KEEPING YOURMONEY SAFE

What do you think?

More than ___% of teens have a savings account.

___% of teens age 16-17 have a checking account. ___% of those ages 18-19 have one.

Likewise, ___% of teens 16-17 have a debit card. ___% of those ages 18-19 have one.

___% of teens ages 16-19 have their own credit card.

Financial Institutions

Bank A For-profit company Owned by investors in stock Anyone can walk in and open an account

Credit Unions Owned by their customers, called members Membership Qualifications

Types of Accounts

Savings Account / Share Account Used for Medium to Long term goals Collects Interest

Checking Account / Share Draft Account Used for more frequent spending Safer than cash Convenient

More about Checking Accounts

Checks Write in Ink Endorsements Keep checks safe Check statement often

Debit Card ATM’s – be sure the check the fees Can be used in stores like a check Personal Identification Number (PIN)

7 Things to Remember About Debit Cards

1) Memorize and Protect your PIN2) Sign the back of your card3) Immediately record all transactions4) Keep your receipts5) Use your institutions ATM6) Be aware of your surroundings at the

ATM7) Immediately report all lost or stolen cards

Saving & Checking Fees

Monthly Service Fees / Annual Fees Withdrawal Fees ATM Fees Returned Check Fees Insufficient Funds Fees / Overdraft Fees Over-the-Limit Fees

Credit Cards

American Express, Visa, MasterCard, Discover

Things to be aware of: Credit Limit Interest Rate Additional Fees

Be sure to: Sign back of card Record all purchases Keep your receipts Pay back as soon as possible to avoid interest charges NEVER sign up for a credit card to receive a free gift!

Using Technology

Online Banking View your accounting records Transfer money between accounts Pay Bills through automatic payments Electronic Funds Transfer (EFT)

Advantages of Online Banking: Convenience Personal Safety Knowledge Time Saving

Identity Theft

Identity theft occurs when someone uses your name, SSN, Credit Card #, or other personal information without your permission.

What can someone do with your personal information? Open new account in your name Writing bad checks Forging your signature on legal documents Use your name during a police arrest Take out loans in your name

10 Steps to Avoiding Identity Theft

1) Don’t Leave your wallet or bank statements lying around.

2) Sign the back of new card as soon as you receive them.3) Save all of your receipts.4) Never give your SSN or Credit Information to anyone.5) Keep your PIN’s a secret.6) Review all of your monthly statements to check for

unauthorized purchases or banking error.7) Shred all unwanted, out-of-date banking files.8) Install a Firewall on your computer.9) Don’t fall for Phishing scams.10) Only purchase from secure internet sites.

Report any suspicion of Identity Theft immediately!