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Activity 1…….Where Do I Keep My Money? Activity 2…….Evaluating Financial Services Activity 3…….Banks, Yesterday and Toda

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Activity 1…….Where Do I Keep My Money? Activity 2…….Evaluating Financial Services Activity 3…….Banks, Yesterday and Today. Introduction to Financial Services - Activity 1. ACTIVITY 1 Where Do I Keep My Money? Overview • The functions of banks • The cost of alternative financial services

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Presentation Transcript
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Activity 1…….Where Do I Keep My Money?
  • Activity 2…….Evaluating Financial Services
  • Activity 3…….Banks, Yesterday and Today
introduction to financial services activity 1
Introduction to Financial Services - Activity 1

ACTIVITY 1

Where Do I Keep My Money?

Overview

• The functions of banks

• The cost of alternative financial services

• The stability of banks

2

slide3
Slide 1 - Places to Save MoneyLesson Reference: Introduction to Financial Services, Activity 2 – Overhead 1
  • PLACES TO SAVE MONEY
  • Would you save your money in any of these places? Why? Why not? Can you think of other places to save money?
      • Bed & Mattress
      • Cookie Jar
      • Pillow
      • Wallet
      • Money Belt
      • Small House Safe

3

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Slide 2 - Alternative Financial Services Lesson Reference: Introduction to Financial Services, Activity 1 – Handout 1
  • ALTERNATIVE FINANCIAL SERVICES
  • Check-Cashing Services
  • Check-Deferrals, Cash Advances, Payday Loans
  • Pawn Shops
  • Rapid Tax Refunds
  • Rent-to-Own
  • Other Financial Services

4

slide 3 fdic lesson reference introduction to financial services activity 1 overhead 2
Slide 3 – FDIC Lesson Reference: Introduction to Financial Services, Activity 1 – Overhead 2
  • FEDERAL DEPOSIT INSURANCE
  • CORPORATION (FDIC)
  • Established in 1933.
  • Insures most Savings, Checking,
  • and other Deposit Accounts, up to $100,000 per depositor,
  • per institution.
  • Applies to most Commercial Banks, Savings Banks, and
  • Savings Associations.

5

slide6
ACTIVITY 2Evaluating Financial Services
  • Overview
  • Formal and informal financial services
  • Costs of alternative financial services and average bank accounts
  • Advantages of establishing a banking relationship

6

Introduction to Financial Services – Activity 2

slide7
FORMALFINANCIAL SERVICES
  • Accounts
  • Credit cards
  • Loans
  • Investment vehicles
  • Direct deposit
  • Wire transfers/ remittances
  • INFORMAL
  • FINANCIAL
  • SERVICES
  • Payday lenders
  • Check cashing services
  • Rent-to-own stores
  • Pawn shops
  • Title lenders
  • Loans from family/friends
  • Cultural savings clubs
  • Remittances offered through nonfinancial institutions

7

Slide 1 – Formal and Informal Financial Services Lesson Reference: Introduction to Financial Services, Activity 2 – Overhead 1

slide8
HOW A BANK CAN SAVE YOU MONEY

Monthly Fees without a Bank Monthly Fees with a Bank*

  • $0 to directly deposit paycheck
  • $0 to get cash from bank's ATMs or make debit card purchase
  • $0 to pay monthly bills using electronic bill payment
  • $5 to send money to family
  • Monthly cost: $5.00
  • Annual cost: $60.00
  • $80 to cash paychecks
  • $3.81 on money orders and stamps to pay bills
  • $15 to send money to family with a wire transfer company
  • Monthly cost: $98.81
  • Annual cost: $1,185.72

Annual Savings by Using a Bank: $1,125.72

8

Slide 2 – How a Bank Can Save You Money Lesson Reference: Introduction to Financial Services, Activity 2 – Handout 2

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ADVANTAGES OF ESTABLISHING A BANKING RELATIONSHIP

Nearly everyone needs a bank account to help manage his or her day-to-day money.

Bank accounts can help you to:

• Pay bills

• Manage your money

• Receive money

• Send money to a friend or family member

• Keep your money secure

• Start building wealth

• Earn interest

9

Slide 3 – Advantages of a Banking Relationship Lesson Reference: Introduction to Financial Services, Activity 2 – Overhead 2

introduction to financial services activity 3
Introduction to Financial Services - Activity 3

ACTIVITY 3Banks, Yesterdayand Today

Overview

  • The many traditional financial services provided by a bank
  • Other expanded financial services provided by a bank
  • The impact of banks throughout the community

10

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Slide 1 - Traditional Services of Banks Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 1
  • TRADITIONAL
  • SERVICES
  • OF BANKS
  • Checking Accounts
  • Savings Accounts
  • CDs (Certificates of Deposit)
  • Savings Bonds
  • Loans
    • Car
    • Home
    • Personal
  • Safe Deposit Boxes

11

slide12
Slide 2 - Expanded Services of Banks Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 2
  • TRADITIONAL
  • SERVICES
  • OF BANKS
  • Checking Accounts
  • Savings Accounts
  • CDs (Certificates of Deposit)
  • Savings Bonds
  • Loans
    • Car
    • Home
    • Personal
  • Safe Deposit Boxes
  • EXPANDED
  • SERVICES
  • OF BANKS
  • Insurance Sales
  • Small Business Advising and Loans
  • Investments
  • Credit Cards
  • Remittances

12

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Slide 3 - Financial Services Modernization Act Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 3
  • FINANCIAL SERVICES
  • MODERNIZATION ACT (1999)
  • Transformed the banking industry. Eliminated many
  • restrictions among companies in the securities,
  • banking, and insurance industries.
  • Results?
  • Banks may offer some insurance and investment services.
  • Investment and insurance companies may offer some traditional banking services. Investments are not insured by FDIC.

13

slide14
Slide 4 - Some Community-Related Services Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 4
  • SOME COMMUNITY-RELATED
  • SERVICES OF BANKS
  • Bank employees mentor students in areas of basic financial skills.
  • Bank employees serve on community organizations’ boards of directors.
  • Banks provide scholarships to students going into the banking profession.
  • Banks fund affordable housing construction.

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