Bank On It 1

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Introduction

• Instructor and student introductions

• Module overview

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Student Introductions

• Your name

• Your expectations, questions, and concerns about banking.

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Purpose

Bank On It :

• Is an overview of banking services.

• Will help you build a positive relationship with banks, thrifts, and credit unions.

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Objectives

By the end of this module, you will be able to:

• Identify the major types of insured financial institutions.

• Identify five reasons to use a bank.

• Describe the steps involved in opening and maintaining a bank account.

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Objectives (Continued)

• Describe two types of deposit accounts.

• Identify additional bank services that come with deposit accounts.

• Describe the main functions of the bank customer service representative, teller, loan officer, and branch manager.

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Agenda and Ground Rules

• 60 – 90 minutes long

• One 10-minute break

• Training methods

• Class participation

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Bank

A business that:

• Offers you a safe place to keep your money.

• Uses your deposits to make loans.

• Provides a variety of services.

Also called a financial institution.

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Why Keep Money in a Bank?

• Safety

• Convenience

• Cost

• Security

• Financial future

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Types of Financial Institutions

• Banks

• Credit unions

• Thrifts

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Opening and Maintaining a Bank Account

Steps:

• Open the account and go through account verification.

• Make deposits and withdrawals.

• Record interest and fees.

• Keep track of your account balance.

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Account Verification

The bank:

• Reviews your credit and past banking history.

• Checks your photo identification.

• Determines if you can open an account.

Now you can deposit your money!

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Deposit

A deposit is money you add to your account using a deposit slip.

Your NameYour Address

Your Phone Number

DE

PO

SIT T

ICK

ET

DATE DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL

SIGN HERE IF CASH RECEIVED FROM DEPOSIT

YOUR FINANCIAL INSTITUTION

YOUR CITY, CA 92453

DO NOT USE FOR AUTOMATIC PAYMENT OR CHECK TRANSACTIONS

:000000 : 12345 67890.:

CURRENCY

COIN

OR TOTAL FROM REVERSE

SUBTOTAL

LESS CASH RECEIVED

NET DEPOSIT

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Balance

The balance is the amount of money you have in your bank account.

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Withdrawal

A withdrawal is money you take out of your account using:

• Checks

• Withdrawal slips

• ATMs

• Check/debit cards

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Fees

Banks deduct fees from your account for:

• Certain services (monthly maintenance fee).

• Penalties (for bouncing a check).

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Interest

Interest is a percentage of your balance that the bank pays you for keeping your money at that bank.

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Practice Exercise

Instructions:

• Read the scenario.

• Answer the question.

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Deposit Accounts

Accounts that let you add money to the account:

• Checking accounts let you write checks to pay bills or buy goods.

• Savings accounts always earn interest.

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Non-deposit Accounts

These accounts are NOT FDIC-insured.

• Stocks

• Bonds

• Mutual funds

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Additional Banking Services

• Direct deposit

• Money order

• Online and telephonebanking

• Automated TellerMachine (ATM)

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Additional Banking Services(Continued)

• Money transfer

• Debit card

• Stored value cards

• Loan

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Privacy Notices

Notices that companies involved in financial transactions must send you. They explain:• What personal financial information is collected.• If they intend to share it.• How to limit the sharing.• How your personal financial information is protected.

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“Opting Out”

You can opt out by:

• Reading the privacy notice to find out how.

• Calling 1-888-5-OPTOUT (1-888-567-8688).

• Visiting www.optoutprescreen.com.

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Important Bank Employees

Get to know these important bank employees:

• Customer service representative

• Teller

• Loan officer

• Branch manager