1. Bank On It The Basics

2. Homework (Passport page 9)

3. Why Are We Here? Money Cycles Earn Spend Earn Spend Borrow Spend Earn Spend Save Earn Save Spend

4. What Do You Know? (Pre-Test pages 5-6)

5. Let’s Talk About You

6. How Does it Work? Deposits Interest Loans

7. Safety Convenience Cost Security Financial future Why Keep Money in an Account?

8. Check-cashing fees: 4 x $5 = $20 a month Money order fees: 5 x $1 = $5 a month Financial Institution vs. Check-Cashing Fees Check-Cashing Services $240 a year $60 a year Total: $300 Bank or Credit Union Monthly fee: $5 $60 a year Box of checks: $18 Total: $78 Savings: $222

9. Financial Institutions BankCredit Union Make loans Pay checks Accept deposits Other financial services Ownership may be limited Not for profit Open to anyone Insured

10. Types of Checking Accounts Free/low cost Regular Electronic-only/ ATM Interest-bearing

11. Common Services Direct Deposit Loan Wire Transfer Remittance ATM Money Order Stored Value Card Debit Card Phone/Online Banking

12. Deposits & Withdrawals Deposit –Direct deposit, cash, checks, ATMs –Check hold ~ you may not have immediate use of deposited funds Withdrawals –Debit card, ATM, write checks to “cash” –Fees

13. Fee Schedules Monthly Service ATM Use Stop Payment Per-Check Overdraft Phone Inquiry Check Printing Returned Deposit Teller

14. Check Register Check Number DateDescription of Transaction Payment/Debit (-) Deposit/Credit (+) Balance 3/20Opening Deposit 20000 $20000 3/22Deposit 3000 $23000 3/23Deposit5000$28000 3/23Withdrawal2500$25500 105 3/26 Coffee Mart 19 75 $235 25

15. Activity 1: Making Deposits and Withdrawals Complete Activity 1 in the Participant Guide. 1.Read the scenario carefully. 2.Complete the table. 3.Determine the new balance.

16. Checking Account Statement 1.Bank or credit union name/address 2.Statement period 3.Your name/address 4.Account number 5.Transactions 6.Cashed checks 7.Account summary with fees/charges 1 2 3 4 5 7 6

17. Reconciling Your Account Balancing: Keeping your checkbook register up-to-date and maintaining totals Reconciling: Finding and correcting any differences between the statement and your register

18. Your name and address Check number and codes Preprinted Information Financial Institution's name Routing & Transit Number Account Number 0105

19. Complete the Check Date Pay to the order of Amount Signature Memo 0105

20. Barriers & Strategies 1.Keeping track of your money –Bounced check fees 2.Your checking history –ChexSystems –Second chance checking 3.“I didn’t know!”

21. Temporary Holds Restaurants Gas Stations Hotels Phone/Online Purchases

22. Electronic Banking Automatic Bill Payment Online Bill Payment Mobile Banking

23. New Opt-In Rule You control what is paid By default, you are “opted-out” There could be a fee You can change your mind Does not cover checks / auto payments

24. Privacy Notices Explains how your personal financial information is shared and protected Under Federal law: Personal financial information is private You can stop or “opt out”

25. What Have You Learned? (Post-Test page 39)

26. Homework (Passport page 15)

27. Questions?