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Introduction to Finance 101

Introduction to Finance 101. Course Outline. Philosophy. “ Banks operate for the aim of generating profits while credit unions are non-profit community-based institutions.”. History. Banks predate credit unions significantly .

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Introduction to Finance 101

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  1. Introduction to Finance 101 Presented by Astera Credit Union

  2. Course Outline Presented by Astera Credit Union

  3. Philosophy “Banksoperate for the aim of generating profits while credit unionsare non-profit community-based institutions.” Presented by Astera Credit Union

  4. History Banks predate credit unions significantly. Credit Unions were initially established in the 19th century as workers’ cooperatives. They were designed to allow coworkers to help each other with financial problems. Presented by Astera Credit Union

  5. What is a Co-Op? A cooperative is a collaboration of individuals or businesses that work to gain benefit through numbers. • Co-Ops are not charities. They are nonprofits. • Co-Ops are jointly owned and controlled. • Co-Ops can be found in all industries and in all geographic areas. Presented by Astera Credit Union

  6. Joining a Bank or CU Banks do not have membership requirements • However, most banks require minimum deposits • CUs have membership requirements. Typical criteria are: • Occupation • Relatives • Place of residence, worship or work • School Presented by Astera Credit Union

  7. Organization Bank Board of Directors CU Board of Directors Presented by Astera Credit Union

  8. Technology Services • The digital gap between CUs and banks is rapidly decreasing as many credit unions offer services such as: • Online Banking • Mobile Banking • Mobile Apps • Text-based Banking • However, it is always wise to verify with your financial institution, especially when considering smaller CUs. Presented by Astera Credit Union

  9. Account Checklist Make sure the financial institution you choose to do business with is federally insured by either the NCUA (credit unions) or the FDIC (banks). Presented by Astera Credit Union

  10. Questions? http://www.youtube.com/watch?v=rfHyQ-8eLC4 ask@asteracu.com facebook.com/AsteraCU #AskAstera or AsteraCU Shawnna: 517-321-8392 Presented by Astera Credit Union

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