BankingBy: Kelsey Winchester

The Federal Reserve System was set up to supervise and regulate member banks and to help banks serve the public efficiently. A federal Branch city serves banks in our community.

How the Banking System Works

• Some services they provide are:1) Savings Accounts2) Checking and payment accounts3) Loans and other credit plans4) Other services, such as safe deposit boxes, trusts and

investment advice.

• Types of banks include:1) Commercial banks2) Savings and loan associations3) Etc.

Commercial Banks vs. Credit Union

• Commercial banks are often called full-service banks because they offer a wide range of financial services. Commercial banks offer checking accounts, provide savings accounts, make loans to individuals and to businesses, and offer other services.

• Credit Unions are a user-owned, not-for-profit, cooperative financial institution. Serving members only, credit unions accept savings deposits and make loans for a variety of purposes.

Banks in N.C.

1) The Fidelity Bank

2) SunTrust

3) Wachovia

4) Bank of America

EFT

• EFT is an electronic funds transfer. This refers to the use of computers and other technology for banking activities. This is useful for direct deposits, automatic bill payments, and point-of-sale transactions.

Automatic Bill Payment

• Automatic bill payment is when the bank deducts the payments from your account and transfers them to the appropriate companies. This is useful so you never forget to make a payment and all your payments are never late.

Bank Fees

• Some Common Bank fees are based on:1) Food

2) Clothing

3) Home fees

4) Health Care