文档介绍：O Why keep your money in a bank? O Safety O Select an FDIC-insured financial institution O Calculate your insurance coverage with the Electronic Deposit Insurance Estimator (EDIE): Convenience O Cost O Security O Financial future Reasons to Keep Money in a Bank Insured Financial Institutions O Banks and Thrifts: O Are subject to federal and state laws O Make loans, pay checks, accept deposits, and provide other financial services O Credit Unions: O In addition to the above: O Are non-profit financial institutions O Require a membership to open an account 3 Bank vs. Check-Cashing Services Check-Cashing Services Check-cashing fees: 4 x $5 = $20 a month $20 x 12 = $240 a year Money order fees: 5 x $1 = $5 a month $5 x 12 = $60 a year Total: $300 Bank Monthly fee: $5 a month $5 x 12 = $60 Box of checks: $12 Total: $72 Savings: $228 Additional Benefits of a Bank O banking access 24 hours, 7 days a week O Good credentials for loan applications with responsible use O No worries about cash being lost or stolen Open & Maintain a Bank Account 1. Open the account 2. Make deposits and withdrawals 3. Record interest and fees 4. Keep track of your balance Open a Bank Account plete account verification process O Photo Identification O Your Social Security Number or Individual Taxpayer Identification Number O Ask about “ second chance ” checking programs if you are unable to open an account 7 Types of Deposit Accounts O Examples include: O Checking account – to pay bills and buy goods O Savings account – to save money and earn interest O You may have transaction and monthly fees. O The bank will send you periodic statements. Deposit O Deposit: money you add to your account O Deposit slip: tells the bank how much money you are adding to your account Note: You may not have immediate use of deposited funds until the bank ensures there are funds at the originating bank. Balance O The amount of money you have in your bank account What is your balance? Description +/