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Depository institutions

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    • 1. Depository Institutions Take Charge of Your Finances 1.7.3
    • 2. Depository Institutions
      • Depository Institutions – businesses which offer multiple services in banking and finance
        • These institutions include:
          • Banks
          • Savings and Loans
          • Credit Unions
        • They are regulated by various state and federal agencies
    • 3. Depository Institutions
    • 4.
      • Services include:
      Federal Reserve Bank
    • 5. Federal Reserve Bank
      • Which federal reserve bank located in your region?
    • 6. Commercial Bank
      • Commercial Banks
        • Usually the largest depository institutions
        • Considered full-service depository institutions
        • Available to a variety of consumers
      • Examples – Wells Fargo, US Bank, Chase Bank
    • 7. Credit Union
      • Credit Unions
        • Non-profit cooperative depository institution
      • Owned by members who share a common bond
      • Examples – Rocky Mountain Credit Union, Teachers Federal Credit Union
    • 8. Savings and Loan Association (S&Ls)
      • Savings and Loan Association
        • Focus on providing loans and mortgages
      • Customers must have a savings account with them
      • Examples – American Federal Savings Bank, Pioneer Federal Savings & Loan.
    • 9. Types of Insurance
      • Federal Deposit Insurance Corporation (FDIC)
        • Federal government agency which protects depository institution accounts
        • Insures commercial banks and savings and loan associations
      • National Credit Union Administration (NCUA)
        • Provides insurance for credit unions
    • 10. Insurance Protection
      • Insurance protection
        • Each depositor is insured up to $250,000 for money deposited in a regular account and $250,000 for retirement deposits
        • Available from both FDIC and NCUA
      • Insurance is important because of the risk of loss
    • 11. Interest
      • Interest - the amount of money that is either gained or lost when accessing services offered by a depository institution
      • Interest rate - the percentage used annually to calculate the total interest either gained or lost
      Type of account Interest rate Impact on the consumer Interest bearing - money earned from an investment instrument High More money earned by the consumer Low Less money earned Interest bearing - the charge for money that a consumer borrows from a depository institution High More money paid by the consumer Low Less money paid Credit unions typically offer rates which have the most positive impact on the consumer
    • 12. Common Services Offered
    • 13. Additional Services Which May Be Offered
      • Safe-Deposit Box
        • A secured box in a bank to be used for valuable and important personal items.
      • Financial Counseling
        • Information and advice is given to customers to help make financial decisions.