Notes

Federal Reserve System: It oversees the nation's system of money and credit.
~It prints money
~It controls the amount of available money
~It adjusts long term
~keeps prices stable
~Promotes employment

1. Board of Govenors
-Supervises the 12 Regional Reserve Banks
- Helps decide Monetary Policy like how much is available to the economy

2. 12 Regional Reserve Banks
-Research the Economy and keeps an eye on the banks in the region
-Financial Services to Banks and Government

3.Federal Open Market Committee
- Money Supply
-Interest Rates Charged to Banks

>The Primary goal of the Federal Reserve System is to maintain a safe and stable banking system.
>People in a Local Financial Institution
* Branch Manager: Manages all the personnel at a specific location
*Customer Service Representative: Helps bank customers with any questions they may have.
*Loan Officer: Advises, evaluates, and signs off on loans to individuals and businesses.
*Bank Teller: Helps with account transactions like depositing or withdrawing money.


What is a "required balance"? Your account balance is the amount of money you have in your account. Some of our accounts require that you have a minimum amount in there at all times. If you don't have the minimum required balance, you could be charged a fee.
What kind of special features are available for a typical checking account? I'm glad you asked. All the checking accounts at this bank come with many features: "Auto pay" lets you pay bills, like your cell phone bill, automatically from your checking account. We also offer "direct deposit," so your paycheck can be deposited from your employer directly into your account. There's also an "auto save" option that lets you automatically transfer money into your savings account each month. And if you're looking for online access, you've come to the right place. All our accounts give you access to our website and mobile app, both of which have lots of tools to help you manage your account - with our mobile app, you can even deposit checks right from your phone!
What does it mean if an account is "FDIC-insured"? That's a great question. FDIC stands for "Federal Deposit Insurance Corporation." The FDIC provides insurance on all retail bank deposit accounts like savings, checking, money markets, and even Certificates of Deposit. That means if there are any problems at the bank, the FDIC insurance makes sure you don't lose your money. It protects up to $250,000 per person per bank in each account category. And if you have money at a credit union, they have their own insurance, which is managed by the National Credit Union Administration.
What does it mean if an account is "liquid"? Liquidity refers to how easy it is to get at your money. High liquidity means it's easy to get your money right away. Low liquidity means it's harder to access your funds. A checking account has high liquidity, since it's easy to take your money out immediately. On the other hand, a Certificate of Deposit has low liquidity since you won't have access to your money for a specified amount of time, sometimes for a few years! Other accounts are somewhere in-between, like a money market account, for instance.
What kind of interest rates can I expect? Well, interest rates change over time, and will vary depending on the type of account you choose. As you probably know, the higher the interest rate, the more your money will grow over time. Accounts that are more liquid tend to have lower interest rates. This is basically the cost of having easier access to your money. Checking accounts, for instance, tend to have lower interest rates than savings accounts since it's easier to take your money out. If you choose to open an account with us, I can go into the specific interest rates of each account type and help you figure out which one is right for you.