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