Lejeune Leadership Institute

Banking and Financial Services

Financial Institutions

Commercial Banks

• For-profit

• Federally insured

Credit Unions

• Not-for-profit

• Federally insured

Mutual Savings Banks

• Similar to Savings and Loans

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Banks vs. Credit Unions

Lower loan rates

Higher savings rates

National Credit Union Administration

Higher loan rates

Lower savings rates

Federal Deposit Insurance Corporation

Credit Unions: Nonprofit

Credit Unions: Nonprofit

Banks: For-ProfitBanks:

For-Profit

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Types of AccountsSaving and

Checking

Individual Joint Interest bearing

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Debit and Credit CardsDebit Card

ATM card

Retail POS transactions

Tied to bank account

Overdrafts covered

Credit CardBuy now, pay laterHelps to build a credit history

Creates a loan

obligation

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* But “See photo ID” on back of your cards and Memorize your Pin

Choosing a financial institution Convenience and services Withdrawal limits Funds availability (How soon can I use) Overdraft protection Now checking Electronic payments Online safety Bank fees

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Common Check WritingErrors Illegibility Empty spaces Only filling in numbers Not signing check Not signing name as it appears Not lining through after the dollar amount Initialing errors Writing in pencil or felt tip pen

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Keeping Track ofTransactions

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I I

22 3311 44 55 66

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Things to Avoid Forgetting a charge Not subtracting a fee Neglecting to deduct automatic transactions Post-dating checks Not communicating with joint holder Check “kiting” Not reconciling account Addition/subtraction errors

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Consequences ofMismanagement

Negatively affected Consideration for re-

enlistment Duty assignments Promotions Security clearances Discharge status

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Resources Marine Corps Community Services –

PFM Command Financial Specialist Base Legal Service Office Armed Forces Disciplinary

Control Board Navy-Marine Corps

Relief Society

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