the olive garden
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BankingMarissa Doria
Block 3
Federal Reserve SystemSupervises and regulates member banks and
helps banks serve the public efficiently They hold reservesClearing checks in different cities: Paying of
checks among different banks in different cities
The Way the Banking System WorksBuild HomesStart New BusinessesPlant CropsFinance EducationsBuy GoodsPave StreetsInvest for RetirementBuild HospitalsBuy New Business Equipment
Commercial BankIt is the most common way for a bank to be
organizedThey are often called full service banks
because they offer a wide variety of financial servicesExamples: Savings Department, Trust
Department and Real Estate Department
Credit UnionUser-owned, not-for-profit, cooperative
financial institution Examples: When a person deposits money and
The National Credit Union Administration
Four Factors that go into deciding which Bank to UseSafetyConvenienceFees and ChargesRestrictions
Popular Banks in North CarolinaBank of AmericaWachoviaBank of North CarolinaSun Trust
Electronic BankingUse of computers and other technology for
banking activities EFT is useful because it allows the customer
many financial services
Credit Card vs. Debit CardCredit Cards are borrowing from the bank to
pay laterDebit card or a cash card is used for ATM
transactionsBanks would prefer you use a debit card
Automatic Bill PaymentRequires a bank customer to authorize preset
amounts of monthly expensesIt is useful because the bank deducts the
payments from your account and transfer them to the appropriate companies
Service Charge and Bank ReconciliationBanks have to take money in order to make
their moneyFee a bank charges for handling a checking
accountBank Reconciliation—Document created to
show how the two balances were brought into agreement
Stop Payment Order and Stored Value CardWritten notice that tells the bank not to pay a
certain checkStored Value Card—Prepaid cards for phone
services, transit fares, highway tolls, laundry service and school lunches are common. You can recharge with an additional amount
Signature CardOpening your checking account starts with
signing a signature cardIt verifies your signature