7.02 Evaluate ways that commercial banks can assist consumers with money management.

Principles of Business 2006

Commercial Bank ServicesCommercial Bank Services

For Money ManagementAccepting Deposits

Safe way to save for the future

Money earns interest

Less temptation to spend money

For Money ManagementAccepting Deposits

Safe way to save for the future

Money earns interest

Less temptation to spend money

Transferring Funds (EFT) Transferring Funds (EFT)•Automatic payments

Helps in budgeting Helps with bill paying

•Automatic transfer Systematic savings habit

(Transfer to savings account) Savings transferred to checking when needed Automatic deposit Paychecks deposited into checking account ATM

Commercial Bank ServicesCommercial Bank Services

Debit card (or payment with ATM card) Purchases made without cash Home banking Inquiries Assistance with accounts Use computer in bill paying

Debit card (or payment with ATM card) Purchases made without cash Home banking Inquiries Assistance with accounts Use computer in bill paying

Commercial Bank ServicesCommercial Bank Services

Lending MoneyLending Money

Loans for major purchases (Home, automobile, college) Bank credit card

Loans for major purchases (Home, automobile, college) Bank credit card

Storing ValuablesStoring Valuables

Offer safe-deposit boxes Boxes are located in well-guarded

vaults Used to store items and

documents of value: Jewelry Bond/stock certificates Birth records Wills, and insurance policies

Offer safe-deposit boxes Boxes are located in well-guarded

vaults Used to store items and

documents of value: Jewelry Bond/stock certificates Birth records Wills, and insurance policies

Providing Financial AdviceProviding Financial Advice

Investment services Manage money more efficiently Advice on investments

Investment services Manage money more efficiently Advice on investments

Trust ManagementTrust Management

Managing investments on behalf of the young and elderly

Managing investments on behalf of the young and elderly