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Security First Bank

Security First Bank

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Security First Bank

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  1. SecurityFirstBank A Banking Customer Simulation

  2. Types of Money • Currency • Coin

  3. What is a bank? • Webster defines it as “an establishment for the custody, loan, exchange, or issue of money, for the extension of credit, and for facilitating the transmission of funds.” • A bank can be a traditional community bank, a savings and loan association, or a credit union.

  4. Money Substitutes • Bank Check • A bank check is a bank depositor’s written order requiring the bank to pay a certain amount to a specified party on demand.

  5. Money Substitutes • Bank Draft • A bank draft is a check drawn on one bank by another bank. • The principal uses of a bank draft are to transfer funds from one bank to another and to disburse money as part of a loan.

  6. Money Substitutes • Traveler’s Check • A traveler’s check is a cash substitute that is insured against loss or theft. • Most common examples are American Express and Visa Travel Money

  7. Money Substitutes • Money Order • A money order is a check drawn on an agency’s or bank’s own account by an authorized officer of that agency or bank. • Western Union and USPS and examples of companies that provide these services.

  8. Money Substitutes • Cashier’s Check • Sometimes called an officer’s check – is drawn on a bank by one of its own officers. • Example would be buying a car thru a newspaper ad. They don’t know you so they may ask for a cashier's check.

  9. Money Substitutes • Bank Card • Many banks allow bank customers to deposit, transfer, or withdraw money electronically by using an ATM at a convenient location outside the bank.

  10. Money Substitutes • Credit Card • Some banks issue credit cards to qualifying customers, which enable those customers to charge purchases up to a maximum amount set by the bank.

  11. Money Substitutes • Bank Debit Card • You may pay for purchases from cooperating businesses with this card, and the transactions are recorded directly to your bank account if enough money is available in the account. • Unlike the credit card, the use of a debit card is not a loan.

  12. Security • Don’t give out your pin number to anyone.

  13. Other services • Loans • Electronic Banking • Safe-deposit boxes • Financial Counseling • They will give you a tour of their facility to show you all the services that they can provide you.

  14. Your Job • You are a single person who has earned a high school diploma. • After studying computer science at JSRCC, you are qualified to work as a computer technician. • You are hired by Metro Computer Consultants, located at 11708 Parkway Avenue, Dallas, Texas 75205-7205. • Your beginning salary is $2000 a month. • You are paid twice monthly, one half on the 1st of the month and the other half on the 15th.

  15. Examples Changing Percentages to Decimals 62.1% = _____ 5.24% = _____ 125% = _____ .621 .0524 1.25

  16. Activity 1 Practice changing these percentages to decimals: 85% = .85 9% = .09 .3% = .003 14.8% = .148 103% = 1.03 25.75% = .2575

  17. Tenths Thousandths Hundreths Multiplying and Rounding $ 61.40 x .28 49120 12280 $17.1920 $17.1920

  18. $17.19

  19. Activity 2 Practice rounding the following numbers to two decimal places: .086 = .09 .493 = .49 .5646 = .56 .376 = .38

  20. Activity 2 cont. Multiply the following amounts by the percentages shown. Locate the decimal points and round the answers to two decimal places, if necessary: $500.00 times 5% is $25.00 $650.00 times 10% is $65.00 $435.50 times 12% is $52.26

  21. Activity 3 Now figure what the deductions will be from your monthly salary. Your salary for one month: $2000.00 Deductions include: Income tax: $300.00 FICA tax: $160.00 Medical and dental plan $104.00 for one month Total Deductions $564.00 Your net pay will be: $1436.00 You will receive $718.00 every pay check.

  22. You charge $1000 on your credit card with 20% interest rate and decide to pay $200 and month. How much will be on your credit card after 2 months? • 1st 1000 x .20 = 200 • Then 200 / 12 = 16.67 • At the end of month 1 you would have:1000 + 16.67 – 200 = 816.67 • Then month 2 you would have:816.67 + 13.61 – 200 = 630.28

  23. Activity 4 Figure the following simple-interest problems What will the monthly payments be if you borrow $800 for six months at 12% interest? Step 1 Principal $800.00 x Interest rate .12 = Interest charge for 1 year $ 96.00 Step 2 Interest charge for 1 year $96.00 ÷ 2 = Interest charge for 6 months$48.00 Step 3 Principal $800.00 + Interest charge for 6 months $48.00 = Total bank loan $848.00 Step 4 Total bank loan $848.00 ÷ 6 = Total payment for 1 month$141.33

  24. Activity 5 Now you have a good idea of how much money you can spend for each expense category during one month. At the end of this simulation, you can figure out what you actually spent, how well you followed your original plan, and whether this plan works for you.

  25. SecurityFirstBank New Account Dallas Texas October 7, 2007 0075-0197-66 Date: Opened: ___________________ Account No. _______________ Individual 1 Type AccountType: _____________ No. Signatures Req. __________ Your Name 543-34-4857 Title of Account: ____________________ Soc. Sec.: ______________ 8086 Fenton Ave., Apt. 12 Home Address: _____________________________________________ Dallas, Texas 75221-4255 ___________________________________________________________ Same as above Mailing Address: ___________________________________________ (214) 555-3871 (214) 786-4443 Home Phone: ________________ Cell Phone _________________ Computer Technician Business or Occupation: ____________________________________ Metro Computer Consultants Employer: ____________________________ Phone - ______________ (214) 555-7384 11708 Parkway Avenue Dallas, TX 75205-7205 Address: __________________________________________________ O O ATM OR DEBIT CARD: Y N INTERNET BANKING: Y N H3857293 D.L. No. ____________ Suntrust Bank 321-39-28 Previous Bank: ________________________ Acct. No. ____________ Richmond, Virginia Bank Address: ____________________________________ _________ Reference Name (804) 555-1234 Reference: __________________________Phone:________________ Reference Name (804) 555-5678 Reference: __________________________Phone:________________ Balance of amount, Suntrust Bank $198.60 Amount of Deposit ________ Deposit Description _______________ Register style Type of Personalized Checks ________________________________ 200 A Blue No. of Checks ___________ Style ____________ Color ___________ Blue 101 Cover ___________ Starting No. ____________

  26. Payee: Party to whom you are paying money Drawee: Party who pays The money to the payee Drawer: Party who request Orders that payment be made Bank Check Godwin High School 2101 Pump Road Richmond, VA 23233 April 19, 2006 Coach Thomas 5,000,000 Five Million and 00/100 ---------------------------- Dallas Texas SecurityFirstBank Mr. Myers

  27. Selecting a Checking Account • Different Types of Checking Accounts • Individual • This checking account is used by only one person. • Joint • This checking account is to be used by more than one person such as a husband and wife • Business • This checking account is used by a business and are signed by one or more employees. • Partnership • Is another type of business account signed by two or more partners.

  28. Signatures Legal Signature Shawn L.. Herkins S.L.. Herkins Jr. Shawn Herkins Incorrectly Written: Shawn L. Herkins Mr. Shawn L. Herkins

  29. SecurityFirstBank Dallas Texas Signature Authorization Card May 28, 2014 Date: _______________ 0075-0197-66 Account No: _______________ Your Name will go here Name:______________________________________________ 8086 Fenton Ave., Apt. 12 Dallas, Texas Address:____________________________________________ 75221-4255 (214) 555-3871 __________________Phone:____________________________ Social Security No: 5 4 3 3 4 4 8 5 7  Individual Type of Account: Joint Business Partnership You are hereby authorized to recognize any* of the signatures subscribed here In the payment of funds or the transaction of any business for this account. It Is agreed that all transactions between the bank and the depositor shall be governed by the contract printed on the reverse side of this card. Authorized Signatures: Your Signature goes here

  30. Deposit Slip • I have: • a $5.00 bill and 5 $1 bills • 5 quarters • A $125 check from Bob Smith • A $35 check from Beth Spivey • I also would like to get $50 cash Deposit Slip 10 00 Coach Thomas 8086 Fenton Ave., Apt. 12 Dallas, TX 75221-4255 1 25 Bob Smith 125 00 Beth Spivey 35 00 Wednesday, April 19, 2006 0 00 Date _________________________ Coach H. W. Thomas 171 25 _______________________ 50 00 ACKNOWLEDGE RECEIPT OF CASH RETURNED BY SIGNING ABOVE SecurityFirstBank 121 25 Dallas Texas :111001273 : 00750197 66

  31. BALANCE BROUGHT FORWARD DEPOSIT DATE No. 101 DATE ________________________ TO __________________________ _____________________________ FOR _________________________ _____________________________ AMOUNT THIS CHECK BALANCE OTHER DEDUCTIONS BALANCE Check Stub $100 00 March 1, 2008 $430 50 $530 50 Total March 7, 2008 Texas Central Telephone Company Feb. telephone bill Installation service $25 00 $505 50 ATM 3/7 $40 00 $465 00

  32. Regular Checkbook

  33. Check Register $557 93 $286 75 Deposit 5/2 $844 68 286 75 Rush Creek Apartments $525 00 106 5/3 525 00 Rent $319 68 Corner Market 107 5/4 82 88 Groceries