Page|20

2.2.1.L1

IntroductiontoDepositoryInstitutions
NoteTakingGuide

TotalPointsEarned

Name

TotalPointsPossible

samuel koch

Date

Percentage

Class

personal finance

Directions:Usethepromptsprovidedtohelpyoutakenotesduringthelesson.

Whatisadepositoryinstitution?

Typesofdepository Whataretwocharacteristicsofacommercial Whataretwocharacteristicsofacreditunion?

institutions
bank?
1.
1.

2.
2.

Location
Howdoeslocationplayafactorinchoosingadepositoryinstitution?
pysical location/online. multiple locations. statewide/country wide.
transportation

Insurance
Whatdoesdepositoryinstitution insurance cover?
FDIC/NCUA

Services
Apersonmayearnorbechargedinterestfromdepositoryinstitutionservices.
Whatisinterest?

the price paid for using someone's money. earned/ charged

Whatisaninterestrate?

Savingstoolsareaccountsthathelpyoumanageyourmoney.
Thetwomostcommonaccountsarecheckingaccountsandsavingsaccounts:

buisness that provides financial services

for profit

open to anyone

not for profit

membership qualifications

amount of interest earned or charged.

Whatisacheckingaccount?

provides quick access to

funds for withdrawl. usually
no interest

Whatisasavingsaccount?

used for money not intended to use

for daily use. limited. interest.

TakeChargeTodayAugust2013IntroductiontoDepositoryInstitutions
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

Page|21
2.2.1.L1

Whatiscredit?

Whatotherservicesdodepositoryinstitutionsoffer?

Onlinebankingallowscustomerstocompletecertaintransactionswiththeirdepositoryinstitution
fromasecuredInternetsitebyusingausernameandpassword.
Whataretwoactivitiesthatmaybecompletedwithonlinebanking?
1.

2.

Howismobilebankingdifferentfromonlinebanking?
apps on a phone or tablet as opposed to a website

Whatisadebitcard?
plastic card used to take mony from an account. portible check.

AnATMisamachinethatallowsdepositoryinstitutioncustomerstocompletecertaintransactions
fromthemachinewithouttheneedforhumanassistance.
WhataretwoactivitiesthatmaybecompletedwithATMs?
1.

2.

Whatiscontactlesspayment?
no pysical connection between card and sale device

Feeswillvarybetweeninstitutionsandwithindifferentservicesatthesameinstitution.
Explainonetypeoffeethatadepositoryinstitutionmaycharge:
overdraft, atm fee, minimum balance fee.

financial advice

safe deposit box

special needs payment instruments

Features

access acount
transfer money, bills, apply for creddit

withdrawl money without human assistence

Fees

TakeChargeTodayAugust2013IntroductiontoDepositoryInstitutions
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona