1. Financial Services
Econ 10/19

2. Warm Up How can you pay for these purchases without using cash?
babysitting
soda from a vending machine
a used book from Amazon.com
lunch at school
new shoes from a retail store
movie tickets
used car
cell phone bill
an overdrawn bank account

3. Different ways of Paying
Direct deposit
Debit Card
Automatic transfers
Check
Apps
Money Order/Cashiers Check
Online bill pay
Credit card
Gift Card

4. Bank Transactions
Funds can be withdrawn on demand by a customer without advance notice to bank or credit union
ATM, online transfers, phone transfers, check, debit card

5. Check Terminology Post-date: To write a future date on the check.
Drawee: The financial institution holding the funds.
Drawn: To withdraw money from the checking account.
Third-party check: A check that is endorsed once and then being cashed or deposited by a second endorser.

6. Be Wary of Fraud The Federal Trade Commission (FTC) recommends:
Deter misuse of your information
Detect when you have a problem
Defend yourself from loses
Develop a plan with yourself, your partner, and your family to avoid scams, fraud, and theft of financial information.
Change your passwords frequently
Notify each other of purchases
Never give anyone your pin number
Secure your internet with a password
Be extra cautious when online banking on public wifi or on your phone

7. Description of Transaction
Reconcile an Account
Code
Date
Description of Transaction
Payment (—)
Deposit (+)
Balance
Dep
Mon
Cash deposit
200.00
W/D
Checks
-20.00
180.00
100
Wed
Fine Foods – groceries
-23.11
156.89
101
Wayne’s Book World
-13.50
143.39
d/c
Thur
Cash
-30.00
     
113.39
Auto w/d
Fri
Phone bill
-25.50
87.89
Sat
Paycheck
113.76
201.65
The Bank Statement Balance
+ Outstanding Deposits
- Outstanding Payments and Withdrawals
Does the result equal what you tracked in your register?

8. Different Places to get Cash
Bank: a financial institution licensed to receive deposits and make loans. Banks may also provide financial services, such as wealth management, currency exchange and safe deposit boxes.
Credit Union: a member-owned financial co-operative. These institutions are created and operated by members and profits are shared amongst the owners.
Check-cashing business: a business which cashes, on a regular basis and for a fee, checks for more than $1,000 to any one individual per day.
Grocery Store/Liquor Store: similar to a check-cashing business you can cash non- personal checks at some grocery or liquor stores for a fee (usually $1 for every $100 cashed).
Pawnshop: A pawn is another term for a collateral loan. Pawnbrokers lend money on items of value ranging from gold and diamond jewelry, musical instruments, televisions, electronics, tools, household items, etc. Loans are based on the value of the collateral.

9. Which Services Matter Most to You?
Life Style
Fees and User Requirements
In-person or ATM deposits and withdrawals
Online or mobile banking
Convenient hours
Convenient location
Number of branch locations
Other services (overdraft, automatic savings programs, alerts/reminders, etc.)
Minimum opening deposit
Required monthly balance
Overdraft fees
ATM fees
Penalties and withdrawal limitations
Monthly maintenance fee
Interest rates

10. Reflection
Where do you keep your money now and why? Is it safe? Is it growing? Can you track it?