A workshop sponsored by the Kansas City Public Library Banking Basics A workshop sponsored by the Kansas City Public Library

What you will learn The difference between a bank and a credit union Banking products Selecting a bank How to manage and protect your money Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Breaking the Myths Banks steal money from their customers Banks report citizenship I can’t afford a checking account I owe a bank so I can’t bank anywhere else All banks are open on Saturday Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Banks vs Credit Unions Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Differences Between Credit Unions and Banks Owned by shareholders Maximize profits/Business- oriented One-stop shop motto More accessible on a nation- wide scale Owned by members (customers) or share common theme: police, teachers Not for profit Lower fees and interest rates Smaller and local Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Banking Products Most commonly used banking products: Checking accounts Savings accounts Loans Credit cards Electronic banking Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Checking Accounts Obtaining a checking account has benefits Different types of checking accounts Acquiring a checking account comes with responsibilities Disclosure Statement Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Savings Accounts Acquiring a savings account usually requires a minimum deposit Opportunity to gain interest Certificates of Deposit (CDs) Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Electronic Banking Uses computer and electronic technology in place of paper Most common electronic banking ATM (Automatic Teller Machine) Online Banking Mobile Banking Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Open an Account Select the bank of your choice Requirements for opening a checking account: ID (green card, passport) Social Security Card or ITIN Proof of Address Minimum deposit Terms and Conditions Be aware of your banking history Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Banking History ChexSystem, Inc. 7805 Hudson Road, Suite 100 Woodbury, MN 55125 or call 800-428-9623 Tele Check Services, Inc. Attention: Consumer –FA P.O. Box 4514 Houston , TX 77210-4515 Early Warning: Call 800-325-7775 Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Check-Cashing vs. Banking Institutions: The Good and the Bad Convenient Direct Deposit Online Bill Pay No check cashing fee 24-hour banking Access to other banking options Can be inconvenient Typically do not keep records. No chance of relationship-building. Charge a higher fee for services No access to banking products Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Management Fees are a monetary charge banks require their consumers to pay Penalty fees result from mismanagement Non-Sufficient Funds Overdraft Protection Linked Credit Card Overdraft Credit Line Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Tools Record all transactions Budget your money Reconcile your bank statement Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Security Banks and Credit Unions are regulated Federal Deposit Insurance Corporation National Credit Union Administration Learn how to protect yourself Review bank statements Beware of public access Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Overview: Why You Should Bank Build savings and earn interest Establish credit Access mortgage loans, car loans, and other products Banks are regulated and supervised Keep your money safe Make payments easily and inexpensively Maintain records of transactions Deposit your paycheck directly Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Resources and References FDIC www.fdic.gov/consumers/consumer/moneysmart/ Financial curriculum based on building financial skills Credit Union www.mycreditunion.gov www.ncua.gov Federal Trade Commission www.consumer.ftc.gov Tools: Money and credit, loans and dealing with debt, identity protection Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

Resources and References Federal Government www.mymoney.gov Information on saving, investing, protest, spend, borrow Consumer Finance Protection Bureau www.consumerfinance.gov Submit complaints and financial tools Finra www.saveandinvest.org Information on debt control, financial basics, and financial tools Latoya Woods Women's Employment Network p: 816-595-1302 email: lwoods@kcwen.org

H&R Block Business & Career Center At the Kansas City Public Library 3rd floor of Central Library, 14 W. 10th St. 816-701-3717 www.kclibrary.org/business-career Books on personal finance, job hunting, small business development Personal finance: Budgeting, credit, investing, real estate, identity theft Computers with software for resume and business plan writing Resources for nonprofit development

Do you need a hand? Financial Opportunity Centers Guadalupe Centers Inc. 2600 Belleview Kansas City, MO  64108 P: 816- 472-4120 Prosperity Center 5151 Troost Avenue, Suite 100 Kansas City, MO 64110 P: 816-501-4239 Women’s Employment Network 920 Main St, Suite 100 Kansas City, MO 64105 P: 816-595-1302 Community Services League 404 N Noland Rd Independence, MO 64050 P: 816-254-4100 Do you need a hand? One-on-one counseling Financial Coaching Budgeting Setting future financial plans Tools for rebuilding credit Accountability