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Chapter 5 The Banking System. What Banking Services Are Available to Consumers?. Safe deposit boxes Overdraft protection ATMs Cashier’s checks Financial advising Loans Internet banking Bank cards. 5-3 Banking Services and Fees. What Are the Costs of Banking?. Monthly account fees
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Chapter 5 The Banking System
What Banking Services Are Available to Consumers? • Safe deposit boxes • Overdraft protection • ATMs • Cashier’s checks • Financial advising • Loans • Internet banking • Bank cards 5-3 Banking Services and Fees Slide 2
What Are the Costs of Banking? • Monthly account fees • Nonsufficient fund fees • Special service fees • Examples: stop payment, cashier’s check, money order • ATM fees • Inactive account fees 5-3 Banking Services and Fees Slide 3
What Are Consumer Responsibilities? • Maintain your balance. • Avoid writing bad checks. • Monitor your account. • Reconcile your bank account. • Know your rights. • Be aware of consumer protection laws. 5-3 Banking Services and Fees Slide 4
Success Skills Negotiating It is the process of reaching an agreement that benefits both parties. • Understand your position. • Understand the other party’s position. • Create a proposed solution. • Identify what is important and what you are willing to give up. 5-3 Banking Services and Fees Slide 5