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Fall 2010. Online Version for Program Course Credit 2010-11. Financial Literacy Education II: Bank Services. Goals for This Meeting. Budgeting Benefits of Banking Savings Accounts (Opening an Account, Interest, Tips)

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fall 2010
Fall 2010

Online Version for Program Course Credit 2010-11

Financial Literacy Education II:

Bank Services

slide2

Goals for This Meeting

  • Budgeting
  • Benefits of Banking
  • Savings Accounts (Opening an Account, Interest, Tips)
  • Checking Accounts (Parts of a Check, Filling out a Check, Check Register)
  • Using a Debit/ATM Card and ATM Machine
  • Avoiding Bank Fees
  • Online Banking
group agreements
Group Agreements

Commitment to Glow Foundation’s program

Be prompt and prepared for all Glow sessions (including HW items)

Reach out for help when needed

Respond promptly to emails or phone calls

Share the information learned with family and peers

Be respectful (one mic)/confidentiality

Accountable for myself and the group success

What is said in Glow stays in Glow

slide4

Benefits of a Bank

Spend 2 minutes writing the answers to the following:

  • Why would someone decide to open a bank account?
  • 2. What are some benefits of a bank?
slide5

Benefits of a Bank

  • Safety
  • Convenience
  • Saves Money
  • Security (FDIC insured)
  • Advice of Banking Professionals
  • Bill Payment Services
slide6

Savings Account Basics

What is a Savings Account?

slide7

Savings Account Basics

Types of Savings Accounts

slide8

Money Saving Tips

How can you save more money NOW?

slide9

Money Saving Tips

  • Use coupons/buy things on sale
  • Use direct deposit
  • Carry your savings goals in your wallet
  • Buy used items (e.g. books, DVDs, etc.)
  • Use a rewards card
  • Bring a lunch instead of eating out
  • Ask yourself “Is this something I need?”
  • Store your change in a jar
slide10

Saving Account Basics

Compare the Results:

Each person saved $5 a day and the Super Saver earned 5% interest compounded daily.

slide11

Savings Account Basics

What is Compound Interest?

slide12

Checking Account Basics

What is a Checking Account?

slide13

Checking Account Basics

Checking Accounts:

  • Keep your money safe and accessible
  • Help control your spending
  • Don’t pay interest
  • May require you to keep a minimum balance or do direct deposit (to avoid fees)
  • Checks function like cash
slide14

Undocumented Students

Forms of ID that can be used to open a bank account (need 2 forms of ID- at least 1 government issued)

  • Non U.S. Passport
  • Consular ID (Matricula Consular)
  • Employee Photo ID
  • Student Photo ID (college/trade school)
  • Foreign Driver\'s License,
  • Birth certificate
slide15

Checking Account Basics

Handout:

Parts of a Check

slide16

Checking Account Basics

Handout:

How to Write a Check

slide17

Tracking Your Spending

Handout:

Parts of a Check Register

slide18

Checking Account Basics

Handout:

How to Endorse a Check

slide19

Checking Account Basics

Check-Writing Tips:

  • Always write in blue or black ink
  • Write neatly
  • Save your receipts and record your spending in your register
  • Initial your (small) mistakes / VOID checks with large mistakes
  • Avoid writing “bad” checks - you will get fined and it’s against the law in some cases
slide20

ATM/Debit Cards

What’s the difference between an ATM and debit card?

slide21

ATM/Debit Cards

ATM Cards are used to:

  • Deposit, withdraw, or transfer money

Debit cards can do this in addition to:

  • Purchasing items
slide22

ATM/Debit Cards

What information is on your ATM/Debit card?

(If you have a debit card, you can examine it as we look at the parts of a debit card)

slide23

ATM/Debit Cards

ATM/Debit Card Tips:

  • You may be charged a fee if you use an ATM that is operated by another bank
  • Know your available balance
  • Be aware of what you’re buying - it’s easier to spend more with plastic!
  • Be careful with your Personal Identification Number (PIN) – Never write it on your card
  • Avoid magnets – they can de-magnetize your card
  • Contact your bank if your card is lost or stolen!
slide24

Common Bank Fees

Overdraft Fee

Extended Overdrawn Balance Charge (EOBC)

Foreign ATM Fee

Monthly Service Charge

slide25

Online Banking

Online Banking Allows You to:

  • Direct Deposit
  • Transfer Money Between Your Accounts
  • Transfer Money to a Third Party
  • Make Regular Transactions/Automatic Bill Pay
  • Access Online Banking Assistance
  • Access Budgeting and Money Management Tools
slide26

Recap

  • Budgeting
  • Benefits of Banking
  • Savings Accounts (Opening an Account, Interest, Tips)
  • Checking Accounts (Parts of a Check, Filling out a Check, Check Register)
  • Using a Debit/ATM Card and ATM Machine
  • Avoiding Bank Fees
  • Online Banking
slide27

Homework:

Do some research around credit and credit cards including watching commercials –

What are the key things to know before getting a credit card?

(15-30 minutes)

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