Million Dollar Sailor

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Million Dollar Sailor
Banking and Financial Services

• A personal wealth building program for Sailors
  and family members.

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Agenda
Banks Credit Unions Banking Services Expensive
Mistakes Where to Complain Mismanagement
Consequences Sources of Help
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Banks and Credit Unions
Credit Unions Not for Profit
Banks For Profit
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Choosing a Financial Institution

• Convenience
• Products and Services
• Minimum Deposits
• Limits on Withdrawals
• Interest
• Insurance
• Service Fees

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Financial Products and Services
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Checking Accounts Features Fees
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Check Clearing Funds Availability
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Clearing Procedures Check 21

• Checks clear electronically
• Banks no longer required
• to return paper checks to you
• Banks use SubstituteChecks
• Less Float Time

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Expensive Mistakes

• Not subtracting fees/charges
• Post-dating checks
• Splitting checks among joint holders
• Writing checks before money deposited
• Not balancing the checkbook
• Not recording checks or debits made
• Addition or subtraction errors
• Omitting automatic deductions

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Couples Money Management

• Who has primary responsibility?
• Separate checking accounts
• Splitting check pads
• Find your own system

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Check, Debit and ATM Cards

• Use for Withdrawals, Deposits and Purchases
• Look like a credit card
• Money comes right out of your accounts
• Can be used like a check
• Use PIN
• May be fees

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ATM Safety

• Use enclosed, well lit ATMs
• Use ATM with friends at popular times
• Sign the back of your ATM card
• Memorize your PIN
• Keep PIN confidential
• Put money away safely
• Keep track of all of your transactions

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Online Banking
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Managing Your Money Online

• Confirm that an online bank is legitimate
• Verify that your deposits are insured
• Keep your personal information private and secure
  
• Use a system to track transactions
• Understand your rights as a consumer
• Learn where to contact banking regulators

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Where to Complain
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Consequences of Mismanagement

• Hefty Service Charges
• Impact on Military Career
• Reported to Credit Reporting Agency (CRA)
• Impact on Future Checking Accounts and Credit
  Purchases

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Changing Financial Institutions
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Sources of Help

• Command Financial Specialist
• Fleet and Family Support Center
• Navy Legal Services Office
• Armed Forces Disciplinary Control Board
• Navy-Marine Corps Relief Society