“You as a consumer” &“Banking”

  A consumer is someone who buys or uses goods and services  Consuming involves 3 stages 1.Making Choices  Products and Services 2.Buying Wisely  Wants vs. Needs  Brand Name vs. Generic 3.Using goods and services properly What is Consuming?

  Commercial Banks  Full-service banks  Checking, savings, loans, safe deposit boxes, credit cards, ATM’s, money orders, traveler’s checks  Savings & Loans Associations  Started in the early 1800’s  Groups of people pooled their money together so that each could borrow Financial Institutions

  Credit Unions  Nonprofit savings and loan cooperative associations  Made up of people who have something in common, like place of employment  Members govern credit unions  Changes in Financial Institutions  As a result of the 2008/2009 recession interest rates have become much more competitive among banks  These institutions now actively compete for business which benefits the consumer Financial Institutions

  ATM’s  24-hour banking  Online Banking  Pay bills, transfer money, check account balances  Mobile banking  Smartphone  Direct deposit or withdrawals  Point-of-sale transfers  Debit card Electronic Banking

  Most commonly used banking service  Checks are safer than carrying cash  Make it easy to keep track of transactions  Cancelled check is a check that has been paid and is legal proof of payment  They are electronically scanned and processed  Once processed it is considered ‘cleared’ or paid  There are different types  Minimum balance account  Cost-per-check account (special account)  NOW account – interest bearing Checking Accounts

  Research and choose a financial institution  You will fill-out a ‘signature card’  Name  Address  Phone number  Social Security number  Signature  Safeguards your account against fraud/forgery Opening a checking account

 1.Your name and address (account holder) 2.Date 3.Check number 4.Payee 5.Numerical amount 6.Written amount 7.Bank information 8.Purpose or account number 9.Signature 10.Bank routing number and account holder’s account number Parts of a check

 Check example Your name here (1)(3) 5001 Address Phone (2) ________________ __________ (4) (5) Pay to the order of ______________________________________________________________ $ _(6)___________________________________________________________________________________ Dollars Bank of USA (7) 2123 Main Street Cicero, NY For ________________________________ (8)(9) ____________________________________________________ |: |: ” 5001 (10)

  Where you keep a record of checks written, deposits made, and other transactions Keeping a Check Register Balance Number DateDescription of TransactionPayment/Debit (-) TFeeDeposit/Credit (+) $ /16 Wegmans $ $$ 12500

  Your signature on the top back side of the check  Blank endorsement  Simply your written signature  Restrictive endorsement  Message or signature that restricts the use of the check  “For Deposit Only”  Full endorsement  When you want to pay someone else with a check that was written out to you  “Pay to the order of…” Endorsing a Check

  Depositing money into an account, use a ‘deposit ticket’  Preprinted slip that comes with your checks  Used to deposit any combination of currency, coins, and checks  ‘statement of account’ is the summary of all transactions completed in a checking account for a given period of time  Paper form in the mail or accessible online Deposit Tickets & Statements