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Banking Services: A Guide to Financial Institutions & Account Management

This lesson introduces the basics of banking services, covering financial institutions like banks and credit unions, key products like checking and savings accounts, and the steps involved in opening and maintaining a bank account. Learn about the importance of using a financial institution for safety, convenience, and financial planning. Understand account access options like direct deposit and online banking, as well as the costs associated with banking services such as fees and minimum balance requirements. Discover how to make deposits and withdrawals, track account activity, and manage your finances effectively. Take control of your financial future by learning how to utilize banking services wisely.

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Banking Services: A Guide to Financial Institutions & Account Management

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  1. Banking Services

  2. Introductions • INSTRUCTOR’S CONTACT INFO HERE • w/ logo where BANK ON logo is. Lesson resources provided by Federal Deposit Insurance Corporation, Purdue University Extension and University of Illinois Extension.

  3. Where do you store your money?

  4. Objectives • 1. Identify the + and - aspects of different financial services. • 2. Understand the steps involved in opening and maintaining a bank account.

  5. Financial institutions • Banks • Subject to federal and state laws • Credit Unions • Subject to federal and state laws • Are non-profit financial institutions • Requires membership to open an account

  6. Why a financial institution? Safety/Security Convenience Financial future Required to use one

  7. Banking products Checking accounts Savings accounts Debit cards with opt-in/out option Credit cards Loan and financing services

  8. Matching game

  9. Opening an account • What you need • Identification • Social Security card • Money to deposit into the account • Bank will • Have you fill out an application • Run a ChexSystems or credit report check

  10. Account access • Direct deposit • Checks, debit card • Internet/mobile banking • Bill payment and fund transfers • Alerts for bank balance or deposits

  11. Maintaining an account • Make deposits and withdrawals • Track account activity • Deposits • Withdrawals • Fees received • Interest gained • Know your agreements

  12. Banking has a price • ATM fees • Bank account minimum fee • Cost of checks • Insufficient funds – returned checks • Identity theft fee • Lack of direct deposit fee • Overdraft fees • Transfer fees

  13. Makingdeposits and withdrawals

  14. When you get home • Investigate opening a checking or savings account • Check out NIBOA.org, then open one. • If you already have one • Track account activity – Pocket Expense app

  15. Thank You! • INSTRUCTOR’S CONTACT INFO with logo HERE Interested in another class? Visit NIBOA.org. Lesson resources provided by Federal Deposit Insurance Corporation, Purdue University Extension and University of IL Extension.

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