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EPF.12a compare types of financial institutions
EPF.12b examine how financial institutions affect personal financial planning
EPF.12h explain how certain historical events have influenced the banking
system and other financial institutions
EPF.10i access reliable financial info from a variety of sources
Financial institutions include credit unions, commercial banks, finance corporations,
savings and loan companies, insuring agencies, and non-bank institutions.
 Credit unions, banks, and savings and loan
  companies generally offer checking accounts,
  savings accounts, consumer loans, certificates of
  deposit, and check cashing for depositors.
 Banks and savings and loan companies are
  generally insured by the Federal Deposit
  Insurance Corporation (FDIC) and credit unions
  by the National Credit Union Share Insurance
  Fund (NUSIF). Consumers should be aware that
  not all deposits are insured.
   Payday loan and check-cashing companies
    typically charge higher rates than banks for
    their services.
   Some consumers do not have bank accounts
    and use check-cashing services when they
    must cash a check. Companies charge a very
    high fee for this service.
Over time, financial institutions have expanded services that affect
personal financial planning.
   Many banks offer brokerage and insurance
    services, as well as financial management
    advisors.
A series of historical events led to today's banking system in the United
States.
12 banking transactions
 The Industrial Revolution brought an economic shift in
  the United States from bartering and trading to
  exchange of currency for goods and services;
  individuals moved from being self-supporting to
  working for others; increased use of money allowed
  for purchases and the initiation of consumer credit, as
  well as seasonal bank loans for farmers; the period
  also saw high bank interest rates.
 1791 — First Bank of the United States established
 1816 — Second Bank of the United States established
Transition from an agricultural economy to an industrial economy
   and an expansion of purchasing power and credit
 World War I — War debt incurred by United States
 Panic of 1907
 1913 — Federal Reserve System established
 1920s — Stronger credit
 1920–1980 — Credit made available to most Americans
 1929 — Stock Market Crash
 1930s — Great Depression; decade of consumer distrust of credit
   and investment
 1940s–1960s — Stable inflation rates; low interest rates
 1970s — Rapid economic growth; overuse of credit; high inflation
   rate; consumer credit protection legislation; birth of credit
   counseling
 1990s — Credit as a major marketing tool across industries; major
   stock market gains; longest peace time expansion
   September 11, 2001 — Terrorist attacks on
    the World Trade Center, the Pentagon, and
    Pennsylvania led to major stock market
    losses. Threats of further terrorism continue
    to influence the financial markets.
   The latter part of the first decade was marked
    by a significant economic recession that
    resulted in failed banks, foreclosures, and
    high unemployment.
It is important for consumers to seek reliable financial info to assist them in making financial choices and
decisions.
Financial info is available from a variety of sources, not all of which are reliable.
Data may be gathered from print, electronic, and
  verbal sources such as
 newspaper financial pages
 Internet sources
 investor services and newsletters
 financial magazines
 brokers
 banks
 credit unions
 financial advisors
 annual reports.
Financial data must be evaluated for reliability:
 Some information sources have an incentive to sell a
  product.
 Statistical data can be misrepresented, for example,
  to imply cause and effect.
 Some information sources are opinion programs, and
  others are news programs.
 Some advisors are more skilled than others.
 Past performance is no guarantee of future
  performance.
 It is the consumer’s responsibility to determine the
  reliability of the information.

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12 banking transactions

  • 1. EPF.12a compare types of financial institutions EPF.12b examine how financial institutions affect personal financial planning EPF.12h explain how certain historical events have influenced the banking system and other financial institutions EPF.10i access reliable financial info from a variety of sources
  • 2. Financial institutions include credit unions, commercial banks, finance corporations, savings and loan companies, insuring agencies, and non-bank institutions.
  • 3.  Credit unions, banks, and savings and loan companies generally offer checking accounts, savings accounts, consumer loans, certificates of deposit, and check cashing for depositors.  Banks and savings and loan companies are generally insured by the Federal Deposit Insurance Corporation (FDIC) and credit unions by the National Credit Union Share Insurance Fund (NUSIF). Consumers should be aware that not all deposits are insured.
  • 4. Payday loan and check-cashing companies typically charge higher rates than banks for their services.
  • 5. Some consumers do not have bank accounts and use check-cashing services when they must cash a check. Companies charge a very high fee for this service.
  • 6. Over time, financial institutions have expanded services that affect personal financial planning.
  • 7. Many banks offer brokerage and insurance services, as well as financial management advisors.
  • 8. A series of historical events led to today's banking system in the United States.
  • 10.  The Industrial Revolution brought an economic shift in the United States from bartering and trading to exchange of currency for goods and services; individuals moved from being self-supporting to working for others; increased use of money allowed for purchases and the initiation of consumer credit, as well as seasonal bank loans for farmers; the period also saw high bank interest rates.  1791 — First Bank of the United States established  1816 — Second Bank of the United States established
  • 11. Transition from an agricultural economy to an industrial economy and an expansion of purchasing power and credit  World War I — War debt incurred by United States  Panic of 1907  1913 — Federal Reserve System established  1920s — Stronger credit  1920–1980 — Credit made available to most Americans  1929 — Stock Market Crash  1930s — Great Depression; decade of consumer distrust of credit and investment  1940s–1960s — Stable inflation rates; low interest rates  1970s — Rapid economic growth; overuse of credit; high inflation rate; consumer credit protection legislation; birth of credit counseling  1990s — Credit as a major marketing tool across industries; major stock market gains; longest peace time expansion
  • 12. September 11, 2001 — Terrorist attacks on the World Trade Center, the Pentagon, and Pennsylvania led to major stock market losses. Threats of further terrorism continue to influence the financial markets.  The latter part of the first decade was marked by a significant economic recession that resulted in failed banks, foreclosures, and high unemployment.
  • 13. It is important for consumers to seek reliable financial info to assist them in making financial choices and decisions. Financial info is available from a variety of sources, not all of which are reliable.
  • 14. Data may be gathered from print, electronic, and verbal sources such as  newspaper financial pages  Internet sources  investor services and newsletters  financial magazines  brokers  banks  credit unions  financial advisors  annual reports.
  • 15. Financial data must be evaluated for reliability:  Some information sources have an incentive to sell a product.  Statistical data can be misrepresented, for example, to imply cause and effect.  Some information sources are opinion programs, and others are news programs.  Some advisors are more skilled than others.  Past performance is no guarantee of future performance.  It is the consumer’s responsibility to determine the reliability of the information.