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Depository Institutions. Take Charge of Your Finances 1.7.3. Depository Institutions. Depository Institutions – businesses which offer multiple services in banking and finance These institutions include: Banks Savings and Loans Credit Unions

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depository institutions

Depository Institutions

Take Charge of Your Finances 1.7.3

depository institutions1
Depository Institutions
  • Depository Institutions – businesses which offer multiple services in banking and finance
    • These institutions include:
      • Banks
      • Savings and Loans
      • Credit Unions
    • They are regulated by various state and federal agencies
federal reserve bank
Federal Reserve Bank
  • Services include:
federal reserve bank1
Federal Reserve Bank
  • Which federal reserve bank located in your region?
depository institutions3
Depository Institutions
  • Commercial Bank
  • Credit Union
  • Savings and Loan Association
commercial bank
Commercial Bank
  • Commercial Banks
    • Usually the largest depository institutions
    • Considered full-service depository institutions
    • Available to a variety of consumers
  • Examples – Wells Fargo, US Bank, Chase Bank
credit union
Credit Union
  • Credit Unions
    • Non-profit cooperative depository institution
  • Owned by members who share a common bond
  • Examples – Rocky Mountain Credit Union, Teachers Federal Credit Union
savings and loan association s ls
Savings and Loan Association (S&Ls)
  • Savings and Loan Association
    • Focus on providing loans and mortgages
  • Customers must have a savings account with them
  • Examples – American Federal Savings Bank, Pioneer Federal Savings & Loan.
types of insurance
Types of Insurance
  • Federal Deposit Insurance Corporation (FDIC)
    • Federal government agency which protects depository institution accounts
    • Insures commercial banks and savings and loan associations
  • National Credit Union Administration (NCUA)
    • Provides insurance for credit unions
insurance protection
Insurance Protection
  • Insurance protection
    • Each depositor is insured up to $250,000 for money deposited in a regular account and $250,000 for retirement deposits
    • Available from both FDIC and NCUA
  • Insurance is important because of the risk of loss
  • Risk of Loss is used to determine which party should be responsible for damage or loss of products after a service transaction has been completed but prior to delivery
interest
Interest
  • Interest - the amount of money that is either gained or lost when accessing services offered by a depository institution
  • Interest rate - the percentage used annually to calculate the total interest either gained or lost
interest bearing accounts
Interest Bearing Accounts
  • Credit Card
    • A card used to make a purchase now and repay later
      • If the balance is paid before the grace period ends, interest is not added
      • If the balance is paid after the grace period, the payment of interest is required
  • Loan
    • Money borrowed and paid back with interest
      • Mortgage – loan for a home
      • Personal – interest rates vary depending upon type of loan
        • Loan types can include vehicle, school, etc.
additional services which may be offered
Additional Services Which May Be Offered
  • Safe-Deposit Box
    • A secured box in a bank to be used for valuable and important personal items.
  • Financial Counseling
    • Information and advice is given to customers to help make financial decisions.