Other Banking Services Chapter 7.5. Certified Check ► Personal check ► Stamped and signed by bank officer ► Charges a fee - $5-$20 ► Withdrawals money.

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Presentation transcript:

Other Banking Services Chapter 7.5

Certified Check ► Personal check ► Stamped and signed by bank officer ► Charges a fee - $5-$20 ► Withdrawals money to ensure you have funds

Cashier’s Check ► Checks written from bank’s account ► Signed by bank’s cashier ► Bank makes check to payee ► $25 fee approximately ► Down payments on houses, large amounts ► Confidence knowing from bank

Money orders ► Less expensive ($1-$10) ► Maybe you don’t have a checking account? ► Can be purchased from bank or other financial institute  Amex office  Post office ► Lists you as the drawer and is written to payee

Traveler’s Checks ► Never good to carry large amounts of cash  Stolen  Lost ► Some businesses do not accept out-of-town checks ► Can be replaced quickly (serial #’s) ► Receipt given and used as a register ► Banks, Amex, travel agencies offer ► Increments $20, $50, $100 ► Fee of 1% ► 2 signatures required and ID upon usage

Why? ► Some companies make you wait for check to clear ► Provides guarantee funds will be there (unlike bounced checks) ► Convenience, safety

Wire Transfers ► Electronically transfer funds ► $20/$30 fee ► Safe and quick ► Large amounts of money don’t lose interest opportunities

Safe Deposit Boxes ► $30/$40 annually ► Need ID, signature, key—very secure ► Valuable, documents—non monetary items

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