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Activity 1………….Why Do You Need A Bank? Activity 2………The Many Services of a Bank

Activity 1………….Why Do You Need A Bank? Activity 2………The Many Services of a Bank Activity 3…The ABCs of a Chequing Account Activity 4………Opening a Chequing Account Activity 5……………….How to Write a Cheque Activity 6….Maintaining a Chequing Account Activity 7……The ABCs of a Savings Account.

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Activity 1………….Why Do You Need A Bank? Activity 2………The Many Services of a Bank

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  1. Activity 1………….Why Do You Need A Bank? • Activity 2………The Many Services of a Bank • Activity 3…The ABCs of a Chequing Account • Activity 4………Opening a Chequing Account • Activity 5……………….How to Write a Cheque • Activity 6….Maintaining a Chequing Account • Activity 7……The ABCs of a Savings Account

  2. Basic Banking Services - Activity 1 • ACTIVITY 1 • Why Do You • Need a Bank? • Overview • Purposes of banks • The differences between banks and • credit unions • Safety of financial institutions • Banks as money management tools 2

  3. Slide 1 – Canada Deposit Insurance Corporation Lesson Reference: Basic Banking Services, Activity 1 – Overhead 2 • CANADA DEPOSIT • INSURANCE CORPORATION • • Established in 1967 • • A Crown Corporation • • Protects depositors against certain losses, up to $100,000 per depositor 3

  4. Basic Banking Services - Activity 2 • ACTIVITY 2 • The Many Servicesof a Bank • Overview • Financial services provided by a bank • Bank employees • Services that might be of personal benefit • The impact of state and federal regulations upon the security of a bank 4

  5. REMITTANCE OPTIONS • TO SEND AND RECEIVE MONEY • 1. Money Transfer Organizations • 2. Bank Transfers • 3. Hand Delivery • 4. Mail • 5. Hawala • 6. Post Offices • 7. Stored Value Cards 5 Slide 1 – Remittance Options Lesson Reference: Basic Banking Services, Activity 2 - Overhead 1

  6. BANK OCCUPATIONS • • Tellers • • Personal Bankers • • Mortgage Lenders • • Operations Manager • • Branch Manager 6 Slide 2 – Bank Occupations Lesson Reference: Basic Banking Services, Activity 2 – Overhead 2

  7. Slide 3 - Electronic Bank Services Lesson Reference: Basic Banking Services, Activity 2 – Overhead 3 • ELECTRONIC BANK SERVICES • Online banking is the fastest growing Internet • activity in Canada. • Types of Services • Bank Cards • Automated Services • Protect Your Passwords! 7

  8. Slide 4 - Bank Card Types Lesson Reference: Basic Banking Services, Activity 2 – Overhead 4 BANK CARD TYPES • TYPE • ABM/Debit Cards • Stored Value Cards • DESCRIPTION • Bank cards that allow for the payment of goods and services to be subtracted directly from a bank deposit account. • Can be used with merchants that take major credit cards—known as point of sale (POS) transactions. • Bank cards with preset, limited value. • Used to pay for goods and services. • Alternative to cash. 8

  9. AUTOMATED BANK SERVICES • • Direct Deposit • • Transfers between Accounts • • Transfers to a Third Party • • Online Banking • • Bank by Phone • • ABM 9 Slide 5 – Automated Bank Services Lesson Reference: Basic Banking Services, Activity 2 – Handout 3

  10. Slide 6 - Regulation of Electronic Banking Lesson Reference: Basic Banking Services, Activity 2 – Overhead 5 • REGULATION OF ELECTRONIC • BANKING SERVICES • Electronic Funds Transfer Code • Initiated by the Ministry of Consumer and Corporate Affairs (CCAC) in 1989. It protects consumers using any type of electronic banking from loss and protects their privacy. • Banks must: • Offer consumers a record or receipt for all computer • transactions. • Investigate errors and report to consumer within ten days of error notification. • Customers are responsible to report any errors. 10

  11. Basic Banking Services - Activity 3 • ACTIVITY 3 • The ABCs of a Chequing Account • Overview • Purposes of a chequing account • Shopping for and comparing chequing accounts 11

  12. CHEQUING ACCOUNT TERMS • Bank Statement • Cancelled Cheque • Cheque • Cheque Register/Ledger • Endorsement • Fee • Interest • Minimum Balance • Outstanding Transactions • Overdraft • Overdraft Protection • Payee • Reconciling a Bank Statement • Transaction Limits 12 Slide 1 - Chequing Account Terms Lesson Reference: Basic Banking Services, Activity 3 – Handout 1

  13. Slide 2 - Shopping Around Lesson Reference: Basic Banking Services, Activity 3 - Handout 2 SERVICES Location of bank Location of ABMs Banking hours Minimum balance required Minimum transactions or limits Interest-bearing accounts? Other COSTS Non-primary bank ABM transactions In-branch transaction fees Per-cheque fees Other chequing fees Overdraft protection Printing of cheques SHOPPING AROUND (THINGS TO ASK ABOUT WHEN OPENING A CHEQUING ACCOUNT) 13

  14. Basic Banking Services - Activity 4 ACTIVITY 4 Opening a Chequing Account Overview • Chequing Account Application Process • The Application • Acceptable Forms of ID • The Signature Authorization Card 14

  15. OPENING A CHEQUING ACCOUNT 15 Slide 1 – Opening a Chequing Account Lesson Reference: Basic Banking Services, Activity 4 – Handout 1

  16. Slide 2 - Commonly Accepted Forms of IDLesson Reference: Basic Banking Services, Activity 4 – Handout 2 COMMONLY ACCEPTED FORMS OF ID Primary ID* • Driver’s Licence issued in Canada • Canadian passport • Certificate of Canadian Citizenship • Permanent Resident card or Citizenship and Immigration Canada Form IMM 1000, IMM 1442, or IMM 5292 • Birth certificate issued in Canada • Social Insurance card • Old Age Security card • Certificate of Indian Status • Provincial health insurance card (except Ontario, Manitoba, and PEI) • Provincial ID card, bearing the individual’s photograph and signature, issued by authorities such as Insurance Corporation of British Columbia, Alberta Registries, Service New Brunswick, etc. * Financial institutions' ID requirements may differ; check with the institution first before applying for an account. 16

  17. Slide 3 - Commonly Accepted Forms of IDLesson Reference: Basic Banking Services, Activity 4 – Handout 2 COMMONLY ACCEPTED FORMS OF ID Secondary ID* • Employee photo ID card • Canadian University/ College photo ID card • Canadian bank or ABM/debit card • Canadian credit card • Canadian National Institute for the Blind (CNIB) client card • Foreign passport * Financial institutions' ID requirements may differ; check with the institution first before applying for an account. 17

  18. SIGNATURE AUTHORIZATION CARD 18 Slide 4 – Signature Authorization Card Lesson Reference: Basic Banking Services, Activity 4 – Handout 3

  19. Basic Banking Services - Activity 5 ACTIVITY 5 How to Write a Cheque 19

  20. Slide 1 - Writing a Cheque Lesson Reference: Basic Banking Services, Activity 5 – Handout 1 WRITING A CHEQUE 20

  21. Basic Banking Services - Activity 6 • ACTIVITY 6 • Maintaining a • Chequing Account • Overview • Keeping a cheque register • Making a deposit into a chequing account • Reconciling a bank statement • Maintaining a chequing account • Avoiding overdrafts 21

  22. Slide 1 - Keeping a Cheque Register Lesson Reference: Basic Banking Services, Activity 6 – Handout 1 KEEPING A CHEQUE REGISTER 22

  23. Slide 2 - Making a Deposit - Endorsing a Cheque Lesson Reference: Basic Banking Services, Activity 6 – Handout 1 MAKING A DEPOSIT - ENDORSING A CHEQUE The Back Side of a Cheque 23

  24. Slide 3 - Making a Deposit - Completing a Deposit Slip Lesson Reference: Basic Banking Services, Activity 6 – Handout 1 MAKING A DEPOSIT - COMPLETING A DEPOSIT SLIP 24

  25. Slide 4 - Reconciling a Bank Statement Lesson Reference: Basic Banking Services, Activity 6 – Handout1 RECONCILING A BANK STATEMENT 25

  26. OVERDRAFTS AND BOUNCED CHEQUES Overdrafts and bounced cheques occur when you complete a financial transaction (e.g., write a cheque) for more than what is available in the account. Your financial institution may pay the amount and charge you a fee, known as an “overdraft fee” or a “nonsufficient funds fee.” Tip: Avoid overdraft or non-sufficient funds fees by making a habit of monitoring the balance in your chequing account. 26 Slide 5 – Overdrafts and Bounced Cheques Lesson Reference: Basic Banking Services, Activity 6 – Overhead 1

  27. Basic Banking Services - Activity 7 • ACTIVITY 7 • The ABCs of aSavings Account • Overview • Purpose of a savings account • Shopping for a savings account • Applying for a savings account • Monthly bank statement checkup 27

  28. Slide 1 - Reasons to Save Lesson Reference: Basic Banking Services, Activity 7 – Overhead 1 • REASONS TO SAVE • Emergencies • Future Purchases • Future Investments 28

  29. Slide 2 - Shopping for a Savings Account Lesson Reference: Basic Banking Services, Activity 7 – Overhead 2 • SHOPPING FOR A • SAVINGS ACCOUNT • Factors to consider: • Safety • Risk • Liquidity • Minimum Account Balance Requirements • Fees and Service Charges • Interest Rate • Returns (Earnings) • Automatic Transfer • Direct Deposit 29

  30. OPENING A SAVINGS ACCOUNT 30 Slide 3 – Opening a Savings Account Lesson Reference: Basic Banking Services, Activity 7 – Overhead 3

  31. BANK STATEMENT 31 Slide 4 – Bank Statement Lesson Reference: Basic Banking Services, Activity 7 – Overhead 4

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