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Welcome to Bank On Connecticut

Welcome to Bank On Connecticut. This class will prepare you to open and maintain your bank account! At the end of the class the partner bank will introduce the account available to you, explain the next step toward opening a bank account, and answer your questions!.

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Welcome to Bank On Connecticut

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  1. Welcome to Bank On Connecticut This class will prepare you to open and maintain your bank account! • At the end of the class the partner bank will introduce the account available to you, explain the next step toward opening a bank account, and answer your questions!

  2. Bank On ConnecticutBasic Banking Orientation

  3. Course Overview

  4. Lesson 1Financial Institutions

  5. Banking Basics • How and why banks started • Key functions and benefits of financial institutions • Keep people’s money safe • Loan people money • Convenient • Savings accounts • Helpful bank employees

  6. Banks & Credit Unions Traditional Bank Credit Union Owned by its stockholders For-profit Serve the general public Pay taxes to the government Federally insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) Owned by its members Not-for-profit Serve their members Does not pay federal income tax Federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF)

  7. Safety of Financial Institutions Commercial Banks Credit Unions

  8. Benefits of a Financial Institution

  9. Benefits of a Financial Institution

  10. Lesson Summary • Financial institutions offer many services and keep your money safe • Types of financial institutions: Banks and Credit Unions • Multiple Benefits: secure, safe, convenient, help you save

  11. Lesson 2Banking Services

  12. Accounts • Checking Account • Purpose • Provides a secure and convenient place to keep funds and pay bills • Positives • Deposit and withdrawal • Write checks or use Debit card for purchases and bills • Manage your funds • Negatives • Overdraft or Non Sufficient Funds (NSF), when you make a debit transaction or write a check for more than you have in your checking account. • Banks offer Overdraft Protection – it is recommended that you do NOT get Overdraft Protection.

  13. Accounts • Savings Account • Purpose • Provides a safe place to keep your money while it earns interest. Interest is the amount of money paid by a borrower to a lender for the use of their money. • Positives • Earns interest • Linked checking and savings • Goal setting (ie. Saving for a big expense, vacation, etc.) • Manage your funds

  14. Electronic Bank Services • Direct deposit • Paychecks, public benefits, tax refund, etc. • Safer, faster and less expensive • Bill pay • Automatic payments each month to manage your payments • Pay bills electronically so you don’t have to pay in cash or by money order • Transfers • Move money between your accounts or to a third party • Remittance • Transfer money anywhere in the world

  15. Electronic Bank Services • Online banking • Access through your bank’s website • 24 hour access to your account • Automatic Teller Machine (ATM) • Must have a debit card and a PIN • Deposit, withdraw, or transfer

  16. Debit Card • Debit card • Linked to your checking and/or savings account • MasterCard or Visa logo • Withdraw and deposit • Make purchases in stores, restaurants, online, etc.

  17. Lesson Summary • Checking and Savings accounts allow you to easily deposit, withdraw, pay bills, and save • What specific services allow you to: • Deposit? • Withdraw? • Pay bills?

  18. Lesson 3Opening a Bank Account

  19. Come Prepared • Gather personal identification and proof of address • Have your money ready to be deposited • Have a possible PIN – 4 digit number • Have your “Bank On Connecticut” Member Card • Have questions

  20. Opening Your Account • When you meet with a banking representative you will need: • Photo identification (ID) • You may need a social security card, Tax Identification Number (TIN), or proof of your address, i.e.: utility bill or lease • Cash or a check to start the account • A PIN or password for debit card

  21. Account Verification • Account verification helps the bank to identify applicants who have mishandled bank accounts in the past • Account verification company: ChexSystems

  22. Account Opening Checklist • Be sure you understand the terms and conditions of your account • Be sure you know where and how to access your funds • After the banker explains the product – review your checklist to ensure all questions were answered

  23. Lesson Summary • Come prepared • Account Verification • Account Opening Checklist • The bank staff is there to help, so ask questions

  24. Lesson 4Managing My Account

  25. Reading a Bank Statement • Important for finding errors or possible theft • Help you track spending and balance your checkbook

  26. My Checking Account • Benefits • Checking account services • Debit card • Checks • Purchasing • How to write, endorse, and void a check • How to balance a checkbook

  27. My Checking Account • Making a deposit or withdrawal • Automatic Teller Machines (ATMs) • Use your debit card to perform multiple transactions at an ATM • Deposit: Your bank’s ATM may allow you to deposit checks without a deposit slip • Withdraw: Access funds at any ATM with the logo on your card • Bank • Deposit: Present the deposit slip with the cash/checks to the bank teller • Withdraw: Present the withdrawal slip to the bank teller

  28. My Savings Account • Reasons to save • Emergencies • Future • Grow my savings account • Monthly transfers from checking • Monthly track expenses and balance account

  29. My Savings Account Cut Optional Expenses and SAVE

  30. Is My Money Safe? • Keep your account number and bank routing information private • Beware of scams • Review your monthly statement • Notify your bank about a problem as soon as possible

  31. Avoidable Fees • Overdraft fees • Non-sufficient funds (NSF) fee • ATM fees • Balance requirement

  32. Lesson Summary • Did you learn more about how to use a bank account? • Do you feel more confident about using a bank account?

  33. Lesson 5My Relationship with the Bank

  34. Consumer Privacy • Government regulations on what banks are and are not allowed to share • Privacy Notice • Read • Ask questions

  35. USA PATRIOT Act • Information collected by federal officials • Banks must • Verify the person’s identity • Determine if the person appears on the list of known or suspected terrorists

  36. Resolving Problems • As an account holder, what problems may happen? • The balance is incorrect • The bank charged incorrect fees • Your debit card is lost or stolen • Suspicious transactions

  37. Lesson Summary • Your privacy and the bank • Catch possible problems • Read your bank statement • Balance your checkbook • Keep your information secure and private • If the bank does not know about a problem, they cannot fix it. You have 60 days to report a problem.

  38. Opening your bank account! • Partner bank presentation – Questions? • Graduation Packet includes: • List of partner bank branches • What you need to open your account • Member Card • Bring your Member Card to the partner bank when opening your account.

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