Unit 10: Personal Finance

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Presentation transcript:

Unit 10: Personal Finance Banks & Banking

Origins Goldsmiths gave ppl loans; promised to pay by certain date w/ interest Ppl used property/things to guarantee repayment These properties/things = collateral

The Banking System Different types of bank accounts Checking accnt Demand deposit – bank must give you your $ Savings accnt - $ earns interest (good) Time deposit – bank requires $ in acct for certain time Certificates of deposit (CDs) – longer time deposit accnt Money market – keep min balance & get higher interest rate

The Banking System 4 main types of banks Commercial banks – most banks in US Lots of services (accts, loans, credit cards…) $ insured by govt agency (Federal Deposit Insurance Corporation – FDIC) Insured up to $100,000 Savings banks – started 1800s for saving Other services: home loans… Insured by FDIC

The Banking System Savings & Loan Associations – S&Ls Mid 1800s for home buyers Lots of home mortgages today / other serv. S&L crisis in 1980s Credit Unions – est. for certain comp/org Owned/operated by members Deposits = buying interest paying shares $ insured by National Credit Union Association (NCUA) – up to $100,000