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Consumer Banking
“You as a consumer”&
“Banking”
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A consumer is someone who buys or uses
goods and services Consuming involves 3 stages
1. Making Choices Products and Services
2. Buying Wisely Wants vs. Needs Brand Name vs. Generic
3. Using goods and services properly
What is Consuming?
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Commercial Banks
Full-service banks Checking, savings, loans, safe deposit boxes,
credit cards, ATM’s, money orders, traveler’s checks
Savings & Loans Associations Started in the early 1800’s Groups of people pooled their money together
so that each could borrow
Financial Institutions
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Credit Unions
Nonprofit savings and loan cooperative associations Made up of people who have something in common,
like place of employment Members govern credit unions
Changes in Financial Institutions As a result of the 2008/2009 recession interest rates
have become much more competitive among banks These institutions now actively compete for business
which benefits the consumer
Financial Institutions
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ATM’s
24-hour banking Online Banking
Pay bills, transfer money, check account balances Mobile banking
Smartphone Direct deposit or withdrawals Point-of-sale transfers
Debit card
Electronic Banking
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Most commonly used banking service Checks are safer than carrying cash Make it easy to keep track of transactions
Cancelled check is a check that has been paid and is legal proof of payment
They are electronically scanned and processed Once processed it is considered ‘cleared’ or paid
There are different types Minimum balance account Cost-per-check account (special account) NOW account – interest bearing
Checking Accounts
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Research and choose a financial institution You will fill-out a ‘signature card’
Name Address Phone number Social Security number Signature
Safeguards your account against fraud/forgery
Opening a checking account
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1. Your name and address (account holder)2. Date3. Check number4. Payee5. Numerical amount6. Written amount7. Bank information8. Purpose or account number 9. Signature10.Bank routing number and account holder’s account
number
Parts of a check
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Check example
Your name here (1)(3) 5001
AddressPhone (2) ________________ __________
(4) (5)Pay to the order of ______________________________________________________________ $
_(6)___________________________________________________________________________________ Dollars
Bank of USA (7)2123 Main StreetCicero, NY 13031
For ________________________________(8) (9)____________________________________________________|:021989478|: 756420855808” 5001 (10)
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Where you keep a record of checks written,
deposits made, and other transactions
Keeping a Check Register
Balance Number
Date
Description of Transaction
Payment/Debit
(-)
T Fee
Deposit/Credit(+)
$ 150
00
5001 5/16
Wegmans $ 25
00
$ $ 125 00
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Your signature on the top back side of the check Blank endorsement
Simply your written signature Restrictive endorsement
Message or signature that restricts the use of the check
“For Deposit Only” Full endorsement
When you want to pay someone else with a check that was written out to you
“Pay to the order of…”
Endorsing a Check
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Depositing money into an account, use a
‘deposit ticket’ Preprinted slip that comes with your checks Used to deposit any combination of currency,
coins, and checks ‘statement of account’ is the summary of all
transactions completed in a checking account for a given period of time
Paper form in the mail or accessible online
Deposit Tickets & Statements