Banking

Banking and credit unions

Transcript

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