Credit Unions: Here to Serve You You Will Know o Major types of - - PDF document

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Credit Unions: Here to Serve You You Will Know o Major types of - - PDF document

Oct 02, 2023 272 likes •471 views

Credit Unions: Here to Serve You You Will Know o Major types of insured financial institutions o Basic terms o Differences between credit unions, banks, thrifts and check-cashing services o Types of accounts o Types of services o Employees and

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SLIDE 1

Credit Unions:

Here to Serve You

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SLIDE 2

You Will Know

  • Major types of insured

financial institutions

  • Basic terms
  • Differences between credit

unions, banks, thrifts and check-cashing services

  • Types of accounts
  • Types of services
  • Employees and their jobs
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3

Types of Financial Institutions

  • Credit Unions
  • Banks
  • Thrifts
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4

Credit Unions

Credit unions provide members with a safe place to save and borrow money… A Credit Union is different from

  • ther financial institutions

because:

  • Credit unions are nonprofit,

cooperative financial institutions

  • wned and run by its members
  • To become a member of a credit union,

you must meet certain “common bond” requirements

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5

Keep Your Money in An Insured Account

  • Safety
  • Convenience
  • Cost
  • Security
  • Financial Future
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6

Deposit

A deposit is money you add to your account using a deposit slip.

Your Name Your Address Your Phone Number

DEPOSIT TICKET

DATE

DEPOSITS MAY NOT BE AVAILABLE FOR IMMEDIATE WITHDRAWAL SIGN HERE IF CASH RECEIVED FROM DEPOSIT

YOUR FINANCIAL INSTITUTION YOUR CITY, CA 92453

DO NOT USE FOR AUTOMATIC PAYMENT OR CHECK TRANSACTIONS

:000000 : 12345 67890.:

CURRENCY COIN

CHECKS

OR TOTAL FROM REVERSE SUBTOTAL LESS CASH RECEIVED NET DEPOSIT
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7

Share

At a credit union, the money in your account is an investment, represented by shares. Sometimes your account is called a share account.

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8

Balance

Balance is the amount of money you have in your account.

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Withdrawal

Withdrawal is the process of taking money from your account using:

  • Checks
  • Withdrawal slips
  • ATMs
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10

Fees

A fee is when a financial institution takes money out of your account for:

  • Services (monthly maintenance

fee)

  • Penalties (bouncing a check)
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Interest

Interest is extra money in your account that you receive for keeping your money in a financial institution.

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Dividend

At a credit union, you earn dividends on your shares rather than interest.

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13

Accounts

Savings Account Your basic account, designed for the purpose of safeguarding and accumulating money. Checking Account An account that lets you write checks to pay bills or buy goods.

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An ATM is a machine you can use 24 hours a day to:

  • Deposit
  • Withdraw
  • Transfer money

ATM

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Debit Card

A debit card is a plastic card that:

  • Is used to pay for goods or

services

  • Deducts funds electronically from

your account at time of transaction

  • Has a MasterCard or Visa logo
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Direct Deposit

Direct deposit is one way of getting your paycheck or benefit check electronically.

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Loans

A loan is money you borrow from a financial institution with a written promise to pay it back later.

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18

Money Order

A money order is similar to a

  • check. It is used to:
  • Pay bills
  • Make purchases
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19

Telephone Banking

Telephone services allow you to:

  • Check your account
  • Transfer money
  • Obtain account history
  • Stop payment on a check
  • Obtain branch hours
  • Report a lost, stolen or damaged

card