Financial Institution Services Take Charge of Your

Financial Institution Services

Take Charge of Your Life – and Your Money • The best way to take charge of your money is to have a plan for it. • Do you have a relationship with your financial institution? • Utilize resources, like your financial institution, to help you understand the options you have for your money.

Services That Matter Life Style • In-person or ATM deposits & withdrawals • Online or mobile capability • Convenient hours • Convenient location • Number of branch locations • Other services (overdraft, automatic savings programs, alerts/reminders, etc. ) Fees and User Requirements • Eligibility to join • Minimum opening deposit • Required monthly balance • Overdraft fees • ATM fees • Penalties & withdrawal limitations • Monthly maintenance fee • Interest rates

Get Into The Savings Habit • Learning to save money requires discipline. • Can you distinguish between your wants and needs to achieve your financial goal? • You can start teaching yourself NOW to save money, even in small increments. • Compound interest is your friend!

Find the Best Deal for Your Checking Account • Paper checks • Debit card • Register to track credits & debits • Monthly Statement • Beware of NSFs • Overdraft protection available

Checking Accounts • Benefits – Convenience – Safety – Budgeting Tool to Track Spending – Proof of Payment

Debit/Check Cards • Deducts the total purchase instantly from your checking account • Personal Identification Number (PIN) – Each card is assigned a unique PIN – Always keep it a secret

Debit/Check Cards • Ways to swipe – Credit: Sign the receipt – Debit: Key in PIN and get cash back

Checks Pieces of paper that show the amount of money to be paid to a designated company/person.

Checks

Reading A Check 12/11/2014 Tammy Teller 125. 69 Twenty-five dollars and 69/100 -----Babysitter C. U. Member

Reading A Check 12/15/2014 CASH 1, 000. 00 One thousand dollars and 00/100 -Money for Savings C. U. Member

Check Writing Activity You are invited to attend a birthday gathering. You went to Target December 10 th for a gift and spent $35. 23. Using the check copy you have been given, write a check (use 1001 as the check number).

Answer: Your Check 12/10/14 TARGET 35. 23 Thirty-five dollars and 23/100 -------Birthday Gift Your signature

Check Writing Activity You decide to buy some new Blu-Ray DVDs. You visit Best Buy December 11 th to purchase them and spent $65. 58. Using the checkbook you have been given, write a check (use 1002 as the check number).

Answer: Your Check 12/11/14 65. 58 BEST BUY Sixty-five dollars and 58/100 -- DVDs Your signature

Balancing Your Account • Helps you keep track of all transactions on your account • Each time you make a deposit or purchase, keep your receipt and record it in your register • Ways to balance – Computer Programs – Check Register

Balancing • ADD deposits made to your account. • SUBTRACT purchases, withdrawals, or fees from your account. • Let’s look at an example!

Balancing Activity You open a checking account December 3 rd with $150. 00 which is your beginning balance. When you write it in your register, it should look something like this. . . Number Date Description of Transaction 12/03/14 New Account Balance Fee Payment/Debit √ Deposit/Credit (IF ANY) (-) T (+) $ (-) 150 00

Balancing Activity You decide to withdraw $20. 00 from the ATM on December 4 th The new balance would be $130. 00. Your register would look something like this! Notice you SUBTRACT the ATM withdrawal. Number Date Description of Transaction 12/03/14 New Account 12/04/14 ATM Fee Balance Payment/Debit Deposit/Credit √ (IF ANY) (-) T (+) (-) $ 150 00 20 00 130 00

Balancing Activity Remember the check you wrote to Target? If not, here is a reminder. . . 12/10/14 TARGET 35. 23 Thirty-five dollars and 23/100 -----------Birthday Gift Your signature Record this check in your register!

Answer: Your Register Number Date Description of Transaction 12/03/14 New Account Balance Fee Payment/Debit √ Deposit/Credit (IF ANY) (-) T (+) (-) $ 150 00 12/04/14 ATM 1001 20 00 130 00 12/10/14 Target (Gift) 35 23 94 77

Balancing Activity Remember the check you wrote to Best Buy? Record that check in your register.

Answer: Your Register Number Date Description of Transaction 12/03/14 New Account 12/04/14 ATM 1001 12/10/14 Target 1002 12/11/14 Best Buy Balance Fee Payment/Debit √ Deposit/Credit (IF ANY) (-) T (+) (-) $ 20 00 150 00 130 00 35 23 65 58 94 77 29 19

Non-Sufficient Funds Fee • Charge applied when you do not have enough money in your checking account to cover the transaction. • The fee amount can vary from financial institution. • SECU charges $12 for an NSF whereas most financial institutions charge as much as $25 or more.

Number Date Description of Transaction Fee Balance Payment/Debit Deposit/Credit √ (IF ANY) $ (-) T (-) (+) 12/03/14 New Account 150 00 12/04/14 ATM 20 00 130 00 1001 12/10/14 Target 35 23 94 77 1002 12/11/14 Best Buy 65 58 29 19 12/11/14 Target (shirt) 40 00 -$10 81 12/11/14 NSF Fee 25 00 -$35 81 12/11/14 Target Fee 40 00 -$75 81

The Checking Account Game!

TRUE OR FALSE! Checking Accounts have many benefits including convenience and proof of payment.

TRUE OR FALSE! A debit card can be swiped as a debit only!

TRUE OR FALSE! You don’t have to have money in your checking account to use a debit card.

Questions!!! Name 2 parts of a check.

Questions!!! Why should you balance your account?

Questions!!! What does PIN stand for?

BONUS! How much is the check worth & why? 11/21/2014 WALMART 1500. 00 One hundred fifty thousand dollars and 00/100 ------- New HDTV C. U. Member

Questions?