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Introduction to Finance 101 PowerPoint PPT Presentation


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Introduction to Finance 101. Course Outline. Philosophy. “ Banks operate for the aim of generating profits while credit unions are non-profit community-based institutions.”. History. Banks predate credit unions significantly .

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Introduction to Finance 101

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Introduction to finance 101

Introduction to

Finance 101

Presented by Astera Credit Union


Course outline

Course Outline

Presented by Astera Credit Union


Philosophy

Philosophy

“Banksoperate for the aim of generating profits while credit unionsare non-profit community-based institutions.”

Presented by Astera Credit Union


Introduction to finance 101

History

Banks predate credit unions significantly.

Credit Unions were initially established in the 19th century as workers’ cooperatives. They were designed to allow coworkers to help each other with financial problems.

Presented by Astera Credit Union


What is a co op

What is a Co-Op?

A cooperative is a collaboration of individuals or businesses that work to gain benefit through numbers.

  • Co-Ops are not charities. They are nonprofits.

  • Co-Ops are jointly owned and controlled.

  • Co-Ops can be found in all industries and in all geographic areas.

Presented by Astera Credit Union


Joining a bank or cu

Joining a Bank or CU

Banks do not have membership requirements

  • However, most banks require minimum deposits

  • CUs have membership requirements. Typical criteria are:

  • Occupation

  • Relatives

  • Place of residence, worship or work

  • School

Presented by Astera Credit Union


Organization

Organization

Bank Board of Directors

CU Board of Directors

Presented by Astera Credit Union


Technology services

Technology Services

  • The digital gap between CUs and banks is rapidly decreasing as many credit unions offer services such as:

    • Online Banking

    • Mobile Banking

    • Mobile Apps

    • Text-based Banking

  • However, it is always wise to verify with your financial institution, especially when considering smaller CUs.

Presented by Astera Credit Union


Account checklist

Account Checklist

Make sure the financial institution you choose to do business with is federally insured by either the NCUA (credit unions) or the FDIC (banks).

Presented by Astera Credit Union


Questions

Questions?

http://www.youtube.com/watch?v=rfHyQ-8eLC4

[email protected] facebook.com/AsteraCU #AskAstera or AsteraCU

Shawnna: 517-321-8392

Presented by Astera Credit Union


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