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bank on it 1

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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 bank on it 2

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essential questions by the end of this module you will be able to answer the following essential questions what are the major types of insured financial institutions what are five reasons to use a bank or credit union what are the steps involved in opening and maintaining a bank account bank on it 3

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essential questions continued what are two types of deposit accounts can i list and explain additional bank services that come with deposit accounts what are the main functions of the bank customer service representative teller loan officer and branch manager bank on it 4

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bank credit union 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 bank on it 5

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why keep money in a credit union · · · · · safety convenience cost security financial future click on the image to complete research on ncua bank on it 6

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types of financial institutions · banks · credit unions · thrifts bank on it 7

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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 bank on it 8

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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 bank on it 9

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deposit a deposit is money you add to your account using a deposit slip deposit ticket your name your address your phone number date deposits may not be available for immediate withdrawal currency coin or total from reverse subtotal sign here if cash received from deposit your financial institution your city ca 92453 do not use for automatic payment or check transactions less cash received net deposit :000000 12345 67890 bank on it 10

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balance the balance is the amount of money you have in your bank account bank on it 11

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withdrawal a withdrawal is money you take out of your account using · checks · withdrawal slips · atms · check/debit cards bank on it 12

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fees banks deduct fees from your account for · certain services monthly maintenance fee · penalties for bouncing a check bank on it 13

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interest interest is a percentage of your balance that the bank pays you for keeping your money at that bank bank on it 14

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five things you should know about checks and checking accounts 1 2 shop around for a good deal preferably an account without a monthly maintenance fee keep your checkbook up to date by recording all transactions including atm withdrawals bank fees purchases you make using a debit card and any other deductions that do not involve writing a check 3 avoid overdrawing your account which can happen if you write a check or otherwise attempt to withdraw by mistake more money than you have in your account it also is possible to overdraw your account using your debit card at the atm or when making a purchase these transactions can be costly 4 consider internet online banking this service allows you to make payments or move money from one account to another through your bank s web site instead of or in addition to writing and mailing paper checks this saves on the costs of postage and buying paper checks 5 pay attention to your bank statements immediately report any errors or unauthorized transactions to protect yourself from accusations that you were negligent in managing your account bank on it 15

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