Financial Institutions By Ben Quick Financial Institutions Financial

Financial Institutions By Ben Quick

Financial Institutions • Financial institutions provide a service as intermediaries of the capital and debt markets. • They are responsible for transferring funds from investors to companies, in need of those funds. • The presence of financial institutions facilitate the flow of monies through the economy.

Types of Institutions • • Commercial Banks Savings and Loan Associations Credit Unions

Choosing a Financial Institution • In choosing a financial institution, you should consider the traditional three C's of banking: • Cost • Convenience • Consideration

Cost • • • How expensive is it? What are the monthly fees? Minimum balances? Charges per check? What Interest rates are received on deposits? • What Interest rates charged on loans?

Convenience • How convenient is it for you to work with the institution? • What is the availability of branches and ATMs? • Are they close to your home and work? • Does the institution offer overdraft protection, safety deposit boxes, credit cards, etc. ?

Consideration • The consideration factor is about personal attention. • Does the institution offer personalized financial advice and give attention to detail? • How important is it that a bank officer remembers your name and is happy to work with you?

Questions?