank and review paperwork with you

29 Things you ll need to open an account Two forms of Identification Ask your bank which forms they accept Common types: State ID or Driver s License Alien Registration card Passport US military ID Money Ask if there is a minimum deposit

30 Online Banking Safety Tips Use secure WiFi and your own computer Make sure your browser and virus protection software are up to date Don t share your password and change it often Make sure you have a secure connection Look for the and the security certificate

31 Things you can do with banking online Services vary by institution Set up new accounts Transfer money to other accounts or other people Set up automatic transfers to your savings or other accounts Pay bills or credit cards View statements and more!

32 What if my bank is having problems? Read the news Massachusetts Division of Banks Your money will be insured up to the NCUA/FDIC will protect you up to their limits even if your bank fails

33 What can I use to bank better? Bank Rate Monitor or Bankrate.com Articles, bank rates, tips and more Mycreditunion.gov Find an NCUA insured CU and if your assets are covered fdic.gov and Edie Find FDIC insured institution and if your assets are covered handsonbanking.org Tutorials and lessons about banking for all ages

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