Banking

1
Banking

• www.lifethenfinance.com

www.lifethenfinance.com
2
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.

www.lifethenfinance.com
3
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.

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4
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.

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5
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.

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6
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.

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7
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.

www.lifethenfinance.com
8
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

www.lifethenfinance.com