Passport page 9 Why Are We Here Money Cycles Earn Spend Earn Spend Earn Spend Borrow Spend Earn Spend Save Earn Save Spend What Do You Know PreTest pages 56 Lets Talk About You ID: 784702
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Slide1
Bank On It
The Basics
Slide2Homework
(Passport page 9)
Slide3Why Are We Here?
Money Cycles
Earn Spend Earn Spend
Earn Spend Borrow Spend
Earn Spend Save
Earn Save Spend
Slide4What Do You Know?
(Pre-Test pages 5-6)
Slide5Let’s Talk About
You
Slide6How Does it Work?
Deposits
Interest
Interest
Loans
Slide7Safety
Convenience
Cost
Security
Financial futureWhy Keep Money in an Account?
Slide8Check-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
Slide9Financial Institutions
Bank
Credit Union
Make loans
Pay checks
Accept deposits
Other financial services
Ownership may be limited
Not for profit
Open to anyone
Insured
Slide10Types of Checking AccountsFree/low cost
Regular
Electronic-only/ ATM
Interest-bearing
Slide11Common Services
Direct Deposit
Loan
Wire Transfer
Remittance
ATM
Money Order
Stored Value
Card
Debit Card
Phone/Online
Banking
Slide12Deposits & Withdrawals
Deposit
Direct deposit, cash, checks, ATMs
Check hold
~ you may not have immediate use of deposited funds WithdrawalsDebit card, ATM, write checks to “cash”Fees
Slide13Fee Schedules
Monthly
Service
ATM Use
Stop
Payment
Per-Check
Overdraft
Phone
Inquiry
Check
Printing
Returned
Deposit
Teller
Slide14Check Register
Check Number
Date
Description of Transaction
Payment/Debit (-)
Deposit/Credit (+)
Balance
3/20
Opening Deposit
200
00
$200
00
3/22
Deposit
30
00
$230
00
3/23
Deposit
50
00
$280
00
3/23
Withdrawal
25
00
$255
00
105
3/26 Coffee Mart 19 75 $235 25
Slide15Activity 1: Making Deposits and Withdrawals
Complete Activity 1 in the
Participant Guide.
Read the scenario carefully. Complete the table.Determine the new balance.
Slide16Checking Account Statement
Bank or credit union name/address
Statement period
Your name/address
Account numberTransactions Cashed checksAccount summary with fees/charges
1
2
3
4
5
7
6
Slide17Reconciling 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
Slide18Your name and address
Check number and codes
Preprinted Information
Financial Institution's name
Routing & Transit Number
Account Number
0105
Slide19Complete the Check
Date
Pay to the
order of
Amount SignatureMemo
0105
Slide20Barriers & StrategiesKeeping track of your money
Bounced check fees
Your checking history
ChexSystems
Second chance checking“I didn’t know!”
Slide21Temporary Holds
Restaurants
Gas Stations
Hotels
Phone/Online
Purchases
Slide22Electronic BankingAutomatic Bill Payment
Online Bill Payment
Mobile Banking
Slide23New 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
Slide24Privacy 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”
Slide25What Have You Learned?
(Post-Test page 39)
Slide26Homework
(Passport page 15)
Slide27Questions?