Introduction to Depository Institutions

Presented by

Day 2

Introductions

• Rachel Martini – Customer Relations Specialist

• Lindsey Bamba – Westside Branch Manager

Review of Yesterday’s Lesson

• Types of depository

institutions

• Deposit Insurance

• Factors to consider when

choosing a depository

institution

• Types of accounts

Overview of Today’s Lesson

• Features of depository

institutions

• Other services & how to

use them

• Safety (online, ID theft,

fraud, etc)

• Fees

• Quiz (use Note Taking

Guide)

Features of Depository Institutions

Services offered by depository institutions may offer many

different features

Online banking

Mobile banking

Debit cards

ATMsElectronicpayment

Other Services

Financial advice

Safe-deposit box

Special needs payment

instruments

Information, advice, and

assistance with a wide range of

financial topics

Store valuable personal items

Secure types of payments such

as traveler’s checks, certified checks, cashier’s

checks, and money orders

Using depository institution services

Call, visit, email or

search the website

Do you have an

account?

Under 18?

Determine what steps are needed to use the service

Having an account may be a requirement to use certain services

Most require a parent/guardian signature to open an account

Online Banking

What is it? What can you do?

Complete certain transactions from a

secured Internet site

Use a username and password

Access account information anywhere

Transfer money

Pay bills/set up recurring bill payment

Apply for credit

View all accounts & balancesMake transfers between accountsView Electronic StatementsChange password, security questions, email, etc. Help topics to answer general online banking questionsLog out of online bankingView current and available balance for an account View recent transactions

Access online bill payMake immediate transfers or schedule a transferReorder checks (duplicate or wallet)

Make a stop payment on a check

Online Banking Options

Mobile Banking

What is it?Apps that many depository institutions have developed that allow online banking

access from devices such as smartphones, tablets, and

other mobile devices

Usually offers the same services as online banking

Mobile BankingEasy access to your bank accounts

• Access from an App on your smartphone

• View accounts and balances• View recent transactions• Make transfers between available

accounts• Access bill pay• Find branch locations• Mobile DepositsIt’s Fast, Safe, and Simple!

Olympia Federal protects your personal information using a multi-level security system including encryption, authentication and much more. If your phone is ever lost or stolen, you can instantly deactivate your mobile banking access by logging onto your online banking at olyfed.com

Debit Cards

What is it? What can you do?

Other Information

A plastic card that is electronically connected to the cardholder’s depository institution account

Function in the same manner as checks but faster and more portable

Use a Personal Identification Number (PIN) or signature to authorize transactions

Automated Teller Machines (ATMs)

What is it? What can you do?

Other information

A machine that allows individuals to complete certain transactions from the machine without human assistance

• Withdraw and deposit money

• Transfer money

• Check account balance

Accessed via an ATM card (usually the debit card) and PIN

Electronic Payments

What is it? What can you do?

Other informationTransactions

completed with no physical connection between the payment device and the Point of Sale (POS) device or store clerk

Make transactions using account information or using an ATM or debit card

Might also be known as contactless, ACH, online or phone payments.

Which feature would you find the most appealing?

Cast your vote!

Online bankingMobile banking

Debit cardsATMsElectronic payments

Before you enter sensitive data on a Web page, ensure that:The site uses encryption, a security measure that helps protect your data as it traverses the Internet. Signs of encryption include a Web address with https ("s" stands for secure) and a closed padlock beside it. (The lock might also be in the lower right corner of the window.)

Save financial transactions for your home computer

Never pay bills, bank, shop, or do other financial business on a public or shared computer or on devices such as laptops or mobile phones that are on public wireless networks. The security is unreliable.

Online Safety

Protect Yourself from Identity Theft

• Safe Keeping (Debit card, ATM card, checkbook, Social Security Card, etc.)

• Don’t give out personal information• Check your credit report each year (

www.annualcreditreport.com) – FREE and NO subscriptions to purchase

• Shred financial papers before throwing them away (6% of Identity Theft is from stolen paper documents.)

• Do not respond to suspicious emails or text messages

• Maintain good financial records• Never carry your Social Security card

with you and give out this number sparingly

Debit Card Fraud

• Protect your debit card number and your Personal Identification Number (PIN)

• Be aware of your surroundings when at an ATM

• Use caution at night or in the dark• Check the ATM for tampering or

additions that do not seem part of the machine – these are warning signs that something might be wrong

• Don’t leave your receipt behind• Check your debit card account

regularly and contact your bank if you see any discrepancies

Account Fees• Different types of fees may be charged• Fees will vary between institutions and within different

services at the same institution• One of the most important factors to consider when choosing

a depository institution

Overdraft fee ATM fee Minimum

balance fee

Charged if you withdraw more money from your account than is available

Charge for using an ATM that belongs to another depository institution

Some accounts have a minimum account balance; fee charged if you go below that balance

Research

Manage responsibly

How do you manage fees?

• Research fees when choosing a depository institution

• When opening an account, ask for a list of fees

• Most are avoidable• Keep track of your transactions

and use a budget

How do you choose one depository institution over another?

Choose one that meets your goals!

Analyze the following factors:

Type of depository institution

Location InsuranceServices offered

Interest rates offered

Features offered

Fees charged

Which checking account should Josie choose?

Let’s discuss the homework – Josie’s Depository Institution

What did you learn about Josie?

Which checking account would you recommend Josie choose - option 1 or 2?

Why?

Will be traveling often to

neighboring states

Owns a smartphone

Has over drafted her account in the past

Has several bills to pay

every month

Make sure she can avoid all

fees with proper account management

Would prefer no minimum

balance requirements

Would like to earn

interest on her

deposits

Would like a quick way to

check her account balances

Summary

Depository institutions offer many benefits:

A safe place to store money

A way to manage cash

The opportunity to earn interest

Services/features offered and fees charged vary between and within every depository institution

Research different depository institutions and choose one that will help you reach your goals

Questions?