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Bfsi

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Bfsi

  1. 1. <ul><li>Activity 1…….Where Do I Keep My Money? </li></ul><ul><li>Activity 2…….Evaluating Financial Services </li></ul><ul><li>Activity 3…….Banks, Yesterday and Today </li></ul>
  2. 2. Introduction to Financial Services - Activity 1 ACTIVITY 1 Where Do I Keep My Money? Overview • The functions of banks • The cost of alternative financial services • The stability of banks
  3. 3. Slide 1 - Places to Save Money Lesson Reference: Introduction to Financial Services, Activity 2 – Overhead 1 <ul><li>PLACES TO SAVE MONEY </li></ul><ul><li>Would you save your money in any of these places? Why? Why not? Can you think of other places to save money? </li></ul><ul><ul><ul><li>Bed & Mattress </li></ul></ul></ul><ul><ul><ul><li>Cookie Jar </li></ul></ul></ul><ul><ul><ul><li>Pillow </li></ul></ul></ul><ul><ul><ul><li>Wallet </li></ul></ul></ul><ul><ul><ul><li>Money Belt </li></ul></ul></ul><ul><ul><ul><li>Small House Safe </li></ul></ul></ul>
  4. 4. Slide 2 - Alternative Financial Services Lesson Reference: Introduction to Financial Services, Activity 1 – Handout 1 <ul><li>ALTERNATIVE FINANCIAL SERVICES </li></ul><ul><li>Check-Cashing Services </li></ul><ul><li>Check-Deferrals, Cash Advances, Payday Loans </li></ul><ul><li>Pawn Shops </li></ul><ul><li>Rapid Tax Refunds </li></ul><ul><li>Rent-to-Own </li></ul><ul><li>Other Financial Services </li></ul>
  5. 5. Slide 3 – FDIC Lesson Reference: Introduction to Financial Services, Activity 1 – Overhead 2 <ul><li>FEDERAL DEPOSIT INSURANCE </li></ul><ul><li>CORPORATION (FDIC) </li></ul><ul><li>Established in 1933. </li></ul><ul><li>Insures most Savings, Checking, </li></ul><ul><li>and other Deposit Accounts, up to $100,000 per depositor, </li></ul><ul><li>per institution . </li></ul><ul><li>Applies to most Commercial Banks, Savings Banks, and </li></ul><ul><li>Savings Associations. </li></ul>
  6. 6. <ul><li>Overview </li></ul><ul><li>Formal and informal financial services </li></ul><ul><li>Costs of alternative financial services and average bank accounts </li></ul><ul><li>Advantages of establishing a banking relationship </li></ul>ACTIVITY 2 Evaluating Financial Services Introduction to Financial Services – Activity 2
  7. 7. Slide 1 – Formal and Informal Financial Services Lesson Reference: Introduction to Financial Services, Activity 2 – Overhead 1 <ul><li>FINANCIAL </li></ul><ul><li>INFORMAL SERVICES </li></ul><ul><li>Payday lenders </li></ul><ul><li>Check cashing services </li></ul><ul><li>Rent-to-own stores </li></ul><ul><li>Pawn shops </li></ul><ul><li>Title lenders </li></ul><ul><li>Loans from family/friends </li></ul><ul><li>Cultural savings clubs </li></ul><ul><li>Remittances offered through nonfinancial institutions </li></ul><ul><li>FORMAL FINANCIAL SERVICES </li></ul><ul><li>Accounts </li></ul><ul><li>Credit cards </li></ul><ul><li>Loans </li></ul><ul><li>Investment vehicles </li></ul><ul><li>Direct deposit </li></ul><ul><li>Wire transfers/ remittances </li></ul>
  8. 8. Slide 2 – How a Bank Can Save You Money Lesson Reference: Introduction to Financial Services, Activity 2 – Handout 2 HOW A BANK CAN SAVE YOU MONEY Monthly Fees without a Bank Monthly Fees with a Bank* <ul><li>$80 to cash paychecks </li></ul><ul><li>$3.81 on money orders and stamps to pay bills </li></ul><ul><li>$15 to send money to family with a wire transfer company </li></ul><ul><li>Monthly cost: $98.81 </li></ul><ul><li>Annual cost: $1,185.72 </li></ul><ul><li>$0 to directly deposit paycheck </li></ul><ul><li>$0 to get cash from bank's ATMs or make debit card purchase </li></ul><ul><li>$0 to pay monthly bills using electronic bill payment </li></ul><ul><li>$5 to send money to family </li></ul><ul><li>Monthly cost: $5.00 </li></ul><ul><li>Annual cost: $60.00 </li></ul>Annual Savings by Using a Bank: $1,125.72
  9. 9. Slide 3 – Advantages of a Banking Relationship Lesson Reference: Introduction to Financial Services, Activity 2 – Overhead 2 ADVANTAGES OF ESTABLISHING A BANKING RELATIONSHIP Nearly everyone needs a bank account to help manage his or her day-to-day money. Bank accounts can help you to: • Pay bills • Manage your money • Receive money • Send money to a friend or family member • Keep your money secure • Start building wealth • Earn interest
  10. 10. Introduction to Financial Services - Activity 3 ACTIVITY 3 Banks, Yesterday and Today Overview <ul><li>The many traditional financial services provided by a bank </li></ul><ul><li>Other expanded financial services provided by a bank </li></ul><ul><li>The impact of banks throughout the community </li></ul>
  11. 11. Slide 1 - Traditional Services of Banks Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 1 <ul><li>TRADITIONAL </li></ul><ul><li>SERVICES </li></ul><ul><li>OF BANKS </li></ul><ul><li>Checking Accounts </li></ul><ul><li>Savings Accounts </li></ul><ul><li>CDs (Certificates of Deposit) </li></ul><ul><li>Savings Bonds </li></ul><ul><li>Loans </li></ul><ul><ul><li>Car </li></ul></ul><ul><ul><li>Home </li></ul></ul><ul><ul><li>Personal </li></ul></ul><ul><li>Safe Deposit Boxes </li></ul>
  12. 12. Slide 2 - Expanded Services of Banks Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 2 <ul><li>EXPANDED </li></ul><ul><li>SERVICES </li></ul><ul><li>OF BANKS </li></ul><ul><li>Insurance Sales </li></ul><ul><li>Small Business Advising and Loans </li></ul><ul><li>Investments </li></ul><ul><li>Credit Cards </li></ul><ul><li>Remittances </li></ul><ul><li>TRADITIONAL </li></ul><ul><li>SERVICES </li></ul><ul><li>OF BANKS </li></ul><ul><li>Checking Accounts </li></ul><ul><li>Savings Accounts </li></ul><ul><li>CDs (Certificates of Deposit) </li></ul><ul><li>Savings Bonds </li></ul><ul><li>Loans </li></ul><ul><ul><li>Car </li></ul></ul><ul><ul><li>Home </li></ul></ul><ul><ul><li>Personal </li></ul></ul><ul><li>Safe Deposit Boxes </li></ul>
  13. 13. Slide 3 - Financial Services Modernization Act Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 3 <ul><li>FINANCIAL SERVICES </li></ul><ul><li>MODERNIZATION ACT (1999) </li></ul><ul><li>Transformed the banking industry. Eliminated many </li></ul><ul><li>restrictions among companies in the securities, </li></ul><ul><li>banking, and insurance industries. </li></ul><ul><li>Results? </li></ul><ul><li>Banks may offer some insurance and investment services. </li></ul><ul><li>Investment and insurance companies may offer some traditional banking services. Investments are not insured by FDIC. </li></ul>
  14. 14. Slide 4 - Some Community-Related Services Lesson Reference: Introduction to Financial Services, Activity 3 – Overhead 4 <ul><li>SOME COMMUNITY-RELATED </li></ul><ul><li>SERVICES OF BANKS </li></ul><ul><li>Bank employees mentor students in areas of basic financial skills. </li></ul><ul><li>Bank employees serve on community organizations’ boards of directors. </li></ul><ul><li>Banks provide scholarships to students going into the banking profession. </li></ul><ul><li>Banks fund affordable housing construction. </li></ul>

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