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BANKING 101 - PowerPoint PPT Presentation


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BANKING 101. Different Types of Banking Institutions. Commercial Bank Serves both individuals/businesses Well located Branches Broad range of services FDIC Insured Savings and Loans Services better and lower fees than commercial FDIC insured. Banking Institutions. Credit Unions

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different types of banking institutions
Different Types of Banking Institutions
  • Commercial Bank
    • Serves both individuals/businesses
    • Well located Branches
    • Broad range of services
    • FDIC Insured
  • Savings and Loans
    • Services better and lower fees than commercial
    • FDIC insured
banking institutions
Banking Institutions
  • Credit Unions
    • Lowest fees/loan rates because they are non-profit
    • Earnings are paid to members
    • Small and tend to know their clients
    • Insured by NCUA not FDIC
  • Mutual Fund/Brokerage Firms
    • Offer limited banking services
    • Require larger minimum balances for investments
    • Not FDIC insured by are privately insured
banking institutions1
Banking Institutions
  • Virtual Banks
    • No “brick or mortar” all online
    • Con: they may have limited ATM machines so you may pay more in fees
  • Consumer Finance Company
    • Specialize in providing loans to consumers who are unable to get a bank loan
    • Generally charge a very high interest rate
banking institutions2
Banking Institutions
  • Check Cashing Outlet
    • Will cash checks for a fee
    • Used by people without bank accounts
    • Offer short-term loans such as advance paycheck loans for a % of the value of your check
  • Pawnshop
    • Give you a loan in exchange for something of value
    • Or takes items on consignment
bank services
Bank Services
  • Checking Accounts
    • An account that handles deposits and withdrawals
    • Account holder is responsible for keeping track of available funds
      • CHECK BOUNCING
        • Check is written for more than what is available in the acct.
        • High Fees will be charged
        • Possibly lose of the ability to have a checking accts
savings accounts
Savings Accounts
  • Standard Savings:
    • Withdraw money without penalties
    • Offers low Interest
  • Certificates of Deposit (CDs)
    • Higher interest rates
    • Need to leave money in for a specific period of time
  • Money Market Accounts
    • Higher interest rates
    • May withdraw money a limited number of times
    • Requires a minimum balance
debit cards bank fees
Debit Cards & Bank Fees
  • Debit Cards
    • Similar to a credit card
    • Money is withdrawn immediately upon use
  • Bank Fees
    • Before choosing a bank you need to understand charges up front
      • ATM Fees
      • Debit Card Fees
      • Stop payment fees
      • Check printing fees
      • Overdraft Fees
      • Monthly Checking Acct Fees
bank vocabulary
Bank Vocabulary
  • Direct Deposit
  • Interest bearing account
  • Signature card
  • Overdrawn
  • Overdraft protection
  • Stop payment
  • Debit Card
  • Check Register
  • Endorsement
  • Bank statement
  • Canceled checks
  • Bank Reconciliation
  • Outstanding Checks