• 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 Checking Account • Activity 7……The ABCs of a Savings Account
1. Activity 1.Why Do You Need A Bank? Activity 2The 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 Checking Account Activity 7The ABCs
of a Savings Account
2. ACTIVITY 1 Why Do You Need a Bank?Overview Purposes of banks
The differences between banks and credit unions Safety of financial
institutions Banks as money management tools The Earned Income Tax
Credit Basic Banking Services - Activity 1
4. THE EARNED INCOME TAX CREDITThe Earned Income Tax Credit
(EITC) is a federal income tax credit for low-income workers. The
credit reduces the amount of tax an individual owes, andmay be
returned to the taxpayer in the form of a refund. Some states
offeradditional forms of EITC.Eligible workers must have an annual
income and investment income thatfalls below a certain level. In
tax year 2005, for example, if you are married,have two or more
children, and are filing your taxes jointly, your combinedannual
income must not exceed $37,263. You must have a Social
SecurityNumber to receive the EITC.In tax year 2005, a family with
two or more children could receive up to a$4,400 refund through the
EITC.* Slide 2 EITC Lesson Reference: Basic Banking Services,
Activity 1 Handout 2
5. ACTIVITY 2 The Many Services of a BankOverview Financial
services provided by a bank Bank employees Services that might be
of personal benefit The impact of state and federal regulations
upon the security of a bank Basic Banking Services - Activity
2
6. REMITTANCE OPTIONSTO SEND AND RECEIVE MONEY1. Money Transfer
Organizations2. Bank Transfers3. Hand Delivery4. Mail5. Hawala6.
Post Offices7. Stored Value Cards Slide 1 Remittance Options Lesson
Reference: Basic Banking Services, Activity 2 - Overhead 1
8. ELECTRONIC BANK SERVICESOnline banking is the fastest
growing Internetactivity in the U.S.Types of Services Bank Cards
Automated ServicesProtect Your Passwords! Slide 3 - Electronic Bank
Services Lesson Reference: Basic Banking Services, Activity 2
Overhead 3
9. BANK CARD TYPESTYPE DESCRIPTION Check Cards or Bank cards
that allow for the payment of goods and services to be subtracted
ATM/Debit Cards directly from a bank deposit account. Can be used
with merchants that take major credit cardsknown as point of sale
(POS) transactions. Bank cards with preset, limited value. Used to
pay for goods and services. Alternative to cash. Slide 4 - Bank
Card Types Lesson Reference: Basic Banking Services, Activity 2
Overhead 4
10. ELECTRONIC BANK SERVICES Direct Deposit Transfers between
Accounts Transfers to a Third Party Online Banking Bank by Phone
ATM Slide 5 Electronic Bank Services10 Lesson Reference: Basic
Banking Services, Activity 2 Handout 3
11. REGULATION OF ELECTRONIC BANKING SERVICES Electronic Fund
Transfer Act 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 are responsible to report any errors. Slide
6 - Regulation of Electronic Banking11 Lesson Reference: Basic
Banking Services, Activity 2 Overhead 5
12. ACTIVITY 3 The ABCs of a Checking Account Overview Purposes
of a checking account Shopping for and comparing checking
accounts12 Basic Banking Services - Activity 3
14. SERVICES SHOPPING Location of bank Location of ATMs AROUND
Banking hours Minimum balance required Minimum transactions or
limits (THINGS TO Interest-bearing accounts? ASK ABOUT Other WHEN
COSTS OPENING A Non-primary bank ATM transactions CHECKING
In-branch transaction fees ACCOUNT) Per-check fees Other checking
fees Overdraft protection Printing of checks Slide 2 - Shopping
Around14 Lesson Reference: Basic Banking Services, Activity 3 -
Handout 2
15. ACTIVITY 4 Opening a Checking Account Overview Checking
Account Application Process The Application Acceptable Forms of ID
The Signature Authorization Card The PATRIOT Act15 Basic Banking
Services - Activity 4
16. OPENING A CHECKING ACCOUNT Slide 1 Opening a Checking
Account16 Lesson Reference: Basic Banking Services, Activity 4
Handout 1
17. COMMONLY ACCEPTED FORMS OF ID Primary ID* Photo Drivers
License issued Naturalization Certificate within the U.S. or Canada
Employee Photo ID State Non-Driver Photo ID (from a recognizable
employer) Photo Learners Permit Photo Trade License (barber,
plumber, electrician, etc.) Government Photo ID Student Photo ID
U.S. Passport (college/trade school) Non-U.S. Passport Medicare
Card Resident Registration Card (must be 65 or older) Mexican
Consular ID (Matricula Consular) * Financial institutions ID
requirements may differ; check with the institution first before
applying for an account.17 Slide 2 - Commonly Accepted Forms of ID
Lesson Reference: Basic Banking Services, Activity 4 Handout 2
18. COMMONLY ACCEPTED FORMS OF ID Secondary ID* Foreign Drivers
License Pay Stub State/Local Gun Permit Car Registration Utility
Bill (Name and address Mortgage Statement of individual account
should Letter of Introduction from Bank, be listed) Embassy, or
well-known Current Bank Statement Employer National Credit Card
Welfare Card Bank-issued Debit or Check Card Supplemental Health
Insurance Card * Financial institutions ID requirements may differ;
check with the institution first before applying for an account.18
Slide 3 - Commonly Accepted Forms of ID Lesson Reference: Basic
Banking Services, Activity 4 Handout 2
19. THE PATRIOT ACT Congress passed the PATRIOT Act in response
to the terrorist attacks of September 11, 2001. Financial
institutions are now required to collect certain information when a
new account is opened. 1. The customer must provide identification
that includes name, date of birth, address, and identification
number. 2. The institution must maintain a copy of the information
used to verify the persons identity. 3. The institution must
determine whether the applicant appears on the lists of known or
suspected terrorists or terrorist organizations. Slide 4 The
PATRIOT Act19 Lesson Reference: Basic Banking Services, Activity 4
Overhead 1
21. ACTIVITY 5 How to Write a Check21 Basic Banking Services -
Activity 5
22. WRITING A CHECK22 Slide 1 - Writing a Check Lesson
Reference: Basic Banking Services, Activity 5 Handout 1
23. ACTIVITY 6 Maintaining a Checking Account Overview Check 21
Keeping a check register Making a deposit into a checking account
Reconciling a bank statement Maintaining a checking account
Avoiding Overdrafts23 Basic Banking Services - Activity 6
24. CHECK 21 Check 21 is a federal law that helps banks handle
more checks electronically and that makes check processing faster
and more efficient. Under this law, a check deposited in a bank is
typically delivered overnight to the paying bank and deducted from
the checkwriters account on the next business day. Money may be
deducted from your checking account almost immediately. Slide 1
Check 2124 Lesson Reference: Basic Banking Services, Activity 6
Handout 1
26. MAKING A DEPOSIT - ENDORSING A CHECK The Back Side of a
Check Restrictive Endorsement (most secure) Blank Endorsement
Endorsement to (least secure) a third party Slide 3 - Making a
Deposit - Endorsing a Check26 Lesson Reference: Basic Banking
Services, Activity 6 Handout 2
27. MAKING A DEPOSIT - COMPLETING A DEPOSIT SLIP27 Slide 4 -
Making a Deposit - Completing a Deposit Slip Lesson Reference:
Basic Banking Services, Activity 6 Handout 2
28. RECONCILING A BANK STATEMENT28 Slide 5 - Reconciling a Bank
Statement Lesson Reference: Basic Banking Services, Activity 6
Handout 2
29. OVERDRAFTS AND BOUNCED CHECKS Overdrafts and bounced checks
occur when you complete a financial transaction (e.g., write a
check) for more than what is available in the account. Your
financial institution may pay the amount and charge you a fee,
known as an overdraft fee or a nonsufficient funds fee. Tip: Avoid
overdraft or non-sufficient funds fees by making a habit of
monitoring the balance in your checking account. Slide 6 Overdrafts
and Bounced Checks29 Lesson Reference: Basic Banking Services,
Activity 6 Overhead 1
30. ACTIVITY 7 The ABCs of a Savings Account Overview Purpose
of a savings account Shopping for a savings account Applying for a
savings account Monthly bank statement checkup30 Basic Banking
Services - Activity 7
31. REASONS TO SAVE Emergencies Future Purchases Future
Investments31 Slide 1 - Reasons to Save Lesson Reference: Basic
Banking Services, Activity 7 Overhead 1
32. SHOPPING 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 Deposit32 Slide 2 - Shopping for a Savings Account Lesson
Reference: Basic Banking Services, Activity 7 Overhead 2
33. OPENING A SAVINGS ACCOUNT33 Slide 3 Opening a Savings
Account Lesson Reference: Basic Banking Services, Activity 7
Overhead 3
34. BANK STATEMENT Slide 4 Bank Statement34 Lesson Reference:
Basic Banking Services, Activity 7 Overhead 4
