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Banking

Banking. Checking Account. When?. Why?. Where?. With a checking account…. Write a check ATM Card Debit Card. Writing a check. Company Name Address City, Sate Zip. March 28, 2012. Lincoln Electric Company. 250.00. Two Hundred and fifty and 00/100 --------------------.

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Banking

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  1. Banking

  2. Checking Account When? Why? Where?

  3. With a checking account… • Write a check • ATM Card • Debit Card

  4. Writing a check Company Name Address City, Sate Zip March 28, 2012 Lincoln Electric Company 250.00 Two Hundred and fifty and 00/100 -------------------- Jennifer Satorie March Electric Bill

  5. ATM Card (Automated Teller Machine) • Is a card that is linked to your bank account. • Get cash fast • PIN (Personal Identification Number)

  6. Debit Card • Used like a credit card • Money comes out of your bank account automatically. • Like a check with out the paper • Money has to be there.

  7. What are some options… • Minimum balances • Annual/ Monthly Fees • Overdraft protection • Insufficient funds fees • ATM Fees

  8. Savings Account Where? Why? When?

  9. Savings Account • Money set aside for short term goals • Can still get cash out when you need • Usually gains interest • Very safe • (FDIC – Federal Deposit Insurance Corporation)

  10. Investing Where? Why? When?

  11. Investing… • Long term goals • Money into longer term account • Usually higher interest rate • Usually fee to get money out early

  12. Types of Investments • Stocks • Own a part of a company • Can generate high returns (Buy low – Sell high) • Bonds (US Govt, Corporate) • You are loaning the money to the government • Longer period of time (2-30 years) • CD’s (Banks version of a Bond) • Certificates of Deposit • Loan money to the bank

  13. cont… • Mutual Funds • Usually done by an investor • Pools several investors money and invests • IRA’s • Individual Retirement Account • Vary (before tax/after tax) - Usually a limit • Retirement/ 401K • Money taken out and set aside to be used for retirement

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