C HAPTER 4 Banking Services: Savings and Payment Services Overdraft fees now average $34 per transaction. That’s $17.5 billion annually in the United States. -- Center for Responsible Lending Types of Financial Institutions Deposit type financial institutions
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Discussion: Are there any significant differences between banks and credit unions? Is your money safe?
Where do you see the most check-cashing outlets, pawnshops, loan-until-payday companies, etc.?
Discussion: Why and how do people choose one financial institution over another?
Why are financial institutions pushing these services?
Some banks (example: HSBC) are attracting Internet-only customers with very high yields on their savings accounts. What is their motivation to do this?
Do you reconcile your checking account balance?
Let’s try an example…