BANKING

Sydney Marshall Block 3

Federal Reserve System is a system set up by the federal government to supervise and regulate member banks and to help banks serve the public efficiently. All national banks are required to join the FRS, and state banks may join.

BANKING SYSTEM

• The actions of the banking system affects people in many ways.

Banking Systems are often used to - Build Homes- Start new businesses- Plant Crops- Finance educations- Buy goods- Pave streets

COMMERCIAL BANK VS. CREDIT UNION

• Commercial Banks are often called full service banks because they offer a wide range of financial services. Commercial banks offer checking accounts, provide savings accounts, make loans to individuals and to businesses, and offer other services.

Credit union is a user-owned, not-for-profit, cooperative financial institution.

POPULAR BANKS

• RBC Bank• The World Bank• BB&T Corporation • Cornerstone Bank

EFT

• Electronic funds transfer (EFT) refers to the use of computers and other technology for banking activities. Electronic banking services include the use of automated teller machines (ATM), point – of –sale transactions, direct deposit, and automatic bill payment.

Automatic Bill Payment

• Automatic bill payment requires a bank customer to authorize preset amounts of monthly expenses. The bank deducts the payments from your account and transfers them to the appropriate companies. With automatic bill payments, be sure to check each month that the correct amounts have been deducted.

BANK FEES

• Endorsement• Check Register• Bank Statement• Bank