Chapter 10 Consumer Education

Comparing Financial Institutions section !0.1 How Banks Work Types of financial institutions Choosing a financial institution

How Banks Work Banks provide Checking accounts Safe deposit boxes Saving accounts Investment options Financial planning services loans

Types of financial institutions Commercial banks Mutual savings banks Savings and loans Credit unions Internet banks

Choosing a financial institution Deposit insurance Services and convenient access Rates and fees Financial services modernization act of 1999 Eliminating restrictions among companies in securities, banking, and insurance industries

Banking Electronically section 10.2 Electronic banking methods Consumer protection

Electronic banking methods ATM transactions pin Point of sale transactions Debit card Online and offline Automated services Direct deposit, transfers between your accounts, and loan payments Telephone banking Online banking

Consumer protection Electronic fund transfer act of 1978 Report lost or stolen cards within 2 business days, you are only liable for $50 After that liable for $500 or more

Managing a checking account section 10.3 How checks work Choosing a checking account Using a checking acccount

How checks work Payee Canceled check Overdraft Advantages of checks More secure than cash Legal proof of payment

Choosing a checking account Minimum balance Fees Transaction limits Interest rates Standard overdraft fees and protection

Using a checking account Making deposits Endorsing a check Recording transactions Writing a check Receiving your bank statement Reconciling your account

Using other payment methods section 10.4 Guaranteed checks Money orders Traveler’s checks Money transfer services Wire transfers Prepaid cards Online payments services