DO NOW 8 MIN Turn In What is the main difference between commercial banks and credit unions? What is 1 difference in services offered by commercial banks verses services offered by credit unions? Who is considered a credit union customer? Who is considered a commercial bank customer? Lis 3 services of a commercial bank and 3 services of a credit union.

Banking Questions What is a bank? How do banks operate? What is a commercial bank? What types of services do commercial banks offer? What is a credit union? Do credit unions offer the same types of services? What is the difference between a commercial bank and a credit union?

Banking Discussion cont. What is a bank? Banks are financial institutions that accept deposits from customers and lend money. These entities are for profit. What is a commercial bank? Commercial banks offer a full range of financial services such as deposits, transferring funds, lending money, storing valuables (in safe deposit boxes), providing financial advice and investment services, and managing trusts. What is a credit union? A not-for-profit financial institution formed by people who have like occupations or live in the same community.

Checking Account What are the advantages to having a checking account? Convenience, safety, proof of payment and record of finances. In Opening a Checking Account, you must be approved by the bank. You need to fill out a signature card so that the bank has a copy of your signature on file and helps aid in the protection of fraud.

Checking Account cont. Deposits are putting money into your checking account at a bank. You can put your deposit in the bank using a deposit slip

Do Now 8 min Who is a consumer? Give me an example. What are the rights of a consumer? Are all consumers honest? What is the federal trade commission? What is a guarantee? What is a warranty?

Consumerism When buying items a consumer should consider: a business’ reputation, value of brand names, and the choices of store availability A good shopper/consumer takes time when making purchases, buys when prices are lowest, and avoids impulse buying through the use of shopping lists

Consumerism cont. Consumer rights: Be informed Safety Be heard Right to remedy/sue Consumer education Service

Consumerism cont. Consumer responsibilities: Be honest Be reasonable Be informed Be involved Report unethical practices

Consumerism cont. Decision Making Steps in Buying Identify your needs or wants Know the choices that are available to you (price, quality, location, variety) Determine the measure of satisfaction of your needs or wants Consider the alternatives Make your decision to buy

Consumerism cont. Efficient/Good Shopper/Consumer: Takes time when making purchases Buys when prices are lowest Avoids impulse buying by using a shopping lists