Introduction to Depository Institutions Presented by Day 2.
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Transcript of Introduction to Depository Institutions Presented by Day 2.
Introduction to Depository Institutions
Presented by
Day 2
Introductions
• Rachel Martini – Customer Relations Specialist
• Lindsey Bamba – Westside Branch Manager
Review of Yesterday’s Lesson
• Types of depository
institutions
• Deposit Insurance
• Factors to consider when
choosing a depository
institution
• Types of accounts
Overview of Today’s Lesson
• Features of depository
institutions
• Other services & how to
use them
• Safety (online, ID theft,
fraud, etc)
• Fees
• Quiz (use Note Taking
Guide)
Features of Depository Institutions
Services offered by depository institutions may offer many
different features
Online banking
Mobile banking
Debit cards
ATMsElectronicpayment
Other Services
Financial advice
Safe-deposit box
Special needs payment
instruments
Information, advice, and
assistance with a wide range of
financial topics
Store valuable personal items
Secure types of payments such
as traveler’s checks, certified checks, cashier’s
checks, and money orders
Using depository institution services
Call, visit, email or
search the website
Do you have an
account?
Under 18?
Determine what steps are needed to use the service
Having an account may be a requirement to use certain services
Most require a parent/guardian signature to open an account
Online Banking
What is it? What can you do?
Complete certain transactions from a
secured Internet site
Use a username and password
Access account information anywhere
Transfer money
Pay bills/set up recurring bill payment
Apply for credit
View all accounts & balancesMake transfers between accountsView Electronic StatementsChange password, security questions, email, etc. Help topics to answer general online banking questionsLog out of online bankingView current and available balance for an account View recent transactions
Access online bill payMake immediate transfers or schedule a transferReorder checks (duplicate or wallet)
Make a stop payment on a check
Online Banking Options
Mobile Banking
What is it?Apps that many depository institutions have developed that allow online banking
access from devices such as smartphones, tablets, and
other mobile devices
Usually offers the same services as online banking
Mobile BankingEasy access to your bank accounts
• Access from an App on your smartphone
• View accounts and balances• View recent transactions• Make transfers between available
accounts• Access bill pay• Find branch locations• Mobile DepositsIt’s Fast, Safe, and Simple!
Olympia Federal protects your personal information using a multi-level security system including encryption, authentication and much more. If your phone is ever lost or stolen, you can instantly deactivate your mobile banking access by logging onto your online banking at olyfed.com
Debit Cards
What is it? What can you do?
Other Information
A plastic card that is electronically connected to the cardholder’s depository institution account
Function in the same manner as checks but faster and more portable
Use a Personal Identification Number (PIN) or signature to authorize transactions
Automated Teller Machines (ATMs)
What is it? What can you do?
Other information
A machine that allows individuals to complete certain transactions from the machine without human assistance
• Withdraw and deposit money
• Transfer money
• Check account balance
Accessed via an ATM card (usually the debit card) and PIN
Electronic Payments
What is it? What can you do?
Other informationTransactions
completed with no physical connection between the payment device and the Point of Sale (POS) device or store clerk
Make transactions using account information or using an ATM or debit card
Might also be known as contactless, ACH, online or phone payments.
Which feature would you find the most appealing?
Cast your vote!
Online bankingMobile banking
Debit cardsATMsElectronic payments
Before you enter sensitive data on a Web page, ensure that:The site uses encryption, a security measure that helps protect your data as it traverses the Internet. Signs of encryption include a Web address with https ("s" stands for secure) and a closed padlock beside it. (The lock might also be in the lower right corner of the window.)
Save financial transactions for your home computer
Never pay bills, bank, shop, or do other financial business on a public or shared computer or on devices such as laptops or mobile phones that are on public wireless networks. The security is unreliable.
Online Safety
Protect Yourself from Identity Theft
• Safe Keeping (Debit card, ATM card, checkbook, Social Security Card, etc.)
• Don’t give out personal information• Check your credit report each year (
www.annualcreditreport.com) – FREE and NO subscriptions to purchase
• Shred financial papers before throwing them away (6% of Identity Theft is from stolen paper documents.)
• Do not respond to suspicious emails or text messages
• Maintain good financial records• Never carry your Social Security card
with you and give out this number sparingly
Debit Card Fraud
• Protect your debit card number and your Personal Identification Number (PIN)
• Be aware of your surroundings when at an ATM
• Use caution at night or in the dark• Check the ATM for tampering or
additions that do not seem part of the machine – these are warning signs that something might be wrong
• Don’t leave your receipt behind• Check your debit card account
regularly and contact your bank if you see any discrepancies
Account Fees• Different types of fees may be charged• Fees will vary between institutions and within different
services at the same institution• One of the most important factors to consider when choosing
a depository institution
Overdraft fee ATM fee Minimum
balance fee
Charged if you withdraw more money from your account than is available
Charge for using an ATM that belongs to another depository institution
Some accounts have a minimum account balance; fee charged if you go below that balance
Research
Manage responsibly
How do you manage fees?
• Research fees when choosing a depository institution
• When opening an account, ask for a list of fees
• Most are avoidable• Keep track of your transactions
and use a budget
How do you choose one depository institution over another?
Choose one that meets your goals!
Analyze the following factors:
Type of depository institution
Location InsuranceServices offered
Interest rates offered
Features offered
Fees charged
Which checking account should Josie choose?
Let’s discuss the homework – Josie’s Depository Institution
What did you learn about Josie?
Which checking account would you recommend Josie choose - option 1 or 2?
Why?
Will be traveling often to
neighboring states
Owns a smartphone
Has over drafted her account in the past
Has several bills to pay
every month
Make sure she can avoid all
fees with proper account management
Would prefer no minimum
balance requirements
Would like to earn
interest on her
deposits
Would like a quick way to
check her account balances
Summary
Depository institutions offer many benefits:
A safe place to store money
A way to manage cash
The opportunity to earn interest
Services/features offered and fees charged vary between and within every depository institution
Research different depository institutions and choose one that will help you reach your goals
Questions?