www.payroll-payroll.com
ChecksA check is one of the four ways to pay. (I already explained what a check is on my Credit page.) To cash a check, you need to know how to properly fill one out. If you do it wrong, the bank may not except the check. Make sure all the lines are filled. (The memo is the only line that might not be,) and make sure to draw a line in the extra space after the money amount, and make sure the proper date shown.
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Deposit SlipsA deposit slip is a piece of paper that goes to the bank telling them to put in or take out money. Just like a check, it is important to know how to properly do it or else the bank will not except the slip. Again, make sure all the lines that need to be filled are filled and your math is done correctly. You don't wanna take out the wrong amount.
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Checkbook RegisterWhen you want to track your transactions, try keeping a checkbook register. A checkbook register is a personal way to keep track of all your transactions made over a period of time. You fill out the boxes to the left with the information needed and then can look back at it later. It's only for you to see.
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www.getexceltemplates.com
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How Banks Make Money
Banks lend money to customers and invest the earnings into their business. So, how do they make the money? It sounds like they're giving the money away. It's not like credit cards where they get money off of late fees but I'm sure that helps. Banks make money by only putting a certain amount out to the public. The FDIC decides how much goes out. For example, lets say a bank has 10 billion dollars. The FDIC may say to put out 20% of what they have. That means 2 billion goes out to the public and 8 billion gets invested into the business. Banks and FDIC can totally control our country's economy.
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www.marshallstrategy.com
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Online Banking
clark.com
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Online banking is pretty self explanatory. It's banking done online. It's very beneficial for us because we get to do banking at home or anywhere else for free. That's right for free. Plus, you can set up payments to be payed by themselves. It's also beneficial for banks because they get more customers which means more money.
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FDICWhen the Great Depression occurred, banks suffered. People were afraid of their money disappearing. Because of this, people decided to take their money out of the bank. Banks were out of money and went bankrupt. The stock market crashed and people went broke. The solution? FDIC. The FDIC promised everyone that if their money will be returned if the bank cant pay them back. The FDIC has millions of dollars stored up for situations like this.
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FEDThe FED was created by Congress to provide America with a safer and more flexible financial system. They pretty much supervise the banks. They help decide the amount that goes out into the public and protects them from going out of business. They want to keep America's economy stable.
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Credit UnionsCredit Unions are very similar to banks. They give out loans and provide other financial services. The difference? Credit Unions are nonprofit organizations owned by the members. There job is to give money to people who's bank went out of business. They also provide lower APR's and higher APY's.
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