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Banking Basics

This guide provides an introduction to essential financial institutions, including commercial banks, savings and loan associations, credit unions, and brokerage firms. It outlines deposit services such as checking and savings accounts, automated teller machines (ATMs), and online banking features. Additionally, it covers credit services like credit cards, loans, and investment services. Readers will learn the various types of accounts, how to manage them, and the importance of endorsements and check registers. Empower yourself with the basics of personal finance and banking!

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Banking Basics

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  1. Personal Finance Banking Basics

  2. What Are Financial Institutions? • Four common Financial Institutions • Commercial banks • Savings and loan associations (S&Ls) • Credit Unions • Brokerage Firms

  3. Deposit Services • Checking Accounts • Savings accounts and certificates of deposit (CDs) • Automated teller machines (ATMs) • Direct deposits and automated withdrawals • Online banking • Deposit insurance

  4. Credit Services • Credit cards • Installment loans and credit lines • Mortgages • Home equity loans • Student loans • Small business loans

  5. Investment Services • Retirement accounts (IRAs, SEPs, KEOGHs) • Stocks, bonds, and mutual funds • Answer questions a – e on page 63 of Exercise 9.1

  6. Checking Out Checking Accounts • Choosing a checking account • Special account • Standard account • Interest-bearing account • Opening a checking account • Identification • Choose type • Signature card • Deposit

  7. Checking Out Checking Accounts • Making a deposit

  8. ATM And Debit Cards • ATM machines are convenient to use to deposit or withdraw funds • Need an ATM card and PIN • Charge to use ATM if ATM is not your bank’s ATM • ATM cards are often debit cards as well and can be used to make purchases • Debit card allows you to make purchases and have the money withdrawn directly from your bank account

  9. Phone Banking • Bill paying, transferring funds between accounts, account information

  10. Online Banking • Use 24/7 with secure connections • Pay bills • Transfer funds • Check account balance • Requires a user name and password • All bank transactions are included

  11. Endorsing a Check • A signature on the back of the check instructing the bank as to how the check may be cashed • Blank endorsement allows you to cash or deposit a check made out to you • Restrictive endorsement, e.g. for deposit purposes only • Special endorsement allows you to transfer the check to another person

  12. Writing a Check • Be sure you have enough money in your account to cover the check • Record the number, date, payee and amount in your check register • Subtract the amount of the check from the balance

  13. Keep a Check Register • Keep a check register even if when making all transactions via an ATM machine • All withdrawals and deposits should be recorded and the balance calculated after each transaction

  14. Questions • Answer questions on page 67 in Exercise 9.2

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