Unit 3: Bank Services and Personal Finances Monday, October 11 Bellwork: Check your teams stock portfolio. Start Unit 3 Bellwork, and enter your team’s total for today.

Common Bank Services S ERVICE E XPLANATION R ISK R ETURN Checking Accounts Allows you to write checks and use debit card to make payments for purchases at no cost, usually, other than for the checks; will pay little to no interest because of the constant money flow banks expect in and out of checking accounts. NoneLittle to none Savings Accounts If you save your money in a savings account, the bank or credit union will pay you interest, and you can easily get your money whenever you want it. NoneVery Little Money Market Accounts These accounts tend to offer higher interest rates than savings accounts and often give you check- writing privileges. Like savings account, many money market accounts will be insured by the FDIC. NoneLittle Certificates of Deposit You can earn an even higher interest if you put your money in a certificate of deposit, or CD, When you buy a CD, you promise that you're going to keep your money in the bank for a certain amount of time. NoneLittle to small

FDIC (Federal Deposit Insurance Corporation) Ensures your money in all banks protected by FDIC, up to $250,000 per account.

The Role of Banks in Our Society B ANKS Bank Customers Personal and Commercial Savings, Checking Accounts, Etc. INTEREST DEPOSITS Loans Personal and Commercial Home (Mortgage) Home (Mortgage) Car Car Business Business LOAN INTEREST