CHAPTER 11Slide 1 of 6 Chapter 11. FINANCIAL INSTITUTIONS Their services and how they work… Your legal and financial rights A. Your Choices, the Role.

Slides:

Advertisements

Similar presentations

Banking Terminology Self-Study for Basic Econ Final Basic Economics (Lewis/Phipps)

Advertisements

Banking, Borrowing & Credit More On Managing Your Income.

2 types of accounts: savings and checking Do not spend more than you have in the account (you can get overdraft protection) ALWAYS REVIEW YOUR BANK STATEMENT!

Copyright, 1996 © Dale Carnegie & Associates, Inc. BANK ON IT Money Smart Course Indiana Department of Financial Institutions.

Chapter 10 Section 3 Banking Today

Section 5.1: Selecting Financial Services and Institutions

Financial Institution Frenzy G1 © Family Economics & Financial Education – April 2006 – Get Ready To Take Charge of Your Finances – Financial Institution.

Using a Bank or Credit Union consumer.gov. Why use a bank? A bank is a place to keep your money safe A bank’s services include: – checking accounts and.

Personal Financial Management

17-1.  The Federal Reserve system-is a bank for banks  You cannot personally open an account  Federal reserve system- set up by the government to supervise.

Bank On It Personal Finance Unit. Why Learn About Banking?

 How to Manage Your Cash › Daily Cash Needs  Lunch, movies, gas, or paying for other activities  Carry cash  Go to an ATM  Credit Card  Know pros.

Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 CHAPTER Banks and Other Financial Institutions Financial Services.

Finding Financial Services Review. A financial institution that provides compensation in case of a disaster or accident.

Math, Banking, and Credit Unit

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 17 SLIDE Banks and Other Financial Institutions 17-2.

Bank & Insurance Ms. Cichon Rosholt High School. Financial Institutions Commercial Bank: Financial institution that offers a wide variety of banking services.

1.7.3.G1 © Family Economics & Financial Education – Revised October 2004 – Financial Institutions Unit – Financial Institutions Funded by a grant from.

Introduction to Business and Marketing. OBJECTIVES  Identify the sources of credit  Understand the types of credit.

Checking Accounts. Things Not To Do Don’t write checks for more money than you have in your account. ▫You could be charged an overdraft fee by your financial.

Banking and Financial Services

Banking and Financial Services

Checking Accounts 101 How much do you know about the most common form of bank account?

BANKING 101. Different Types of Banking Institutions  Commercial Bank  Serves both individuals/businesses  Well located Branches  Broad range of services.

FINANCE Chapter 9 Checking Accounts and Other Banking Services.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 17 SLIDE Banks and Other Financial Institutions 17-2.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Banking Services and Fees 9.

BankingUnitReview JEOPARDY Term The length of time you are required to keep your money in the account is known as the ___________.

Bank On It 1. 2 Purpose Bank On It : Is an overview of banking services. Will help you build a positive relationship with banks, thrifts, and credit unions.

3 rd 9 Weeks Benchmark Review Career Preparedness.

Stock Market Analysis and Personal Finance Mr. Bernstein Sources of Consumer Credit, pp March 12, 2013.

Introduction to Business © Thomson South-Western ChapterChapter Banking and Financial Services Banks and Other Financial Institutions Financial.

1.7.3.G1 © Family Economics & Financial Education – Revised October 2004 – Financial Institutions Unit – Financial Institutions Funded by a grant from.

Checking Accounts Chapter 9. Basics Check: ▫Written order to bank to pay the amount stated to the person or business named on it. Demand deposit: ▫Money.

Section 2 17 Chapter Financial Services & Electronic Banking.

Building Bucks Basic Financial Services. Financial Institutions 3 Main Types – Banks – Credit Unions – Savings and Loan Associations (S&L) Advantages.

Objective 4.02 Understand the banking system Classification of financial institutions.

Banking Chapter 5 – Selecting Financial Services & Institutions.

Chapter 10 Banking.

Indiana Department of Financial Institutions BANK ON IT Money Smart Course.

Chapter 9 Checking Accounts.

FINANCIAL SERVICES AND INSTITUTIONS. Financial Services  Services offered by banks and other financial institutions 1. Savings and Investment 2. Payment.

Template by Bill Arcuri, WCSD Who Wants to Be a Millionaire?

FINANCIAL SERVICES AND INSTITUTIONS. Financial Services  Services offered by banks and other financial institutions 1. Savings and Investment 2. Payment.

 Direct deposit  Automated teller machine (ATM)  Debit card  Point of sale transaction  Commercial bank  Savings and loan association (S&L)  Credit.

Going Into Debt Chapter 4. Americans and Credit Chapter 4, Section 1.

Lesson 8, Unit 3 On Banking This presentation will teach you about banks and credit unions—how they work and why they are a good place to keep your money.

Section 5.1 Financial Services and Institutions

Managing Your Money Chapter 23.

Banking Chapter 5 How to Manage Your Cash. You have lots of alternatives 11,000 Banks 2,000 savings and loan associations 12,000 Credit Unions Lots of.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts Banking Services and Fees 9.

1.7.3.G1 Financial Institutions Pay Day Loans Commercial Bank Credit Union Brokerage Firm.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts Banking Services and Fees 9.

Fri. 4/15. Ch. 10 Money and Banking 10.3 Notes “Banking Today”

Balance – Amount in your account. Interest – Money bank pays you for your money. - And money you pay bank for using theirs. Are these always the same?

Using Bank Services Chapter 33. Checking Accounts A customer deposits money in an account and receives a book of checks. May deposit or withdraw money.

Chapter 5 The Banking System. Choosing a Bank Research local bank websites. Select a bank with the most ATMs in your proximity. Look for banks that can.

Chapter 5. Financial Services Borrowing Short Term Regular Savings Money Market Accounts Long Term Certificates of Deposit U.S. Savings Bonds Investment.

Chapter 14. Banking  Do Now  What do you think banks will be like in 15 years?

Lesson 5.2 Banking Services and Fees

Banking Chapter 7 What types of financial services might help you to better manage your cash flows?

Understand the banking system.

Chapter 10 Consumer Education.

Numbers In the U.S. Over 11,000 banks

17 Banking and Financial Services

Banking Chapters 5.

Banking Chapter 5.

Lesson 4.2 Banking Services and Fees

Chapter 5 The Banking System

Presentation transcript:

CHAPTER 11Slide 1 of 6 Chapter 11. FINANCIAL INSTITUTIONS Their services and how they work… Your legal and financial rights A. Your Choices, the Role of the Middlemen and Deposit Insurance 1. Commercial Banks 2. Mutual Savings Banks 3. Savings and Loan Associations 4. Credit Unions 5. Small Loan Companies 6. “Payday” Loan Companies 7. Merchant Lenders and Credit Card Companies 8. Insurance Companies 9. Financial Planners

CHAPTER 11Slide 2 of 6 B. Services Available at Financial Institutions 1. Checking Accounts and How They Work a. “Negotiating” a check b. Cashing a check c. Depositing a check d. Clearing a check e. Using and endorsing a check f. Stopping payment g. Overdrafts h. Keeping track of your account i. The statement and reconciliation j. Shopping for a checking account (See Personal Action Worksheet, Text page 296)

CHAPTER 11Slide 3 of 6 2. Savings Plans a. Passbook accounts b. Certificates of Deposit (CDs) c. Money Market accounts 3. Safe Deposit Facilities 4. Trust Services 5. Special Checks 6. Notary Services 7. ATMs 8. Collection Services 9. Debit Cards 10. Investment Departments

CHAPTER 11Slide 4 of 6 C. Laws that Govern Financial Institutions and Their Transactions 1. State Laws a. Negotiable Instruments Laws b. Usury Laws c. Secured Transaction Laws 2. Federal Laws a. Truth in Lending Law b. Truth in Savings Law c. Fair Credit Billing Law d. Fair Credit Reporting Law e. Equal Credit Opportunity Law f. Fair Debt Collection Practices Law

CHAPTER 11Slide 5 of 6 TALKING POINTS… Chapter Eleven, Number One You’re shopping around for a bank to set up your checking and savings accounts, and one that can lend you money if and when you need it. How would you rate the prospects that your homework has uncovered? Assume the 3 banks charge the same and pay the same interest on savings plans. A. Bank A - Nationally known name, every banking service you could ever need, always long queues at the teller windows, their 24/7 “customer service” telephone line takes forever B. Bank B - Very small local bank, pleasant staff, full range of services, nearest branch is 4 miles away (whereas the other prospects all have branches within 1 mile) C. Bank C - used to be a Savings and Loan, only lends money when loan secured by mortgage on borrowers property, otherwise is best of bunch D. Credit Union which you’re eligible to join - office is in the building you work in, only keep strict 9-5 weekday hours, don’t have an ATM, services cost less than the 3 banks and they pay slightly higher interest on savings

CHAPTER 11Slide 6 of 6 TALKING POINTS… Chapter Eleven, Number Two You’ve had a run of bad luck. Your brother finally repaid the $1,000 that he owed you and you deposited his check in your Bank account. You then wrote checks against it to pay your monthly credit card debt and your car payment. But your brother’s check bounced, and thus, so, did your checks. The credit card company now is charging late fees and threatening to cancel your account, the loan company threatens to send out one of its goons to repossess your car, and the bank is charging you $30 for the bounced checks. And when all of these details get into your credit history there will be a real mess. Discuss what steps you might have taken to avoid all the hassle, and what laws might protect you if worse comes to worse.