Banking in the United States

Banking Safety FDIC is the Federal Deposit Insurance Corporation On May 20, 2009, President Obama signed the Helping Families Save Their Homes Act, which immediately extended the FDIC temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 per depositor through December 31, The legislation provides that the SMDIA will return to $100,000 on January 1, All chartered banks are required to be a member of FDIC “Member FDIC”

Types of Bank Accounts  Checking Accounts Interest Bearing Non-Interest Bearing  Savings Accounts Regular Savings Money Market Time Deposit (CD’s)  Monetary Instruments Cashiers Checks Money Orders Travelers Checks

ATM/Check Cards/OneCard Debit  Secret Codes or PIN numbers Choose 4 or more digits to be used with ATM transactions and transactions with merchants.  VISA ® or MasterCard ® Logo and function Debits the amount of the purchase from your checking account.

Banking Tips  Complete all transaction tickets and checks  Endorse all checks  Always bring photo identification with you to the bank  Keep a check book register  Reconcile your bank statement  Contact your bank immediately with any discrepancies.

Examples and Practice Check Writing and Endorsement Deposit and Withdrawal Tickets

Writing a Check

Making a Deposit This column is for the change portion of your cash

Making a Deposit

Endorsing Checks

Endorsing ‘and’ Checks When the Check is made payable to TWO people with the word AND, both must sign

Endorsing ‘or’ Checks When the Check is made payable to TWO people with the word OR, only one person must sign.

Second Party Checks You may sign over a check to another person. This is called a Second Party Check. Second Party Checks are accepted according to your financial institution’s policies.

Making a Withdrawal

Balancing Your Checkbook Fee 8/23 ATM Fee

Domestic Wire Transfers  To receive a wire in the U.S. or to send a wire to someone with a U.S. bank account requires:  Bank Name  Bank Routing Number or ABA Number  Person’s Name and Address  Person’s Account Number  Ask about the charge $10 - $40

International Wire Transfers  To send a wire outside of the U.S. you must provide your bank with the following:  Bank Name  Bank Swift Code (if applicable)  City and Country of the Bank  Person’s Name and Address  Person’s Account Number  Ask about the charge $30 - $60

Identity Protection  Identity theft can ruin your financial future and make it impossible for you to maintain good credit.  Identity theft will leave you with bad credit that takes months or years to correct; even though you get reimbursed for the thief's bills.  A thief can take over your account by acquiring account information such as account or card numbers and drain your assets.  A thief can also use your personal information to open new accounts and credit lines without your knowledge.

Prevent Theft  Never give out personal information (SS number, account numbers, bank routing numbers, PIN’s) over the phone.  Only use secured web sites when shopping online  Never leave your ID in the car unattended  Do not carry your SS card, birth certificate, or passport unless absolutely necessary  Do not carry cards that show your SS number  Remove your name from phonebooks and reverse directories  Mail bills from the post office  Keep photocopies of your credit cards at home in a safe place  Order your credit report yearly from one of the 3 credit bureaus free of charge  Never reply to s requesting personal financial information  Cross off card information on receipts  Shred receipts, credit card offers, and statements

Questions?