Day 2
Introduction to Depository Institutions
Presented by
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
ATMs
Electronic
payment
Other Services
Financial
advice
Information,
advice, and
assistance with a
wide range of
financial topics
Safe-deposit
box
Special needs
payment
instruments
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
Determine what steps are needed
to use the service
Do you
have an
account?
Having an account may be a
requirement to use certain services
Under 18?
Most require a parent/guardian
signature to open an account
Online Banking
What is it?
Complete certain
transactions from a
secured Internet site
Use a username and
password
What can you
do?
Access account
information anywhere
Transfer money
Pay bills/set up
recurring bill payment
Apply for credit
Online Banking Options
View all accounts & balances
Make transfers between accounts
View Electronic Statements
Change password, security questions, email, etc.
Help topics to answer general online banking questions
Log out of online banking
View current and available balance for an account
View recent transactions
Access online bill pay
Make immediate transfers or schedule a transfer
Reorder checks (duplicate or wallet)
Make a stop payment on a check
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
What can
you do?
Usually offers the
same services as
online banking
Mobile Banking
Easy 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 Deposits
It’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?
A plastic card
that is
electronically
connected to the
cardholder’s
depository
institution
account
What can
you do?
Function in the
same manner as
checks but faster
and more
portable
Other
Information
Use a Personal
Identification
Number (PIN) or
signature to
authorize
transactions
Automated Teller Machines (ATMs)
What is it?
A machine that
allows individuals
to complete
certain
transactions from
the machine
without human
assistance
What can
you do?
• Withdraw and
deposit money
• Transfer money
• Check
account
balance
Other
information
Accessed via an
ATM card (usually
the debit card)
and PIN
Electronic Payments
What is it?
Transactions
completed with
no physical
connection
between the
payment device
and the Point of
Sale (POS) device
or store clerk
What can you
do?
Other
information
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 banking
Mobile banking
Debit cards
ATMs
Electronic payments
Online Safety
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.
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
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•
•
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
Charged if you
withdraw more
money from your
account than is
available
ATM fee
Minimum
balance fee
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
How do you manage fees?
Research
Manage
responsibly
• 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
Interest rates
offered
Insurance
Features
offered
Services
offered
Fees
charged
Which checking account
should Josie choose?
Let’s discuss the homework –
Josie’s Depository Institution
What did you learn about
Josie?
Will be
traveling often
to
neighboring
states
Make sure she
can avoid all
fees with proper
account
management
Owns a
smartphone
Has over
drafted her
account in
the past
Has several
bills to pay
every month
Would prefer
no minimum
balance
requirements
Would like
to earn
interest on
her deposits
Would like a
quick way to
check her
account
balances
Which checking account would you
recommend Josie choose - option 1 or 2? Why?
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