Unit 3 - Financial Services

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1 Unit 3 - Financial Services

2 Credit Unions vs. Banks Banks For profit companies owned by shareholders Offer services to everyone who wants to apply Owned by shareholders; customers do not vote Deposits insured by FDIC for up to $250,000 Profits benefit small group of stockholders Credit Unions Non-profit companies owned by customers Offer services to special groups of people Owned by customers who have one vote each Deposits insured by NCUA for up to $250,000 Profits returned to members through lower fees and higher interest rates on deposits

3 Read this first! Put this in the center of your Venn Diagram virtually the same services Banks and Credit Union Services Online Banking, Online Brokerage, Checking Accounts, Savings Accounts, Certificates of Deposit (CDs), Individual Retirement Accounts (IRAs), Savings Bonds, Credit Cards, Check Cards, Gift Cards, Payroll Cards, Commercial Prepaid Cards, Auto Loans, Boat Loans, RV Loans, Student Loans, Other Loans, Home Mortgages, Mortgage Refinance Loans, Home Equity Loans, Military Bank, Student Centers, Accessible Banking, Small Business Banking Services, Merchant Services, Home Buying, Investment Services, IRAs, Mutual Funds, 529 College Savings Plans, Life Insurance (various types), Long-Term Care Insurance, Homeowner s Insurance, Renter s Insurance, Condo Insurance, Auto Insurance, Supplemental Income Insurance, Foreign Currency Exchange, Traveler s Checks, International Wire Transfers, and More

4 Savings Accounts Purpose is to save money Requirements to open Photo ID Soc. Security Number Cash for Deposit Signature Card Verifies your signature

5 Savings Deposits and Withdrawals To put money into an account is called a deposit. To take money out is called a withdrawal.

6 Savings Responsibilities Bank Responsibilities Keep your money safe Your Responsibilities Keep your information safe Pay interest on account balance Review your statements monthly

7 Savings Account Cards ATM Cards are available for deposits, withdrawals, transfers and bank statements. Debit cards are not available for making purchases.

8 Savings Advantages Easy to set up Deposits earn interest Keeps money safe

9 Checking Accounts Purpose is to make payments to others Requirements to open Photo ID Soc. Security Number Proof of Age Cash for Deposit Signature Card

10 Checking Deposits and Withdrawals To put money into account is called a deposit. To take money out you write a check to yourself or make a debit.

11 Checking Responsibilities Bank Responsibilities Keep your money safe Your Responsibilities Keep your information safe Make payments to others Have enough money in account to make payments Review your statements monthly

12 Checking Account Cards ATM Cards are available for deposits, withdrawals, transfers and bank statements. Debit cards are available for making purchases.

13 Checking Advantages Easy to pay others Proof of Payment Keeps money safe Helps with Budgeting

14 Savings Deposit Activity 5.3, Page 17 x Today s date goes here Brianna Jackson 12 Main St, Newtown, PA Brianna Sign Your Name Jackson Here

15 Endorsing A Check See Page 3 of Packet Regular Endorsement Restrictive Endorsement 1 ENDORSE HERE 2 ENDORSE HERE DO NOT WRITE BELOW THIS LINE DO NOT WRITE BELOW THIS LINE Used when you need money back Used when you can deposit all your money

16 Endorsing A Check See Page 3 of Packet Special Endorsement 1 ENDORSE HERE DO NOT WRITE BELOW THIS LINE Used to transfer the check to someone else

17 See page 10 of booklet. On This Legibly Enter Place Put Make Here the your is is to the sure where lower your just the print add personal date your Routing number Account any line, the you personal check information amount signature write of Number. this number the out each information of Check. name the here. money you check. (Note amount again your of want this the that bank (see on to party like check the sometimes related above (used this. check you right). for. to are this electronic these writing correct. check. two your numbers check to transfers are (the payee). reverse of funds Be of sure what from to is your write shown account or here.) print to legibly! the payee s account) John M. Smith 5-F

18 Special Transactions Direct Deposit electronic deposit into your account Account transfer moving $ from 1 account to another Automatic savings plan electronic deposit to savings or retirement account ATM transaction transaction completed at an ATM Debit Card same as ATM plus make store purchases Automatic Payment-electronic payment of a bill Bank Fee charges for bounced checks and services Stop Payment request NOT to pay out a check Circle the EFTs

19 Pros and Cons of EFT Pros Convenience Personal Safety Knowledge of account Time Savings Cons May have fees Increased chance that your personal information will be stolen

20 Checking Tips Always write checks in ink Keep unused checks in a safe place Do NOT share your PIN with anyone Choose a PIN that is difficult to guess Use the same signature every time you sign a check Sign back of debit card right away Check your statement every month to make sure there are no unauthorized items or errors

21 Unit 3 Financial Services

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