1. A workshop sponsored by the Kansas City Public Library
Banking Basics
A workshop sponsored by the
Kansas City Public Library

2. What you will learn The difference between a bank and a credit union
Banking products
Selecting a bank
How to manage and protect your money
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3. Breaking the Myths Banks steal money from their customers
Banks report citizenship
I can’t afford a checking account
I owe a bank so I can’t bank anywhere else
All banks are open on Saturday
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4. Banks vs Credit Unions
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5. Differences Between Credit Unions and Banks
Owned by shareholders
Maximize profits/Business- oriented
One-stop shop motto
More accessible on a nation- wide scale
Owned by members (customers) or share common theme: police, teachers
Not for profit
Lower fees and interest rates
Smaller and local
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6. Banking Products Most commonly used banking products:
Checking accounts
Savings accounts
Loans
Credit cards
Electronic banking
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7. Checking Accounts Obtaining a checking account has benefits
Different types of checking accounts
Acquiring a checking account comes with responsibilities
Disclosure Statement
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8. Savings Accounts
Acquiring a savings account usually requires a minimum deposit
Opportunity to gain interest
Certificates of Deposit (CDs)
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9. Electronic Banking
Uses computer and electronic technology in place of paper
Most common electronic banking
ATM (Automatic Teller Machine)
Online Banking
Mobile Banking
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10. Open an Account Select the bank of your choice
Requirements for opening a checking account:
ID (green card, passport)
Social Security Card or ITIN
Proof of Address
Minimum deposit
Terms and Conditions
Be aware of your banking history
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11. Banking History ChexSystem, Inc. 7805 Hudson Road, Suite 100
Woodbury, MN 55125
or call
Tele Check Services, Inc.
Attention: Consumer –FA
P.O. Box 4514
Houston , TX
Early Warning: Call
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12. Check-Cashing vs. Banking Institutions: The Good and the Bad
Convenient
Direct Deposit
Online Bill Pay
No check cashing fee
24-hour banking
Access to other banking options
Can be inconvenient
Typically do not keep records. No chance of relationship-building.
Charge a higher fee for services
No access to banking products
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13. Management
Fees are a monetary charge banks require their consumers to pay
Penalty fees result from mismanagement
Non-Sufficient Funds
Overdraft Protection
Linked Credit Card
Overdraft Credit Line
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14. Tools Record all transactions Budget your money
Reconcile your bank statement
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15. Security Banks and Credit Unions are regulated
Federal Deposit Insurance Corporation
National Credit Union Administration
Learn how to protect yourself
Review bank statements
Beware of public access
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16. Overview: Why You Should Bank
Build savings and earn interest
Establish credit
Access mortgage loans, car loans, and other products
Banks are regulated and supervised
Keep your money safe
Make payments easily and inexpensively
Maintain records of transactions
Deposit your paycheck directly
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17. Resources and References
FDIC
Financial curriculum based on building financial skills
Credit Union
Federal Trade Commission
Tools: Money and credit, loans and dealing with debt, identity protection
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18. Resources and References
Federal Government
Information on saving, investing, protest, spend, borrow
Consumer Finance Protection Bureau
Submit complaints and financial tools
Finra
Information on debt control, financial basics, and financial tools
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19. H&R Block Business & Career Center
At the Kansas City Public Library
3rd floor of Central Library, 14 W. 10th St.
Books on personal finance, job hunting, small business development
Personal finance: Budgeting, credit, investing, real estate, identity theft
Computers with software for resume and business plan writing
Resources for nonprofit development

20. Do you need a hand? Financial Opportunity Centers
Guadalupe Centers Inc.
2600 Belleview
Kansas City, MO  64108 P:
Prosperity Center
5151 Troost Avenue, Suite 100
Kansas City, MO 64110 P:
Women’s Employment Network
920 Main St, Suite 100
Kansas City, MO 64105 P:
Community Services League
404 N Noland Rd
Independence, MO 64050 P:
Do you need a hand?
One-on-one counseling
Financial Coaching
Budgeting
Setting future financial plans
Tools for rebuilding credit
Accountability