Bank Provided Services

1. Bank Provided Services Personal Finance

2. TRADITIONAL SERVICES Checking Account – “demand deposit” Savings Account – “time deposit” Loan Cashier’s Check Money Remittance (Wire Transfer) Traveler’s Checks Safe Deposit Box

3. Checking Account • Bank account where funds can be withdrawn by writing a check, using an ATM or debit card, or making personal withdrawals • Day to Day activity • Secure • Receipt

4. Savings Account • Bank account where money usually remains for a long period of time. • Interest is earned on the account • Money can be withdrawn at any time

5. Loan • A sum of money borrowed from a financial institution at an agreed rate of interest.

6. Cashier’s Check • A check issued by a bank, drawn on its own funds and signed by the cashier

7. Money Remittance • Process of moving money from one bank to another, sometimes between countries

8. Travelers’ Checks • Documents that function as cash • Can be replaced if lost or stolen • Often used when traveling to other countries

9. Safe Deposit Box • Locked box rented in a secure area of the bank. • A place to store valuables.

10. EXPANDED SERVICES Insurance Sales Small Business Advising and Loans Investments Credit Cards

11. ELECTRONIC BANK SERVICES • Bank Cards • Check Cards/Debit Cards • Stored Value Cards • Automated Services • ATM • Bank by Phone • Online Banking • Transfers to a 3rd Party • Transfers between Accounts • Direct Deposit

12. Check Cards/Debit Cards • Allow for the payment of goods and services to be subtracted directly from a bank account. • Can be used with merchants that take major credit cards-know as point of sale (POS) transactions. (must have visa or mc logo)

13. Stored Value Cards • Bank cards with a preset limited value. • Used to pay for goods and services • Alternative to cash