Where to go
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Where To Go. Chapter 4.2. Commercial Bank. What do they do Deposit money Lends money Individuals Business. Credit Unions. Owned and operated by members Unions members Teachers Pipe Fitters Union 504 Benefits for members only Lower interest rates Savings accounts

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Where to go

Where To Go

Chapter 4.2


Commercial bank

Commercial Bank

  • What do they do

    • Deposit money

    • Lends money

      • Individuals

      • Business


Credit unions

Credit Unions

  • Owned and operated by members

    • Unions members

      • Teachers

      • Pipe Fitters Union 504

  • Benefits for members only

    • Lower interest rates

    • Savings accounts

    • Any loan is available


Finance companies

Finance Companies

  • Take over installment debt

    • Add fees to companies for collecting

  • Loan money to consumers

    • Higher interest rates

      • For people that have been turned away


Charge accounts

Charge Accounts

  • Regular Charge Accounts

  • Revolving Charge Accounts

  • Installment Charge Accounts


Regular charge accounts

Regular Charge Accounts

  • Credit Limit

    • Maximum amount able to charge

      • $500 - $1000.00

    • Must be paid off every 30 days

      • Late fees

      • Penalties for not paying

      • High interest rates for balance not paid

    • No interest

      • If paid off in 30 days


Revolving charge accounts

Revolving Charge Accounts

  • Monthly bill continues

    • Pay what you need to

    • Interest is charged on the unpaid balance

  • Credit limit

    • Based on credit score

  • Typical form of credit cards


Installment charge accounts

Installment Charge Accounts

  • Big ticket purchases

    • Furniture

    • Appliances

  • Equal payments

    • Over a period of time

    • Interest is already added in


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