1 / 26

Glow Foundation 2010

Glow Foundation 2010. Glow Online Curriculum Session I. Introduction to Glow Online Sessions And The Benefits of Banks: Opening and Managing Savings and Checking Accounts. What We Will Cover in this Session. Information about Glow Foundation Benefits of Banking

verna
Download Presentation

Glow Foundation 2010

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Glow Foundation 2010 Glow Online Curriculum Session I Introduction to Glow Online Sessions And The Benefits of Banks: Opening and Managing Savings and Checking Accounts

  2. What We Will Cover in this Session • Information about Glow Foundation • Benefits of Banking • Savings Accounts (Opening an Account, Interest, Tips) • Checking Accounts (Parts of a Check, Filling out a Check and Deposit Slip) • Using a Debit / ATM Card • Tracking Your Spending • Protect Yourself from Fraud!

  3. What is Glow Foundation? Glow Foundation is a non-profit organization that helps high potential, college ready students overcome financial barriers to attend and graduate from college We provide students with:

  4. How Can I Benefit from Participating? Glow’s Goal is to Help You Understand How to FULLY FUND Your College Education. • By Participating in Online Program, You’ll Have a Stronger Understanding of: • Banking Services and Money Management Tools • Interest, Credit, and Credit Cards • The FAFSA and Financial Aid Process • How to Evaluate Loan Options • How to Analyze and Compare Financial Aid Award Letters • Budgeting

  5. What Are the Benefits of a Bank? THINK IT OVER: • Why would someone decide to open a bank account? • What are some benefits of a bank?

  6. Benefits of a Bank DID YOU COME UP WITH SOME OF THESE? • Safety (of cash from theft, fire, etc.) • Convenience • Saves Money (avoids check cashing fees) • Security (FDIC insured) • Advice of Banking Professionals

  7. Savings Account Basics What is a Savings Account?

  8. Savings Account Basics

  9. Savings Account Basics What should you consider before opening up a savings account? Interest Rate 1 How Frequently Interest is Compounded 2 3 Minimum Balance 4 Service Fees Convenience 5

  10. Savings Account Basics What is Compound Interest? Also do a web search for definitions!

  11. Saving Account Basics Compare the Results: Each person saved $5 a day and the Super Saver earned 5% interest compounded daily.

  12. Savings Account Basics Some tips to SAVE MORE MONEY: • Ask yourself, “Do I NEED this?” • Pay YOURSELF first before you spend any money • If you get money as a gift or a bonus, save a portion of it • Save spare change and deposit it • Pay bills on time • Avoid check cashing stores • Take lunch with you instead of eating out • Carry small amounts of cash with you • Use direct deposit • Others?

  13. 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

  14. 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

  15. Checking Account Basics How to Endorse a Check: When depositing a check, you need to approve the transaction by endorsing the back of the check. Along with your signature, you’ll write “For Deposit only” along with your bank account

  16. ATM / Debit Cards What’s the difference between an ATM and debit card?

  17. ATM / Debit Cards ATM Cards are used to: • Deposit, withdraw, or transfer money Debit cards can do this in addition to: • Purchasing items • Online banking – pay your bills, check account balances

  18. ATM / Debit Cards What information is on your ATM / debit card?

  19. 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 balance available • 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!

  20. Tracking Your Spending Think about ways to track your spending and control the money you have.

  21. To Track Your Spending • Save your receipts • Record transactions • Avoid over-spending • Review statements • Compare with the bank

  22. Tracking Your Spending • Overdraft Fees! Whenever you spend more money than you have in your account, banks will charge you a fee which ranges from $15-$35 per overdraft. It is better to balance your checkbook, purchase what you can afford and manage your money effectively. What happens when you write a check for more than you have in your checking account?

  23. Protect Yourself From Fraud Do some research: What are ways to ensure that you are keeping credit cards, checkbooks and financial data safe at home and online?

  24. Recap • Benefits of Banking • Savings Accounts (Opening an Account, Interest, Tips) • Checking Accounts • Using a Debit / ATM Card • Tracking Your Spending • Protect Yourself from Fraud!

  25. Homework: Save your receipts for one week and have them ready for you next online session

  26. Questions? Alana Okamoto alana@glowfoundation.org

More Related