EARN Banking 101 supp

BANKING: How do I make it work for me! : 

BANKING: How do I make it work for me! Stephanie Upp, EARN August 25, 2004

Today’s Discussion: 

Today’s Discussion Banking today Products available Best strategies Resources available

Picturing financial independence…: 

Picturing financial independence… Financial security. Time to relax, travel, enjoy family and friends. How will you pay for it? Savings? What strategies? How do I start?

Banking Industry Today: 

Banking Industry Today Services for individuals, small businesses and commercial Bank laws have changed. Banks can now offer more products. Banking services, loans and credit, investing and insurance, planning services.

Banking: 

Banking Banking Products Online banking Bill Pay Time Accounts (CD’s) Checking and Saving Accounts ATM (debit) and Check Cards

Checking Accounts: 

Checking Accounts All are not equal! Do you homework and understand the different options. Direct deposit your paycheck and usually no monthly fees. Ask your HR dept. Saves time also! Minimum daily balance Monthly service fees Interest given

Checking Accounts: 

Checking Accounts 5. Online statements Usually free! Monthly check return ATM & check card Benefits Customer Service Overdraft protection Direct and Deposit Advance Service

Savings Accounts: 

Savings Accounts All Accounts Are Not Equal! Interest rates are very low now. What are the benefits? Survey of current rates Bank of America .5% Wells Fargo .25-1.01 % Citibank .5% Washington Mutual 1.0% ING Direct 2.0 % - Savings accounts usually FDIC insured up to $ 100,000

INSURED OR NOT INSURED: 

INSURED OR NOT INSURED INSURED PRODUCTS - Statement Savings Accounts - Money Market Deposit Accounts - Holiday Savings Accounts - Regular Checking Accounts - Certificates of Deposit (CD’s)

Products Not Insured: 

Products Not Insured - Mutual Funds - Annuities - Stocks - Bonds

Loans and Credit: 

Loans and Credit Auto Loans Personal loans and credit lines Student Loans Business Loans Credit Cards Mortgages Home Equity Loans

Got Credit?: 

Got Credit? Need to establishing credit early. Myth or Reality? Know your credit score! Pay your bills on time! Do not overextend yourself. Take budgeting classes. Your financial independence depends on it. Three credit ratings agencies: Experian, TransUnion, Equifax

Why is your Credit Score Important?: 

Why is your Credit Score Important?

A Word on Credit Cards!: 

A Word on Credit Cards! They are good when used responsibly: Negotiate for good rates. They start at 0% for one year and then can be as low as 6.99% If you have a high rate on your card now and ask for it to be lowered. Pay your cards off fully every month. Pay on time. There are large charges if you are even a day late. Call and ask to have a late fee removed if you forget once. Credit can be helpful when used properly. Educate yourself, it will pay off!

Additional Bank Products: 

Additional Bank Products Insurance Life Insurance Annuities Health Insurance Auto Insurance Renters Insurance Home Insurance Group Health Insurance Property and Casualty Insurance

Who To Talk To For Help: 

Who To Talk To For Help Now that you’re thinking about it – learn more ! Read articles in the newspaper, on the web, go to your local library and read the financial magazines to get ideas. Consumer Credit Counseling Services of San Francisco 150 Post Street, 5th floor, San Francisco, CA 94108 Phone: 800-777-7526 Website: http://www.cccssf.org/ Customer service reps at financial institutions (but shop around!).