 Acorns were used as a coffee substitute during the Civil War  Researchers claim that camping can help reset one’s body clock and synchronize melatonin hormones with sunrise and sunset  The longest monopoly game in history lasted 70 straight days  Britney Spears music was used by the British Navy to scare off Somali pirates

 Commercial banks- accept deposits and provide security and convenience to their customers  Brokerages- act as intermediaries between buyers and sellers to facilitate securities  Credit unions- offer higher rates of interest on deposits and lower rates on loans. Membership may be limited to a particular group

 When deciding on a financial institution, one should look at the costs and benefits  Benefits: Check cashing, debit cards, ease of bill paying, interest earned, online account management, direct deposit, ATMs  Costs: ATM fees, Late fees, hours, etc.

 Consumers who are unbanked may have difficulty: › Establishing credit, making bill payments, acquiring loans, receiving direct deposit income, keeping income safe › Cashing checks- checks cashed at a cashing place pay a high percentage of their check to have it cashed

 Electronic Monetary Transactions (EMTs): ATMs, Online Banking, Online investments, etc.  Direct Deposit: A deposit of money by a payer directly into a payee's bank account  Remote deposit refers to the ability to deposit a check into a bank account from a remote location

 When you decide to keep your money in a bank, or other financial institution, you must choose what account works well for you  Common types of accounts are › Checking, savings, and money market accounts and certificates of deposit

 A deposit account at a financial institution that allows for withdrawals and deposits › Money is very liquid › Unlimited withdrawals and deposits

 Basic checking - primarily to use checks to pay bills or everyday expenses  Interest bearing- requires a higher balance and interest is usually paid monthly  Joint checking- for two or more people who are usually in the same household

 Savings Account: Account held by a financial institution that pays depositor interest › Customers set aside money  Money Market Account: An account where people are allowed to save and write a limited number of checks  Certificate of Deposit: Accounts offer a guaranteed rate of interest but cannot be removed until after a specified period of time  If the money is withdrawn early there may be a penalty associated with it

 Reconciliation: the process of bringing the checkbook register into agreement with the bank statement (balancing your account)  Minimum Balance: Some banks require a minimum balance- when you fall short they charge a fee  Overdraft Protection: an agreement that the bank will loan you money (at a fee) when your account falls short

 Deposit Slip: Accurately fill slip out to place money into account(s)  Ledger: a record of all transactions from a checking account › Credit means to add money, debit means to take money out of the account  Routing Number: appearing on bank documents- identifies the financial institution

 Personal Check: Money comes out of the individual’s account › Stop payment may sometimes cause fees › Making checks to “Cash” can be deposited by anyone (risky)  Certified check: A check signed off by the bank that you have enough funds in the account  Cashier’s Check: A check signed by the bank- money comes from them  Traveler’s Checks: issued in certain denominations, can be cancelled if needed

 In order to deposit or cash a check it must be endorsed with your signature  Blank endorsement- your signature makes the check as good as cash to anyone  Restrictive endorsement- tags a check for a specific purpose  Special endorsement- allows you to transfer the check to someone else › It is a good idea to not endorse checks until you are standing in the bank