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FIN 101, week 3

by: Rachel Rusnak

FIN 101, week 3 FIN 101

Rachel Rusnak
GPA 3.2

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Choosing a Bank
Personal Finance for Fiscal Wellness
Professor Boylan
Class Notes
25 ?




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This 3 page Class Notes was uploaded by Rachel Rusnak on Tuesday May 10, 2016. The Class Notes belongs to FIN 101 at Ball State University taught by Professor Boylan in Summer 2015. Since its upload, it has received 11 views. For similar materials see Personal Finance for Fiscal Wellness in Finance at Ball State University.


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Date Created: 05/10/16
Personal Finance 101 Professor Boylan 1 Chapter 3: Choosing a Bank. ***on the test*** 1. Types of Financial Institutions. a. Federal Chartered Bank. b. State Chartered Bank. c. Savings and Loans/Savings Banks. d. Credit Unions (not banks). e. Online Institutions. f. Mutual Funds. g. Brokerage Firms. 2. Is Your Money Safe? a. Insurance Companies for Financial Institutions. i. FDIC- banks. ii. NCUA- credit unions. iii. FSLIC- savings and loans. 3. Assets. a. What is a liquid asset? i. Cash. ii. Short-term investments. iii. A car that is actively for sale. b. What is a non-liquid account? i. A house. ii. A retirement fund. iii. A pension. 1. Account of money in your name you cannot touch. 4. Types of Accounts. a. Savings (passbook savings). b. Checking. c. NOW Accounts (Negotiable Order of Withdrawal). d. Money Markey Deposit Accounts. e. Money Market Mutual Funds. f. Asset Management Accounts. g. Certificates of Deposits. 5. Ball State Definition. a. Department of Finance and Insurance definition of savings: i. Putting money in an account. ii. Getting something cheaper that you needed to buy. iii. Not buying something you don’t need. 6. Electronic Transactions. a. Electronic Fund Transfers (EFT). b. Debit Card. c. Prepaid Credit Card. d. Automated Teller Machines (ATM). e. Preauthorized Deposit (payroll). f. Preauthorized Payment. 7. What is a Safe Deposit Box? a. What would you put in a safe deposit box? i. Deed to home. ii. Car title. iii. Will/ Trust. iv. Heirloom jewelry. v. Important pictures. vi. Passport. Personal Finance 101 Professor Boylan 2 8. Checking Account Procedures. a. Write in ink. b. Include date, name of person being paid and amount (don’t leave blank- be sure to sign). c. Make sure to sign the check the same way (does the bank check?) d. If there is an invoice number or purpose indicate on the memo line. 9. Banking Fees. a. Account Maintenance. b. Minimum balances. c. Transaction fees. d. Outdrafts protection. Are you allowed to write a check for more than you have? Check fraud. 10. Time Value of Money. a. A dollar today is not a dollar in the future. i. Your ability to buy shrinks (inflation). ii. Your accounts should grow (interest). b. A dollar today is worth more than a dollar in the future. i. Compound interest. ii. ARP. iii. APY. 11. Methods to be Concerned With. a. Present value of a dollar (PV). b. Present value of an annuity (PVA). i. Present value of an annuity due (PVAd). c. Future value of a dollar (FV). d. Future value of an annuity (FVA). i. Future value of an annuity due (FVAd). 12. 4 Ways to Complete These Problems. a. Formula. b. Calculator. c. Tables- any tables you find will work regardless of book. d. Common sense (easy/ reasonably accurate). 13. Present Value- Lump Sum. 0 1 2 -10%(5+5) -5% $4,500 $4,750 $5,000 14. Parts of an Annuity. a. Steady stream of the same amount. End of Period 1 End of Period 2 End 15.0Present Value- Ann1ity. 2 3 16. Future Value- Lump Sum. 0 1 2 Today $1+3% $+6% (3+3) $100 $1,000,000 $1,030,000 $1,060,000 17. Determining Winners and Losers. a. (W) Lenders. b. Borrowers. Personal Finance 101 Professor Boylan 3 c. (W) Savers. d. Workers. 18. Identity theft. a. What is identity theft? i. Can take from garbage. ii. Can steal your mail online. iii. You can give it when you think they are legit. iv. They can buy from legal and illegal sources. b. Three D’s: i. Deter. ii. Detect. iii. Defend. 19. Deter. a. Shred financial documents. b. Protect your social security number. c. Don’t give out personal information. d. Never click on links sent on unsolicited emails. e. Don’t use an obvious password. f. Keep your personal information in a safe place. 20. Detect. a. Be alert. i. Unexpected credit cards. ii. Denials for credit for no reason. iii. Calls or letters about purchases you did not make. b. Inspect: your credit report. i. Equifax. ii. Experian. iii. Trans union. iv. Social Security Administration. 21. Defend. a. Place a “Fraud Alert” on your credit reports. b. Contact the fraud departments for each company. c. File a police report. d. Report the theft to the Federal Trade Commission. 22. Are You Too Trusting? a. Today’s thieves can rig ATM card slots with readers to collect data from your magnetic strip. b. Shake magnetic reader to see if it is loose and look for scratches that may suggest tampering. c. Look for people watching or illicit cameras.


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