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Activities
ACTIVITY 1: Why Do You Need a Bank?
ACTIVITY 2: The Many Services of a Bank
ACTIVITY 3: The ABCs of a Checking Account
ACTIVITY 4: Opening a Checking Account
ACTIVITY 5: How to Write a Check
ACTIVITY 6: Maintaining a Healthy Checking Account
ACTIVITY 7: The ABCs of a Savings Account
2 BBS - Activity 1
ACTIVITY 1
Why Do YouNeed a Bank?
Overview
• Purposes of Banks• Types of Financial Institutions• Safety of Financial Institutions• Privacy of Financial Institutions
3
FDICFEDERAL DEPOSIT INSURANCE
CORPORATION
• Established in 1933.• Federal agency.• Protects depositors against certain losses up to $100,000 per depositor.
Slide 1 - FDIC
4
SAFETY OF FINANCIAL INSTITUTIONS
COMMERCIAL BANKS CREDIT UNIONS
Slide 2 - FDIC/NCUA
5 BBS - Activity 2
ACTIVITY 2
The Many Servicesof a Bank
Overview
• Identify financial services provided by a bank.
• Decide on services of personal benefit.• Recognize the impact of state and federal
regulations upon the security of a bank.
6
ELECTRONIC BANK SERVICES
Types of Services
•Bank Cards
•Automated Services
Regulation of Electronic Services
Slide 1 - Electronic Bank Service
7
BANK CARD TYPES
Slide 2 - Bank Card Types
TYPE• Check Cards or
Debit Cards
• Stored Value Cards
DESCRIPTION• Bank cards that allow for the
payment of goods and services to be subtracted directly from a bank account.
• Can be used with merchants that take major credit cards—known as point of sale (POS) transactions.
• Bank cards with preset, limited value.
• Used to pay for goods and services.
• Alternative to cash.
8
REGULATION OF ELECTRONICBANKING SERVICES
Electronic Fund Transfer Act (1978)Protects consumers using any type of electronic banking from loss and protects their privacy.
Banks must:• Offer consumers a record or receipt for all
computer transactions.• Investigate errors and report to consumer within
ten days of error notification.
Customers must be responsible to report any errors.
Slide 3 - Regulation of Electronic Banking
9 BBS - Activity 3
ACTIVITY 3
The ABCs of a Checking Account
Overview
• Purposes of a Checking Account• Shopping for a Checking Account
10
1. Location of the bank 2. Location of ATMs 3. Banking hours 4. Fees associated with the checking account:
How many? How much? When? Some account fees may include:
a) Non-primary bank ATM transactions
b) In-branch transaction feesc) Per-check fees
5. Available overdraft protection 6. Cost of checks 7. Minimum balance required 8. Minimum transactions or limits 9. If they have interest-bearing accounts10. Check color and design11. Other? Slide 1 - Shopping Around
SHOPPINGAROUND
(THINGS TO ASK ABOUT
WHENOPENING A CHECKING ACCOUNT)
AREAS OF INTEREST
11 BBS - Activity 4
ACTIVITY 4
Opening a Checking Account
Overview
• Checking Account Application Process• The Application• Acceptable Forms of ID• The Signature Authorization Card• Deposit Options
12 Slide 1 - Commonly Accepted Forms of ID
Primary ID*
•Photo Driver’s License issued
within the U.S. or Canada
•State Non-Driver Photo ID
•Photo Learner’s Permit
•Government Photo ID
•U.S. Passport
•Non-U.S. Passport
•Resident Registration Card
•Mexican Consular ID (Matricula Consular)
* Financial institutions' ID requirements may differ; check with the institution first before applying for an account.
COMMONLY ACCEPTED FORMS OF ID
•Naturalization Certificate
•Employee Photo ID (from a recognizable employer)
•Photo Trade License (barber, plumber, electrician, etc.)
•Student Photo ID (college/trade school)
•Medicare Card (must be 65 or older)
13 Slide 2 - Commonly Accepted Forms of ID
Secondary ID*
•Pay Stub
•Car Registration
•Mortgage Statement
•Letter of Introduction from Bank, Embassy, or well-known Employer
•Welfare Card
•Supplemental Health Insurance Card
* Financial institutions' ID requirements may differ; check with the institution first before applying for an account.
COMMONLY ACCEPTED FORMS OF ID
•Foreign Driver’s License
•State/Local Gun Permit
•Utility Bill (Name and address
of individual account should be listed)
•Current Bank Statement
•National Credit Card
•Bank-issued Debit or Check Card
14 BBS - Activity 5
ACTIVITY 5
How to Write a Check
15 Slide 1 - Writing a Check
WRITING A CHECK
16 BBS - Activity 6
ACTIVITY 6
Maintaining a Healthy
Checking Account
Overview
• Keeping a Check Register/Ledger• Making a Deposit• Check Endorsement Process• Deposit Slip Procedure• Reconciling a Bank Statement
17
KEEPING A CHECK REGISTER (Practice)
Slide 1 - Keeping a Check Register
18 Slide 2 - Making a Deposit - Endorsing a Check
MAKING A DEPOSIT - ENDORSING A CHECK
Restrictive Endorsement(most secure)
Blank Endorsement(least secure)
Endorsement to a third party
DirectionsEndorse each of the checks shown based on the description.
19 Slide 3 - Making a Deposit - Completing a Deposit Slip
MAKING A DEPOSIT - COMPLETING A DEPOSIT
SLIP
20 Slide 4 - Reconciling a Bank Statement
RECONCILING A BANK STATEMENT
21 BBS - Activity 7
ACTIVITY 7
The ABCs of aSavings Account
Overview
• Purpose of a Savings Account• Shopping for a Savings Account• Savings Account Application• Monthly Bank Statement Checkup
22
REASONS TO SAVE
• Emergencies
• Future Purchases
• Future Investments
Slide 1 -Reasons to Save
23
SHOPPINGS FOR A SAVINGS ACCOUNT
Factors to consider:• Safety• Risk• Liquidity• Minimum Account Balance Requirements• Fees and Service Charges• Interest Rate • Returns (Earnings)• Automatic Transfer• Direct Deposit
Slide 2 - Shopping for a Savings Account