View
21
Download
1
Category
Preview:
DESCRIPTION
banks, credit unions - PowerPoint PPT Presentation
Citation preview
www.lifethenfinance.com
Banking
www.lifethenfinance.com
2
3www.lifethenfinance.com
What is a bank?
In essence, there function is to service consumers with accounts to hold their money, there are many differences among them.
Where you bank is a personal choice.
4www.lifethenfinance.com
Banks:
Banks are companies that are profit-driven. They are small banks and large banks. Banks are run by a Board of Directors that
service the stockholders and those vested in the company.
5www.lifethenfinance.com
Credit Unions:
Credit unions are non-profit organizations Meaning any money they make in their business
must be reinvested in the credit union They are smaller and usually locally based. They serve the community and are not profit driven Those who join a credit union are members and
have a say in the major decisions at the credit union.
6www.lifethenfinance.com
Why bank at a Credit Union ?
They service a smaller population of the community.
Offer their clients better services. Offer higher-interest on savings accounts
and lower rates on loans.
7www.lifethenfinance.com
Why bank at large Banks?
Banks tend to be larger organizations Offer more convenience with that. They may charge more fees and/or have
lower rates on savings accounts and loans. There are usually more branches to bank at,
easier access to and ATM machines.
8www.lifethenfinance.com
ATM Machines:
Automatic Teller Machine (ATM): A banking terminal that accepts deposits and
dispenses cash
Adds convenience to your banking experience as part of automating your finances.
9www.lifethenfinance.com
Automate your Finances
Open a checking and savings account Set up direct deposit for your pay check Set up automatic bill pay Have a portion of your money automatically
sent to savings and an investment account every month
10
Recommended