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Introduction to Finance 101. Course Outline. Philosophy. “ Banks operate for the aim of generating profits while credit unions are non-profit community-based institutions.”. History. Banks predate credit unions significantly . - PowerPoint PPT Presentation
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Presented by Astera Credit Union
Introduction to
Finance 101
Presented by Astera Credit Union
• Choosing a Financial Institution
• What is Credit (Oct. 24th)
• Your First Credit Experience (Oct. 31st)• Checking/Debit Accounts and You (Nov.
7th)• Savings Tools-Budget Smart (Nov. 14th)• Technology and your Finances (Nov.
21st)
Course Outline
Presented by Astera Credit Union
Philosophy“Banks operate for the aim of generating profits while credit unions are non-profit community-based institutions.”
Presented by Astera Credit Union
Banks predate credit unions significantly.
Credit Unions were initially established in the 19th century as workers’ cooperatives. They were designed to allow coworkers to help each other with financial problems.
History
Presented by Astera Credit Union
A cooperative is a collaboration of individuals or businesses that work to gain benefit through numbers.
Co-Ops are not charities. They are nonprofits.
Co-Ops are jointly owned and controlled. Co-Ops can be found in all industries and in
all geographic areas.
What is a Co-Op?
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Banks do not have membership requirements
However, most banks require minimum deposits
CUs have membership requirements. Typical criteria are: Occupation Relatives Place of
residence, worship or work
School
Joining a Bank or CU
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Bank Board of Directors
paid
appointed by bank
can be owners
CU Board of Directors
unpaid
elected members
volunteer
Organization
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The digital gap between CUs and banks is rapidly decreasing as many credit unions offer services such as:
Online Banking Mobile Banking Mobile Apps Text-based Banking
However, it is always wise to verify with your financial institution, especially when considering smaller CUs.
Technology Services
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Make sure the financial institution you choose to do business with is federally insured by either the NCUA (credit unions) or the FDIC (banks).
Account Checklist
Questions?
[email protected] facebook.com/AsteraCU #AskAstera or AsteraCU
Shawnna: 517-321-8392
Presented by Astera Credit Union
http://www.youtube.com/watch?v=rfHyQ-8eLC4
