1. Where should i put my money?
Checking?
Under the mattress?
Savings?
Types of Accounts

2. Banking vocabulary Source: PDESAS.org, Wikipedia
balance - the current amount in your account ($$$)
bounce: a check cannot be cashed or deposited because there is not enough money in the account it was drawn on
check - a piece of paper (usually) that orders payment of money
check register - where you record all account transactions
checking account - a place where you can deposit and withdraw money
credit - money that goes into your account
debit - money that comes out of your account
deposit - money put into your account
depository institution – financial institution that accepts deposits from consumers
Direct deposit – earnings are deposited into a checking or savings account lieu of a paper check
endorse - sign your name on the back of a check
Source: PDESAS.org, Wikipedia

3. Banking Vocabulary memo line - record what the check was written for
mutual fund - investment portfolio shared with others
outstanding - transaction not appearing on your bank statement
overdraft - when you write a check with too little money in the bank
reconcile - you and the bank agree on how much money is in your account
routing number - identifies the bank where you have your account
signature card – account holders’ signatures kept on file to verify signatures
withdrawal - money taken out of your account
Sources: PDESAS.org, Wikipedia

4. Types of Deposit Accounts: Regular Accounts
Single – one account holder
Joint – more than one account holder
Checking accounts
Overdraft protection
Passbook savings
Statement savings
Christmas / Vacation Clubs
More information at moneymatters
Passbook:
Statement savings:

5. What's the Difference Between Checking & Savings?

6. Certificates of Deposit (CDs)
Type of savings account with limitations
Deposit a specific dollar amount for a specific period of time
Low risk investment
Fees for early withdrawal (usually)
How to calculate CD earnings (this is a bit advanced but some of you might be interested)
Rate samples at PNC Bank and Bankrate

7. Money Market Type of checking account Pays a higher interest rate
Limits the number of checks you can write
For example, you may only be able to write 4 checks per month
More info and video at Investopedia.

8. Mutual Funds Type of investment account
Investors combine their to maximize returns (money earned on an investment) and minimize risk through diversification (spreading investment money over multiple investments).
Every fund has a portfolio manager who oversees the fund’s assets.
Mutual fund portfolios often include a variety of stocks and bonds.
More information at CNN Money 101and Wikipedia
Image taken from

9. Types of Accounts: Accounts with Tax Savings
Can include any type of savings or investment instrument (accounts, CD’s, stocks, bonds, mutual funds)
Individual Retirement Account (IRA)
Contributions are made directly
Generally long term investments but there are many types of accounts that can be opened as IRA’s
Traditional IRA – before tax money (you can write off contributions)
Roth IRA – after tax money
More information at The Motley Fool

10. Types of Accounts: Accounts with Tax Savings
401(k) and 403(b) retirement savings accounts sponsored by an employer
Money is withheld from one’s paycheck and deposited into the retirement savings account
401K – for profit business
403b – non-profit business
College savings plan (529)

11. Other Bank Services Debit cards Credit cards
Telephone bill pay
Online banking
Online statements
Investment advice
Banks offer other services to depositors because interest rates low. Choose a bank that offers services you find valuable.
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12. Where should i put my money?
Checking?
Under the mattress?
Savings?
Types of Accounts