Bank On ItBe Money Smart!Be Money Smart!

Building: Knowledge, Security, Confidence

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• To choose the one that’s right for you when the time comes

• To take the right steps to open a bank account

• To find the right person to talk to at the bank when you need different services

Why should you learn all about banks?

Welcome to Bank On It!

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Today we will…

• Learn about banks and banking services

• Talk about five reasons to use a bank

• Describe how to open a bank account

• Talk about the different people who work at a bank and what they do

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Checking Account in Bank vs. Money in Drawer

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What Do Banks Do?

• They’re businesses that offer a safe place to keep money

• Use deposits to make loans• Also called financial

institutions• Offer many financial services

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Why keep your money in a bank?

• Safety

• Convenience

• Lower cost

• Security

• Build your financial future

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Types of Financial Institutions

• Bank

• Credit Union

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How Do I Open a Bank Account?

• What services does it offer?• Is it near my home?• Where are its ATMs?• What does it cost for

different accounts?

Your bank should meet your needs, so ask yourself:

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Banking Terms

Deposit put money in the bank

Withdrawal take money out of the bank

Balance how much money you have in the bank

Fees money charged for services

Overdraft withdrawing more money than you have in your account

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Steps To Open An Account

1.Talk to a bank representative at the bank near your home

2. Show your I.D. and complete paperwork to open the account

3.You can then deposit and withdraw money

4. You need to keep track of your balance

Remember to record everything, including deposits, withdrawals, and fees!

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What Is Account Verification?

– Photo ID, state-issued ID card

– Passport– Driver’s license– SSN, ITIN

Proving your identity in order to open an account. Bring with you:

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Depositing Money

• Use a deposit slip• A deposit slip tells the bank how much

money you are adding

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Deposit Accounts

• Checking accounts – Write checks to pay bills or buy

goods or services– Linked to an ATM/Debit card

• Savings accounts – Earn more money on your deposits– Usually use money only on things

you saved for– Can be linked to an ATM/Debit card

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Other Banking Services

• Direct deposit• Money orders• Electronic (phone and

online) banking• ATMs• Money transfers• Debit cards and stored

value cards• Loans

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Is My Personal Information Safe?

Banks must keep your personal information safe and private, by law

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Important Bank Employees

Customer Service Representative

Bank TellerLoan Officer

Branch Manager

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What do Bank Employees do?

Let’s find out!

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Key Things to Remember

• Ask for help when you need it

• Ask questions until you completely understand

• Never sign anything until you understand it

• Ask for written information to take home for review

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• NEVER, NEVER NEVER, NEVER give anyone (except a family member or

trusted friend) your bank account

number!!!!!!

Identity theft is a growing crime!

Identity Theft: Protect Yourself

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Phishing: •Fake emails which ask for personal information

•Never give it out!Never give it out!

Pharming: •Fake websites (that look real) which ask for personal information

•Never type it in! Never type it in!

Is it real? Did you:• Type it in Type it in

yourself?yourself?• Ask for it to be Ask for it to be

sent to you?sent to you?

New Forms of Identity Theft

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Remember:

1.Don’t give out personal information

2.Delete emails you didn’t request

3. Don’t visit websites emailed to you from people you don’t know!

Protect Yourself from Identity Theft

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CONCLUSION: Checking Account in Bank vs. Bag in Drawer

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Checking Your Balance

Congratulations!

You have now learned about:

• Types of financial institutions• Basic banking terms• How to open a bank account• Types of accounts and services• Bank employees and their roles

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Thank you!

American Debt Counseling, Inc.American Debt Counseling, Inc.1 888 DEBT USA1 888 DEBT USA

www.americandebtcounseling.orgwww.americandebtcounseling.org