Personal banking

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Personal banking

  1. 1. EPF.12c evaluate services and related costs associated with personalbankingEPF.12e prepare all forms necessary for opening and maintaining achecking and a savings accountEPF.12f reconcile bank statements
  2. 2. There are costs associated with personal banking.
  3. 3.  check cashing interest earned debit cards ease of bill paying online account management direct deposit automated teller machine (ATM) improved access to loans.
  4. 4. Costs for services provided by financial institutions include interest on loans and fees, such as ATM fees late fees minimum balance fees returned check fees.
  5. 5. Consumers who are unbanked may have difficulty establishing credit cashing checks without paying a service fee mailing bill payments acquiring loans receiving direct deposit income keeping income safe.
  6. 6. The process of opening a checking account or savings account involvesseveral steps.
  7. 7. Opening and maintaining a checking or savings account involves completing an application completing a signature card presenting approved identification document writing/maintaining checks, stubs, and check register endorsing checks completing deposit and withdrawal documents.
  8. 8. Reconciling bank statements is an important step in financial planning.
  9. 9.  Reconciliation is the process of bringing the checkbook register into agreement with the bank statement. This may be done electronically or manually.

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