Credit Unions vs. Banks
Banks
Credit Unions
For–profit companies
owned by shareholders
Offer services to everyone
who wants to apply
Owned by shareholders;
customers do not vote
Deposits insured by FDIC
for up to $250,000
Profits benefit small group
of stockholders
Non-profit companies
owned by customers
Offer services to special
groups of people
Owned by customers who
have one vote each
Deposits insured by NCUA
for up to $250,000
Profits returned to
members through lower
fees and higher interest
rates on deposits
Banks and Credit Union Services
Online Banking, Online Brokerage, Checking Accounts,Savings Accounts, Certificates of Deposit (CDs), Individual Retirement Accounts (IRAs), Savings Bonds,
Credit Cards, Check Cards, Gift Cards, Payroll Cards,
Commercial Prepaid Cards, Auto Loans, Boat Loans, RV Loans, Student Loans, Other Loans, Home Mortgages,
Mortgage Refinance Loans, Home Equity Loans, Military Bank, Student Centers, Accessible Banking,
Small Business Banking Services, Merchant Services , Home Buying, Investment Services, IRAs, Mutual Funds, 529 College Savings Plans, Life Insurance (various types),
Long-Term Care Insurance, Homeowner’s Insurance,
Renter’s Insurance, Condo Insurance, Auto Insurance, Supplemental Income Insurance, Foreign Currency Exchange, Traveler’s Checks,
International Wire Transfers, and More
Put this in the center of your Venn Diagram
“virtually the same services”
Savings Accounts
Purpose is to
save money
Requirements to open
Photo ID
Soc. Security Number
Cash for Deposit
Signature Card
Verifies your
signature
Savings Deposits and Withdrawals
To put money into an
account is called a
deposit
.
To take money out is
Savings Responsibilities
Bank Responsibilities
Your Responsibilities
Keep your money safe
Pay interest on account
balance
Keep your information safe
Review your statements
monthly
Savings Account Cards
ATM Cards
are
available for deposits,
withdrawals, transfers
and bank statements.
Debit cards
are not
available for making
purchases.
Savings Advantages
Easy to set up
Deposits earn interest
Checking Accounts
Purpose is to
make payments to others
Requirements to open
Photo ID
Soc. Security Number
Proof of Age
Cash for Deposit
Signature Card
Checking Deposits and Withdrawals
To put money into account
is called a
deposit
.
To take money out you
write a
check to
Checking Responsibilities
Bank Responsibilities
Your Responsibilities
Keep your money safe
Make payments to others
Keep your information safe
Have enough money in
account to make payments
Review your statements
monthly
Checking Account Cards
ATM Cards
are
available for deposits,
withdrawals, transfers
and bank statements.
Debit cards
are
available for making
Checking Advantages
Easy to pay others
Proof of Payment
Keeps money safe
Savings Deposit
Activity 5.3, Page 17
Today’s date goes here
Brianna Jackson
12 Main St, Newtown, PA
Sign Your Name Here
6 1 6 7 8 x 5 0 0 0 6 5 0 0 8 5 0 0 0 1 2 3 4 5 3 5 0 0 2 0 0 0
Brianna Jackson
Endorsing A Check
ENDORSE HERE
DO NOT WRITE BELOW THIS LINE
ENDORSE HERE
DO NOT WRITE BELOW THIS LINE
Regular Endorsement Restrictive Endorsement
See Page 3 of Packet
1 2
Used when you
need money back
Used when you
ENDORSE HERE
DO NOT WRITE BELOW THIS LINE
Endorsing A Check
Special EndorsementSee Page 3 of Packet
1
Used to transfer
the check to
someone else
1 2 3 4 5 6 7 8 9 10
This is the Routing Number for your bank (used for electronic transfers of funds from your account to the payee’s account)
This is your Account Number. (Note that sometimes these two numbers are the reverse of what is shown here.)
This is just your check number again (see above right).
Here is where you write the name of the party you are writing your check to (the payee). Be sure to write or print legibly!
On the lower line, write out the amount like this. Legibly print the amount of money this check is for. Enter the date you write each check. Place to add any information you want to related to this check. Put your personal signature here. Make sure your personal information on the check is correct. Here is the number of this Check. 11
5-F
