Banking in the United States

1
Banking in the United States
2
Banking Safety

• FDIC is the Federal Deposit Insurance
  Corporation
• On May 20, 2009, President Obama signed the
  Helping Families Save Their Homes Act, which
  immediately extended the FDIC temporary increase
  in the standard maximum deposit insurance amount
  (SMDIA) to 250,000 per depositor through
  December 31, 2013. The legislation provides that
  the SMDIA will return to 100,000 on January 1,
  2014.
• All chartered banks are required to be a member
  of FDIC Member FDIC

3
Types of Bank Accounts

• Checking Accounts
• Interest Bearing
• Non-Interest Bearing
• Savings Accounts
• Regular Savings
• Money Market
• Time Deposit (CDs)
• Monetary Instruments Cashiers Checks
• Money Orders
• Travelers Checks

4
ATM/Check Cards/OneCard Debit

• Secret Codes or PIN numbers
• Choose 4 or more digits to be used with ATM
  transactions and transactions with merchants.
• VISA or MasterCard Logo and function
• Debits the amount of the purchase from your
  checking account.

5
Banking Tips

• Complete all transaction tickets and checks
• Endorse all checks
• Always bring photo identification with you to the
  bank
• Keep a check book register
• Reconcile your bank statement
• Contact your bank immediately with any
  discrepancies.

6
Examples and Practice

• Check Writing and Endorsement
• Deposit and Withdrawal Tickets

7
Writing a Check
8
Writing a Check
9
Making a Deposit
This column is for the change portion of your cash
10
Making a Deposit
11
Endorsing Checks
12
Endorsing Checks
13
Endorsing and Checks
When the Check is made payable to TWO people with
the word AND, both must sign
14
Endorsing or Checks
When the Check is made payable to TWO people with
the word OR, only one person must sign.
15
Second Party Checks
You may sign over a check to another person.
This is called a Second Party Check. Second
Party Checks are accepted according to your
financial institutions policies.
16
Making a Withdrawal
17
Balancing Your Checkbook
Fee 8/23 ATM Fee 2 00
378 00
18
Domestic Wire Transfers

• To receive a wire in the U.S. or to send a wire
  to someone with a U.S. bank account requires
• Bank Name
• Bank Routing Number or ABA Number
• Persons Name and Address
• Persons Account Number
• Ask about the charge 10 - 40

19
International Wire Transfers

• To send a wire outside of the U.S. you must
  provide your bank with the following
• Bank Name
• Bank Swift Code (if applicable)
• City and Country of the Bank
• Persons Name and Address
• Persons Account Number
• Ask about the charge 30 - 60

20
Identity Protection

• Identity theft can ruin your financial future and
  make it impossible for you to maintain good
  credit.
• Identity theft will leave you with bad credit
  that takes months or years to correct even
  though you get reimbursed for the thief's bills.
  
• A thief can take over your account by acquiring
  account information such as account or card
  numbers and drain your assets.
• A thief can also use your personal information to
  open new accounts and credit lines without your
  knowledge.

21
Prevent Theft

• Never give out personal information (SS number,
  account numbers, bank routing numbers, PINs)
  over the phone.
• Only use secured web sites when shopping online
• Never leave your ID in the car unattended
• Do not carry your SS card, birth certificate, or
  passport unless absolutely necessary
• Do not carry cards that show your SS number
• Remove your name from phonebooks and reverse
  directories
• Mail bills from the post office
• Keep photocopies of your credit cards at home in
  a safe place
• Order your credit report yearly from one of the 3
  credit bureaus free of charge
• Never reply to e-mails requesting personal
  financial information
• Cross off card information on receipts
• Shred receipts, credit card offers, and statements

22
Questions?