Banking and Financial Services Personal Financial Management Standardized

Banking and Financial Services Personal Financial Management Standardized Curriculum - 2016

Agenda Financial institutions Electronic banking Finding the best “fit” Managing your money 2

Financial Institutions Banks and Credit Unions Types of Accounts ATM, Debit and Check Cards Products and Services 3

Banks and Credit Unions Banks: For Profit Credit Unions: Not for Profit 4

Types of Accounts Savings Accounts Checking Accounts 5

Checking or Draft Accounts Individual Joint Express or e-checking Senior/student/teen Interest-bearing Business 6

ATM, Check and Debit Cards 7

Protect Your Plastic Sign the back of your card Memorize your PIN Choose safe locations Beware of “shoulder surfers” Watch out for “skimmers” Put money away safely Track all transactions 8

Other Products and Services Cashier’s Check Credit Cards Loans Investments Educational Services Safe Deposit Boxes 9

Electronic Banking Online banking Mobile banking 10

Online Banking Check statements Verify balances Transfer funds Remote deposit Pay bills Get other services 11

Mobile Banking Text messaging Mobile websites Mobile apps 12

Safety and Protection 13

Finding the Best Fit 14

Choosing a Credit Union or Bank Convenience Available Services Fees Security Compatibility 15

Available Services Electronic options Overdraft protection Credit and investments Interest Customer support 16

Service Charges and Fees Monthly fees Usage fees ATM fees Online banking fees Check costs Overdraft costs Stop payment fees Fees for research or statements Fees to close an account 17

Security 18

Compatibility Direct deposit Easy access Remote deposit No ATM fees or reimbursement Deployment status services 19

Changing Financial Institutions Open new account Transfer DDS and automatic transactions Wait for all transactions and checks to clear Close the old account 20

Complaint Resolution Customer service representative Branch manager Bank president Consumer Financial Protection Bureau (CFPB) 21

Managing Your Money Account transactions Account management Account reconciliation 22

Deposits ATM Remote deposit Transfer Mail Direct Deposit 23

Funds Availability Cash Electronic payments Checks less than $200 First $200 of larger checks Government, cashier’s or certified checks Checks from the same bank 24

Withdrawals, Checks and Transfers Checks ATM/Check/Debit Electronic transfers 25

Overdraft Protection S D N U F T N E I FIC F U S NON Transfers from other accounts Line of credit Interest and fees 26

Management and Reconciliation Recording transactions Reconciling accounts 27

Consequences of Mismanagement Expensive Mistakes Not subtracting fees, charges and debits Poor check management Not reconciling accounts Not recording transactions Addition/subtraction errors 28

Financial Resources Command Financial Specialist (CFS) FFSC financial staff Navy-Marine Corps Relief Society Base Legal Services Financial institution education services Military One. Source Consumer Financial Protection Bureau (CFPB) 29

Summary Financial institutions Electronic banking Finding the best “fit” Managing your money 30