Transcript Slide 1

Bank On It
The Basics
Homework
(Passport page 9)
Why Are We Here?
Earn
Spend
Earn
Spend
Earn
Spend
Borrow
Spend
Earn
Spend
Save
Money Cycles
Earn
Save
Spend
What Do You Know?
(Pre-Test pages 5-6)
Let’s Talk About
You
How Does it Work?
Loans
Deposits
Interest
Interest
Why Keep Money in an Account?
Safety
Convenience
Cost
Security
Financial future
Financial Institution vs.
Check-Cashing Fees
Check-Cashing
Services
Bank or
Credit Union
Check-cashing
fees:
Money order fees:
45xx$5
month
$1==$20
$5 aamonth
Box
Monthly
of checks:
fee:
$18
$5
Total:
$78
$60
a year
Savings: $222
Total: $300
$240
year
$60 aayear
Financial Institutions
Make loans
Pay checks
Accept deposits
Other financial services
Insured
Open to anyone
Ownership may be limited
Not for profit
Bank
Credit Union
Types of Checking Accounts
Free/low cost
Electronic-only/
ATM
Regular
Interest-bearing
Common Services
Direct Deposit
Remittance
Stored Value
Card
Loan
ATM
Debit Card
Wire Transfer
Money Order
Phone/Online
Banking
Deposits & Withdrawals
Deposit
–Direct deposit, cash, checks, ATMs
–Check hold ~ you may not have immediate
use of deposited funds
Withdrawals
–Debit card, ATM, write checks to “cash”
–Fees
Fee Schedules
Monthly
Service
Per-Check
Check
Printing
ATM Use
Overdraft
Returned
Deposit
Stop
Payment
Phone
Inquiry
Teller
Check Register
Check
Number
Date
Description of
Transaction
Payment/Debit
Deposit/Credit
(-)
(+)
3/20 Opening Deposit
105
Balance
200 00
$200 00
3/22 Deposit
30 00
$230 00
3/23 Deposit
50 00
$280 00
3/23 Withdrawal
25 00
$255 00
3/26 Coffee Mart
19 75
$235 25
Activity 1:
Making Deposits and Withdrawals
Complete Activity 1 in the
Participant Guide.
1. Read the scenario carefully.
2. Complete the table.
3. Determine the new balance.
Checking Account Statement
3
1
1. Bank or credit union
name/address
2. Statement period
4
2
5
3. Your name/address
4. Account number
6
5. Transactions
6. Cashed checks
7. Account summary
with fees/charges
7
Reconciling Your Account
Balancing:
Keeping your checkbook
register up-to-date and
maintaining totals
Reconciling:
Finding and correcting any
differences between the
statement and your register
Preprinted Information
Your name and address
Check number and codes
Financial
Institution's name
Routing &
Transit Number
Account
Number
0105
Complete the Check
Date
Pay to the
order of
Amount
Signature
Memo
0105
Barriers & Strategies
1.
Keeping track of your money
–
2.
Your checking history
–
–
3.
Bounced check fees
ChexSystems
Second chance checking
“I didn’t know!”
Temporary Holds
Restaurants
Gas Stations
Hotels
Phone/Online
Purchases
Electronic Banking
Automatic Bill Payment
Online Bill Payment
Mobile Banking
New Opt-In Rule
You control
what is paid
By default, you
are “opted-out”
There could
be a fee
Does not cover
checks / auto
payments
You can change
your mind
Privacy Notices
Explains how your personal financial information is
shared and protected
Under Federal law:
• Personal financial information is private
• You can stop or “opt out”
What Have You Learned?
(Post-Test page 39)
Homework
(Passport page 15)
Questions?