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Banking

banks, credit unions

finlitgal
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Banking

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  1. Banking • www.lifethenfinance.com www.lifethenfinance.com

  2. What is a bank? • In essence, there function is to service consumers with accounts to hold their money, there are many differences among them. • Where you bank is a personal choice. www.lifethenfinance.com

  3. Banks: • Banks are companies that are profit-driven. • They are small banks and large banks. • Banks are run by a Board of Directors that service the stockholders and those vested in the company. www.lifethenfinance.com

  4. Credit Unions: • Credit unions are non-profit organizations • Meaning any money they make in their business must be reinvested in the credit union • They are smaller and usually locally based. • They serve the community and are not profit driven • Those who join a credit union are members and have a say in the major decisions at the credit union. www.lifethenfinance.com

  5. Why bank at a Credit Union ? • They service a smaller population of the community. • Offer their clients better services. • Offer higher-interest on savings accounts and lower rates on loans. www.lifethenfinance.com

  6. Why bank at large Banks? • Banks tend to be larger organizations • Offer more convenience with that. • They may charge more fees and/or have lower rates on savings accounts and loans. • There are usually more branches to bank at, easier access to and ATM machines. www.lifethenfinance.com

  7. ATM Machines: • Automatic Teller Machine (ATM): • A banking terminal that accepts deposits and dispenses cash • Adds convenience to your banking experience as part of automating your finances. www.lifethenfinance.com

  8. Automate your Finances • Open a checking and savings account • Set up direct deposit for your pay check • Set up automatic bill pay • Have a portion of your money automatically sent to savings and an investment account every month www.lifethenfinance.com

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