Role of financial markets
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This document compares the roles and services offered by financial institutions like banks, credit unions, and insurance companies. Banks offer customized savings and checking accounts, ATM/debit card usage, overdraft protection, and loans. Credit unions provide similar savings and checking accounts but also offer lower rates on loans, member rewards, and stock/bond insurance. Insurance companies protect individuals' assets, loved ones, and investments through policies for items like cars, homes, and children. While banks, credit unions, and insurance companies all aim to protect customers' money, banks and credit unions hold deposits whereas insurance companies require premium payments.
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Depository institutions, commonly known as banks, provide multiple financial services including banking, savings, loans, and insurance. They include commercial banks, credit unions, and savings and loan associations. These institutions are regulated and offer services like interest-bearing accounts, loans, credit cards, safe deposit boxes, and financial counseling. Depositors' accounts are insured by agencies like the FDIC and NCUA up to $250,000 to protect consumers from loss of funds if an institution fails.
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There are two types of financial institutions - depository and non-depository. Depository institutions accept deposits and provide loans. The main depository institutions are commercial banks, savings institutions, and credit unions. Commercial banks accept deposits and provide business and personal loans. Savings institutions focus on mortgages and personal loans. Credit unions serve member groups and provide loans and lower credit card rates. Non-depository institutions provide financial services without federal deposit insurance, such as finance companies, securities firms, insurance companies, and investment companies.
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1. A credit card is pre-approved credit that allows individuals to purchase goods and services now and pay for them later. Credit limits are based on an individual's creditworthiness, or ability and willingness to repay debts.
2. Credit cards charge interest on unpaid balances and are primarily used for short-term financing. Holders can make purchases up to a pre-set credit limit and must make minimum monthly payments.
3. Credit card issuers, usually banks, set credit limits and reimburse merchants for purchases, while cardholders repay the issuer each month. Issuers make money through interest charges and fees.
Personal loans
The document provides information about personal loans, including:
- Personal loans are either secured (backed by collateral like a home) or unsecured. Secured loans typically have lower interest rates and more favorable terms.
- They can be used for a variety of purposes and are offered by banks, credit unions, and other financial institutions. Loan amounts typically range from $1,000 to $100,000 with repayment periods of 1-5 years.
- While convenient for meeting short-term needs, personal loans require repayment and interest charges, so borrowers must use them judiciously to avoid getting into deeper financial trouble. Proper planning and only borrowing what is needed can help personal loans be used safely and effectively
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Role of financial markets
- 1. Role of Financial Markets By: Jamelia Turner
- 2. What do banks offer? ➔Banks offer the option of customizing your saving and checking account. ➔Allowing you to have ATM and debit card usage ➔Overdraft protection ➔Loans ➔Better rates than other banks
- 3. What do Credit Unions offer? • Savings and checking accounts • Loans • Deposit insurance • Better locations • Member rewards • Insurance for purchasing stocks and bonds • Lower rates
- 4. Insurance Companies ➢Offer a variety of services to protect loved ones and investments ➢Ex. Cars, Businesses, Homes, Children, ECT.
- 5. Similarities All three are similar by protecting covering your money. Banks and credit unions are similar because they hold your money with a guarantee it will be there unless the customer withdraws it.
- 6. Differences Insurance companies only things you put your money into. Credit unions are different than banks because their are lower rates on loan, membership access, and NCUA share insurance coverage for members of a credit union