Financial Institutions

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Presentation Transcript

The Banking System and Financial Institutions : 

The Banking System and Financial Institutions Personal Finance

Banks and Other Deposit-Type Institutions : 

Banks and Other Deposit-Type Institutions Commercial Banks Savings and Loans Associations Mutual Savings Banks Credit Unions

Commercial Banks : 

Commercial Banks Full-service Banks Offer checking accounts, savings accounts Make loans to individuals, businesses, and the governments. Welcome to BLCnet.com - Homepage

FDIC : 

FDIC Protects depositors’ money in case of failure of a bank. Insures all accounts up to $100,000 Almost 99% of banks are FDIC members

Savings and Loans Associations : 

Savings and Loans Associations Specialize in savings accounts and loans for home mortgages. Many have expanded their services to include many services provided by commercial banks. Slovenian Savings & Loan - Savings Accounts East Boston Savings Bank-Statement Savings

Mutual Savings Bank : 

Mutual Savings Bank Provides a variety of services. Organized primarily for savings accounts and home mortgages. Owned by the depositors. Profits go to the depositors. Many have been converted to stock companies. About Mutual Savings Bank

Credit Unions : 

Credit Unions User-owned, not-for-profit Formed by people from the same company, government agency, labor union, church, profession of community. http://www.bankrate.com/brm/news/dollardiva/20001206c.asp

Non-deposit Financial Institutions : 

Non-deposit Financial Institutions Life Insurance Companies Investment Companies Consumer Finance Companies Mortgage Companies Check-Cashing Outlets Pawnshops

Life Insurance Companies : 

Life Insurance Companies Provides financial security for dependents Many life insurance companies provide financial services such as investments.

Investment Companies : 

Investment Companies Allow people to choose investment opportunities for long-term growth of their money Permit people to invest in the market through mutual funds for retirement.

Consumer Finance Companies : 

Consumer Finance Companies Specializes in consumer loans for cars, large appliances, furniture and financial emergencies. Interest rates are usually higher than banks and credit unions.

Mortgage Companies : 

Mortgage Companies Provide loans for purchasing a home or other real estate. Mortgage—a loan made to purchase real estate.

Check-Cashing Outlets : 

Check-Cashing Outlets Used by people who do not have bank accounts. Offer other services such as money orders, private postal boxes, utility bill payment, and sale of bus and subway tokens. Charges range from 3%-10% of the face value of the check. The High Cost of Poverty: Fringe Banking

Pawn Shops : 

Pawn Shops Make loans based on the value of property such as jewelry, electronics, or other valuable items. Charge much higher fees than other lending institutions.

Types of Financial Services : 

Types of Financial Services Accepting deposits Transferring funds Lending money Storing valuables Providing financial advice and investment services. Managing Trusts

Federal Reserve System (Fed) : 

Federal Reserve System (Fed) Established to supervise and regulate member banks All national banks are required to join the Federal Reserve System Banks that join the system are called “member banks” The U.S. is divided into 12 Federal Reserve districts.

The Four “Hats” (functions) of the Federal Reserve : 

The Four “Hats” (functions) of the Federal Reserve

Slide 18: 

A Bank for Banks Cashes checks for banks Collects (clears) checks for banks Wires money (EFT’s for banks) Provides checking accounts for banks Makes loans to banks

Slide 19: 

Supervises Banks Supervise all national banks Supervises other members of the system

Slide 20: 

U.S. Government's Bank Provides a checking account for the U.S. Government Handles the huge U.S. Debt

Slide 21: 

Managing Money Raises and lowers interest rates Attempts to control inflation