FHCE Notes September 2
FHCE Notes September 2 FHCE 3200
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This 2 page Class Notes was uploaded by Morgan Notetaker on Monday September 5, 2016. The Class Notes belongs to FHCE 3200 at University of Georgia taught by Matthew Goren in Fall 2016. Since its upload, it has received 5 views.
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Date Created: 09/05/16
FHCE September 2 Bank Accounts o Checking accounts: Convenient, safe, liquid Can be bank, credit union, online bank, etc. Very hard to do anything without one (buy, pay, be paid) Tend to not pay any interest o Savings: Available for short-term, safer, and low risk assets, low returns but safety of capital Tend to pay some interest Checking o Enables you to write checks o Check: Written order to your bank to pay a third party (payee) Bank Routing Number tells which bank you work with; unique to your bank Account Number tells what your account is; unique to you Both combined are payment trail for transferred funds o Over 8% of Americans don’t have one Forced to use cash for most purchases These people are called unbanked o Direct Deposit: Account accepts your wages and salary income Most business uses this for convenience and speed of payment o FDIC: Federal Deposit Insurance Coverage Cover up to $250,000 per account Important because banks only required to have 10% of their customers’ money Used to prevent total financial collapse Every bank if FDIC-insured o Can use debit cards Now primary way to use money from checking accounts (used to be checks) Ideal checking accounts: o No monthly fees for use of debit card o Free use of in-network ATM’s o Online bill pay services o Low or no minimum balance requirements o Accounts that allow unlimited withdrawals and checks on a monthly basis o Don’t accept fees o Have multiple banks Different Payment Methods (Table on ELC) o Checking: Not held responsible for bogus checks, very limited losses, some fees (overdraft, low account balance, etc.) Overdraft protection if you have both checking and savings account; often comes with a fee, as well o Debit card: not very good fraud liability, maybe more fees than checking o Prepaid card: absolutely no protection from theft, Savings o When you feel like you don’t have to worry about running out of money (over $1000-$1500), push some of it off into savings account o Recommends continuously looking for better accounts Some offer hundred of dollars to put money into their account for a few months **Start monitoring your income and expenses for upcoming project Mint.com is a good site for this
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