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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


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


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?


Benefits of a Bank

  • Safety

  • Convenience

  • Saves Money

  • Security (FDIC insured)

  • Advice of Banking Professionals

  • Bill Payment Services


Savings Account Basics

What is a Savings Account?


Savings Account Basics

Types of Savings Accounts


Money Saving Tips

How can you save more money NOW?


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


Saving Account Basics

Compare the Results:

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


Savings Account Basics

What is Compound Interest?


Checking Account Basics

What is a Checking Account?


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


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


Checking Account Basics

Handout:

Parts of a Check


Checking Account Basics

Handout:

How to Write a Check


Tracking Your Spending

Handout:

Parts of a Check Register


Checking Account Basics

Handout:

How to Endorse a Check


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


ATM/Debit Cards

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


ATM/Debit Cards

ATM Cards are used to:

  • Deposit, withdraw, or transfer money

    Debit cards can do this in addition to:

  • Purchasing items


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)


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!


Common Bank Fees

Overdraft Fee

Extended Overdrawn Balance Charge (EOBC)

Foreign ATM Fee

Monthly Service Charge


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


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


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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