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Fall 2010

Fall 2010. Online Version for Program Course Credit 2010-11. Financial Literacy Education II: Bank Services. Goals for This Meeting. Budgeting Benefits of Banking Savings Accounts (Opening an Account, Interest, Tips)

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Fall 2010

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  1. Fall 2010 Online Version for Program Course Credit 2010-11 Financial Literacy Education II: Bank Services

  2. Goals for This Meeting • Budgeting • Benefits of Banking • Savings Accounts (Opening an Account, Interest, Tips) • Checking Accounts (Parts of a Check, Filling out a Check, Check Register) • Using a Debit/ATM Card and ATM Machine • Avoiding Bank Fees • Online Banking

  3. Group Agreements Commitment to Glow Foundation’s program Be prompt and prepared for all Glow sessions (including HW items) Reach out for help when needed Respond promptly to emails or phone calls Share the information learned with family and peers Be respectful (one mic)/confidentiality Accountable for myself and the group success What is said in Glow stays in Glow

  4. Benefits of a Bank Spend 2 minutes writing the answers to the following: • Why would someone decide to open a bank account? • 2. What are some benefits of a bank?

  5. Benefits of a Bank • Safety • Convenience • Saves Money • Security (FDIC insured) • Advice of Banking Professionals • Bill Payment Services

  6. Savings Account Basics What is a Savings Account?

  7. Savings Account Basics Types of Savings Accounts

  8. Money Saving Tips How can you save more money NOW?

  9. Money Saving Tips • Use coupons/buy things on sale • Use direct deposit • Carry your savings goals in your wallet • Buy used items (e.g. books, DVDs, etc.) • Use a rewards card • Bring a lunch instead of eating out • Ask yourself “Is this something I need?” • Store your change in a jar

  10. Saving Account Basics Compare the Results: Each person saved $5 a day and the Super Saver earned 5% interest compounded daily.

  11. Savings Account Basics What is Compound Interest?

  12. Checking Account Basics What is a Checking Account?

  13. Checking Account Basics Checking Accounts: • Keep your money safe and accessible • Help control your spending • Don’t pay interest • May require you to keep a minimum balance or do direct deposit (to avoid fees) • Checks function like cash

  14. Undocumented Students Forms of ID that can be used to open a bank account (need 2 forms of ID- at least 1 government issued) • Non U.S. Passport • Consular ID (Matricula Consular) • Employee Photo ID • Student Photo ID (college/trade school) • Foreign Driver's License, • Birth certificate

  15. Checking Account Basics Handout: Parts of a Check

  16. Checking Account Basics Handout: How to Write a Check

  17. Tracking Your Spending Handout: Parts of a Check Register

  18. Checking Account Basics Handout: How to Endorse a Check

  19. Checking Account Basics Check-Writing Tips: • Always write in blue or black ink • Write neatly • Save your receipts and record your spending in your register • Initial your (small) mistakes / VOID checks with large mistakes • Avoid writing “bad” checks - you will get fined and it’s against the law in some cases

  20. ATM/Debit Cards What’s the difference between an ATM and debit card?

  21. ATM/Debit Cards ATM Cards are used to: • Deposit, withdraw, or transfer money Debit cards can do this in addition to: • Purchasing items

  22. ATM/Debit Cards What information is on your ATM/Debit card? (If you have a debit card, you can examine it as we look at the parts of a debit card)

  23. ATM/Debit Cards ATM/Debit Card Tips: • You may be charged a fee if you use an ATM that is operated by another bank • Know your available balance • Be aware of what you’re buying - it’s easier to spend more with plastic! • Be careful with your Personal Identification Number (PIN) – Never write it on your card • Avoid magnets – they can de-magnetize your card • Contact your bank if your card is lost or stolen!

  24. Common Bank Fees Overdraft Fee Extended Overdrawn Balance Charge (EOBC) Foreign ATM Fee Monthly Service Charge

  25. Online Banking Online Banking Allows You to: • Direct Deposit • Transfer Money Between Your Accounts • Transfer Money to a Third Party • Make Regular Transactions/Automatic Bill Pay • Access Online Banking Assistance • Access Budgeting and Money Management Tools

  26. Recap • Budgeting • Benefits of Banking • Savings Accounts (Opening an Account, Interest, Tips) • Checking Accounts (Parts of a Check, Filling out a Check, Check Register) • Using a Debit/ATM Card and ATM Machine • Avoiding Bank Fees • Online Banking

  27. Homework: Do some research around credit and credit cards including watching commercials – What are the key things to know before getting a credit card? (15-30 minutes)

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