banking
DESCRIPTION
Banking. Checking Account. When?. Why?. Where?. With a checking account…. Write a check ATM Card Debit Card. Writing a check. Company Name Address City, Sate Zip. March 28, 2012. Lincoln Electric Company. 250.00. Two Hundred and fifty and 00/100 --------------------. - PowerPoint PPT PresentationTRANSCRIPT
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Banking
![Page 2: Banking](https://reader035.vdocuments.us/reader035/viewer/2022070500/56816865550346895ddec23e/html5/thumbnails/2.jpg)
Checking Account
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With a checking account…
• Write a check
• ATM Card
• Debit Card
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Writing a check
Company NameAddressCity, Sate Zip March 28, 2012
250.00Lincoln Electric Company
Two Hundred and fifty and 00/100 --------------------
March Electric Bill Jennifer Satorie
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ATM Card
(Automated Teller Machine)
• Is a card that is linked to your bank account.
– Get cash fast
– PIN (Personal Identification Number)
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Debit Card
• Used like a credit card
• Money comes out of your bank account automatically.
• Like a check with out the paper
• Money has to be there.
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What are some options…
• Minimum balances
• Annual/ Monthly Fees
• Overdraft protection
• Insufficient funds fees
• ATM Fees
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Savings Account
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Savings Account• Money set aside for short term goals
• Can still get cash out when you need
• Usually gains interest
• Very safe • (FDIC – Federal Deposit Insurance Corporation)
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Investing
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Investing…
• Long term goals
• Money into longer term account
• Usually higher interest rate
• Usually fee to get money out early
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Types of Investments
• Stocks– Own a part of a company– Can generate high returns (Buy low – Sell high)
• Bonds (US Govt, Corporate)– You are loaning the money to the government– Longer period of time (2-30 years)
• CD’s (Banks version of a Bond)– Certificates of Deposit – Loan money to the bank
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cont…
• Mutual Funds– Usually done by an investor– Pools several investors money and invests
• IRA’s– Individual Retirement Account– Vary (before tax/after tax) - Usually a limit
• Retirement/ 401K– Money taken out and set aside to be used for
retirement