How to use the BANK for BANKING 🏧 🥰 Personal Finance
𝙉𝙀𝙒 𝙨𝙚𝙧𝙞𝙚𝙨 😎 𝙎𝙐𝘽𝙎𝘾𝙍𝙄𝘽𝙀! http://bit.ly/SocraticaSubscribe
Socratica Presents SMART MONEY
Many people are embarrassed that they aren't great with money. We believe it's never to late to learn! We're all about Lifelong Learning here at Socratica, and we are here to help you increase your Financial Literacy.
The theme of SMART MONEY is making informed choices.
In this video, we discuss setting BANKING basics. It's one of those things we're all familiar with. Seems like there's a bank on every corner! But what really happens there? What role do banks play in Personal Finance?
Do you get paid at your job? Then you'll need a checking account so you can cash those checks (or deposit them).When you get a checking account, they'll give you a debit card (or ATM card) that will let you pay for things electronically. For larger purchases, you may need to write checks. So you can see that a checking account covers most of your day-to-day money needs.
For longer term, you may want to open a savings account. We'll talk about the differences between these two kinds of bank accounts. And here's a big thing to keep in mind: why do banks offer all these services? What's in it for them? Well, they make money by using your money to invest, to loan to other people (and make interest), and also if you make mistakes, they'll charge you fees and penalties. We have a special mini-lesson at Socratica.com so you see the different ways Banks make money.
https://www.socratica.com/products/di...
𝙅𝙪𝙢𝙥 𝙩𝙤 𝙩𝙝𝙚 𝙙𝙞𝙛𝙛𝙚𝙧𝙚𝙣𝙩 𝙩𝙤𝙥𝙞𝙘𝙨 𝙝𝙚𝙧𝙚:
0:00 Intro - like a digital wallet
1:06 What is a Savings Account?
2:25 What is a Checking Account
3:30 Account number & routing number
4:08 Using Checks/ Cheques
5:30 Balance your checkbook
6:18 Overdraft fees
7:07 Making deposits & withdrawals
8:14 How do Banks Make Money?
9:25 What if the bank fails?
9:57 Banks are insured FDIC, FSCS
11:04 Recap - the role of banks in Personal finance
𝙒𝘼𝙏𝘾𝙃 𝙉𝙀𝙓𝙏:
Setting Financial Goals • Financial Goals 😳 🥰 PERSONAL Finance
𝙒𝙀 𝙍𝙀𝘾𝙊𝙈𝙈𝙀𝙉𝘿:
Wealth Made Easy (advice from Millionaires & Billionaires)
https://amzn.to/3yczvSb
Budget Planner & Monthly Bill Organizer
https://amzn.to/3WOXoZr
To continue receiving good advice about personal finance, subscribe to Socratica:
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This video series is made possible by the generous support of our Patrons on Patreon. We'd like to recognize our VIP Patrons and send them our sincere thanks! Thomas Myers, KW, M Andrews, Jim Woodworth, Marcos Silva, Christopher Kemsley, Eric Eccleston, Jeremy Shimanek, Michael Shebanow, Kevin B, John Krawiec, Umar Khan, and the wonderful Tracy Karin Prell!
Written and Produced by Kimberly Hatch Harrison and Michael Lee Harrison
Edited by Megi Shuke
#personalfinance #banking #banks
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