1. Personal Finance

2.  Four common Financial Institutions  Commercial banks  Savings and loan associations (S&Ls)  Credit Unions  Brokerage Firms

3.  Checking Accounts  Savings accounts and certificates of deposit (CDs)  Automated teller machines (ATMs)  Direct deposits and automated withdrawals  Online banking  Deposit insurance

4.  Credit cards  Installment loans and credit lines  Mortgages  Home equity loans  Student loans  Small business loans

5.  Retirement accounts (IRAs, SEPs, KEOGHs)  Stocks, bonds, and mutual funds  Answer questions a – e on page 63 of Exercise 9.1

6.  Choosing a checking account  Special account  Standard account  Interest-bearing account  Opening a checking account  Identification  Choose type  Signature card  Deposit

7.  Making a deposit

8. ATM machines are convenient to use to deposit or withdraw funds Need an ATM card and PIN Charge to use ATM if ATM is not your bank’s ATM ATM cards are often debit cards as well and can be used to make purchases Debit card allows you to make purchases and have the money withdrawn directly from your bank account

9.  Bill paying, transferring funds between accounts, account information

10.  Use 24/7 with secure connections  Pay bills  Transfer funds  Check account balance  Requires a user name and password  All bank transactions are included

11.  A signature on the back of the check instructing the bank as to how the check may be cashed  Blank endorsement allows you to cash or deposit a check made out to you  Restrictive endorsement, e.g. for deposit purposes only  Special endorsement allows you to transfer the check to another person

12. Be sure you have enough money in your account to cover the check Record the number, date, payee and amount in your check register Subtract the amount of the check from the balance

13. Check # Date TRANSACTION DESCRIPTON WITHDRAWALDEPOSITBALANCE 3/1Deposit2500025000 3/7CD Sales, CDs300022000 3/8 A. J. Vitullo Co. sweaters 500017000 Keep a check register even if when making all transactions via an ATM machine All withdrawals and deposits should be recorded and the balance calculated after each transaction

14.  Answer questions on page 67 in Exercise 9.2