Basics of Banking St. Helens Community Credit Union

What are we learning today? Basic transaction terminology The difference between credit unions and banks How to open an account Types of accounts How to use checks The difference between debit and ATM cards How to use a check register Types of transactions Mobile Banking

Transactions: Deposits, Withdrawals, & Cashing To access your money, you can come into your financial institution and make deposits or withdrawals.  A deposit is putting money into your account.  A withdrawal is taking money out of your account.  Cashing a check is getting all the money back from a check. Accessing funds can be done through other methods, this will be discussed in later slides

What’s a Credit Union? A credit union is similar to a bank, with two major differences:  Not-for-profit  Member-owned St. Helens Community Credit Union is where Beau, Victor,…and (sometimes!) Nathaniel work We have a branch in the high school!  You can make deposits and withdrawals of up to $50 at lunch  Our main branches are in Scappoose, St. Helens, and Rainier

Where do you keep your money?

How to open an account.. To open an account, you will need two pieces of ID. – These include:  Drivers license (or permit),  State ID card,  Birth Certificate, OR  Passport AND:  Social Security Card, OR  Tax Returns

Accounts If you are under 18, someone 18 or older must be on the account for checking accounts. SHCU has a Student Savings available for someone under 18 that does not have a willing parent/guardian. The person joint on the account must bring two pieces of ID in (similar to those in previous list), unless they already have an account.

Types of accounts There are a few different types of accounts you can open. These include:  Savings account  Checking account  Special purpose accounts

What is a savings account? In order to open any account (at SHCU), you must open a savings. A savings account is a basic account to store your money. Earns dividends (same as interest.) ATM cards can be used and linked to the account.

Special Purpose Accounts Additional savings account  Christmas Account  Special Purpose (i.e Car, Trip, College, etc)  Tax Account  Health Savings Account

What is an ATM card Way to access account without going in to a branch ATM cards are linked to savings accounts (and checking accounts). Can only be used at an ATM $500 daily limit on withdrawals

What is a checking account? A checking account is like a savings account, with easier access Easy access through checks and debit cards

What is a check? An additional way to access your account without going in to a branch A check is a form of currency, linked to your checking account When the recipient of the check deposits or cashes it, the check is processed and withdrawn from your account

How to use a check? Person/company funds are being given to $amount written dollar amount Signature

Check registers A check register is a booklet to keep a written, up-to-date record of all deposits and withdrawals in your account This is important to keep!

What is a debit card? 1 more, easy way to access account without going to a branch Debit cards are directly linked to a checking account. Also called “check cards” Can be used at ATMs, gas stations, stores, for online purchases, etc.  For both debit and ATM usage, money must be AVAILABLE in your account

More to do.. Basics of Banking Transactions Total your cash and/or check deposit before you are helped. If deposit slips are available, fill them out. Sign the back of your checks.

When can you use the Drive-thru? Drive-thru’s are used for quick, single transactions. These can include: Small Deposits Withdrawals Cashing checks Most financial intuitions have a cash in/out limit. SHCU’s is $1500.

Mobile Banking is a Thing! Easy Account Access on the Go Smartphone? – You can use the SHCU app! – Easy access to keep track of your account balance while on the go and make transfers between accounts – Deposit checks without having to go to branch Dumbphone? – Text Banking – Automated “TellerPhone”

Loans When you are 18 or older, you can apply for multiple loans we offer, such as: – Visa Cards – Car Loans – Personal Loans – Home Loans – Business Loans

Got it? Do you know the difference between a savings and checking account? Do you know how to open an account? Do you know how to write a check? Do you know why keeping a check register is important? Do you know the difference between ATM and debit cards? Do you know the difference between deposits and withdrawals and how to do both? Do you know when to use the Drive-Thru? Do you know how to use Mobile Banking?