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Where To Go

Where To Go. Chapter 4.2. Commercial Bank. What do they do Deposit money Lends money Individuals Business. Credit Unions. Owned and operated by members Unions members Teachers Pipe Fitters Union 504 Benefits for members only Lower interest rates Savings accounts

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Where To Go

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  1. Where To Go Chapter 4.2

  2. Commercial Bank • What do they do • Deposit money • Lends money • Individuals • Business

  3. Credit Unions • Owned and operated by members • Unions members • Teachers • Pipe Fitters Union 504 • Benefits for members only • Lower interest rates • Savings accounts • Any loan is available

  4. Finance Companies • Take over installment debt • Add fees to companies for collecting • Loan money to consumers • Higher interest rates • For people that have been turned away

  5. Charge Accounts • Regular Charge Accounts • Revolving Charge Accounts • Installment Charge Accounts

  6. Regular Charge Accounts • Credit Limit • Maximum amount able to charge • $500 - $1000.00 • Must be paid off every 30 days • Late fees • Penalties for not paying • High interest rates for balance not paid • No interest • If paid off in 30 days

  7. Revolving Charge Accounts • Monthly bill continues • Pay what you need to • Interest is charged on the unpaid balance • Credit limit • Based on credit score • Typical form of credit cards

  8. Installment Charge Accounts • Big ticket purchases • Furniture • Appliances • Equal payments • Over a period of time • Interest is already added in

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