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Bank On It The Basics

Bank On It The Basics. Homework (Passport page 9). Why Are We Here?. Earn Spend Earn Spend. Earn Spend Borrow Spend. Earn Spend Save. Earn Save Spend. Money Cycles. What Do You Know? (Pre-Test pages 5-6). Let’s Talk About. You. How Does it Work?. Loans. Deposits. Interest.

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Bank On It The Basics

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  1. Bank On It The Basics

  2. Homework (Passport page 9)

  3. Why Are We Here? Earn Spend Earn Spend Earn Spend Borrow Spend Earn Spend Save Earn Save Spend Money Cycles

  4. What Do You Know?(Pre-Test pages 5-6)

  5. Let’s Talk About You

  6. How Does it Work? Loans Deposits Interest Interest

  7. Safety Convenience Cost Security Financial future Why Keep Money in an Account?

  8. Financial Institution vs. Check-Cashing Fees Total: $300 Savings: $222 Monthly fee: $5 Box of checks: $18 Total: $78 Check-cashing fees: 4 x $5 = $20 a month Money order fees: 5 x $1 = $5 a month $60 a year $240 a year $60 a year

  9. Financial Institutions Bank Credit Union Make loans Pay checks Accept deposits Other financial services Insured Open to anyone Ownership may be limited Not for profit

  10. Free/low cost Regular Electronic-only/ ATM Interest-bearing Types of Checking Accounts

  11. Common Services Direct Deposit Remittance Stored Value Card Loan ATM Debit Card Wire Transfer Money Order Phone/Online Banking

  12. Deposits & Withdrawals Deposit Direct deposit, cash, checks, ATMs Check hold ~ you may not have immediate use of deposited funds Withdrawals Debit card, ATM, write checks to “cash” Fees

  13. Fee Schedules Monthly Service Per-Check Check Printing ATM Use Overdraft Returned Deposit Stop Payment Phone Inquiry Teller

  14. Check Number Date Description of Transaction Payment/Debit (-) Deposit/Credit (+) Balance 3/20 Opening Deposit 200 00 $200 00 3/22 Deposit 30 00 $230 00 3/23 Deposit 50 00 $280 00 3/23 Withdrawal 25 00 $255 00 105 Check Register 3/26 Coffee Mart 19 75 $235 25

  15. Activity 1: Making Deposits and Withdrawals Complete Activity 1 in the Participant Guide. Read the scenario carefully. Complete the table. Determine the new balance.

  16. Checking Account Statement Bank or credit union name/address Statement period Your name/address Account number Transactions Cashed checks Account summary with fees/charges 3 1 4 2 5 6 7

  17. Reconciling Your Account Balancing: Keeping your checkbook register up-to-date and maintaining totals Reconciling: Finding and correcting any differences between the statement and your register

  18. Preprinted Information Your name and address Check number and codes Financial Institution's name Routing & Transit Number Account Number 0105

  19. Complete the Check Date Pay to the order of Amount Signature Memo 0105

  20. Barriers & Strategies • Keeping track of your money • Bounced check fees • Your checking history • ChexSystems • Second chance checking • “I didn’t know!”

  21. Temporary Holds Restaurants Gas Stations Hotels Phone/Online Purchases

  22. Electronic Banking Automatic Bill Payment Online Bill Payment Mobile Banking

  23. New Opt-In Rule You control what is paid By default, you are “opted-out” There could be a fee Does not cover checks / auto payments You can change your mind

  24. Privacy Notices Explains how your personal financial information is shared and protected Under Federal law: Personal financial information is private You can stop or “opt out”

  25. What Have You Learned?(Post-Test page 39)

  26. Homework (Passport page 15)

  27. Questions?

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