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  • 1. Marissa Doria Block 3
  • 2. Federal Reserve System  Supervises and regulates member banks and helps banks serve the public efficiently  They hold reserves  Clearing checks in different cities: Paying of checks among different banks in different cities
  • 3. The Way the Banking System Works  Build Homes  Start New Businesses  Plant Crops  Finance Educations  Buy Goods  Pave Streets  Invest for Retirement  Build Hospitals  Buy New Business Equipment
  • 4. Commercial Bank  It is the most common way for a bank to be organized  They are often called full service banks because they offer a wide variety of financial services  Examples: Savings Department, Trust Department and Real Estate Department
  • 5. Credit Union  User-owned, not-for-profit, cooperative financial institution  Examples: When a person deposits money and The National Credit Union Administration
  • 6. Four Factors that go into deciding which Bank to Use  Safety  Convenience  Fees and Charges  Restrictions
  • 7. Popular Banks in North Carolina  Bank of America  Wachovia  Bank of North Carolina  Sun Trust
  • 8. Electronic Banking  Use of computers and other technology for banking activities  EFT is useful because it allows the customer many financial services
  • 9. Credit Card vs. Debit Card  Credit Cards are borrowing from the bank to pay later  Debit card or a cash card is used for ATM transactions  Banks would prefer you use a debit card
  • 10. Automatic Bill Payment  Requires a bank customer to authorize preset amounts of monthly expenses  It is useful because the bank deducts the payments from your account and transfer them to the appropriate companies
  • 11. Service Charge and Bank Reconciliation  Banks have to take money in order to make their money  Fee a bank charges for handling a checking account  Bank Reconciliation—Document created to show how the two balances were brought into agreement
  • 12. Stop Payment Order and Stored Value Card  Written notice that tells the bank not to pay a certain check  Stored Value Card—Prepaid cards for phone services, transit fares, highway tolls, laundry service and school lunches are common. You can recharge with an additional amount
  • 13. Signature Card  Opening your checking account starts with signing a signature card  It verifies your signature