Day 1 - Introduction + Banks/Bank Accounts

On the first day of our Personal Finance J-Term, we were focusing on the introduction to the class, as well as the first topic of the class. My topic to present on was the different types of banks and bank accounts. I talked about the eight different type of banks which include retail banks which hold checking and savings accounts, commercial banks which hold checking and savings accounts for business, investment banks which help businesses work in financial markets, central banks which manage money for the government (ex. US Federal Reserve Bank)  and oversee other banks, online banks which operate completely online, savings and loans banks use savings deposits from customers to fund home loans for other customers, and  credit unions and mutual banks which have the same services as a retail bank, however they are owned by their customers, whereas most other banks are owned by investors.
Then there are seven types of bank accounts which include checking accounts in which customers get an ATM card and checkbook that can be used to pay bills and get money from a cash machine, savings accounts where people deposit their money to be saved for a certain amount of time that will grow over time due to interest given by the bank, interest checking accounts which are the same as checking accounts but they have the benefit of gaining interest on the balance in the account similar to a savings account, money market account which is another type of savings account that will receive typically higher interest rates based off of the country the customer is in, a CD (Certificate of Deposit) which is where a person agrees to leave their money in the bank for a set number of days/months/years with a higher interest rate, IRA’s (Individual Retirement Accounts) which is a retirement account where you decide when you want to pay taxes on it, and finally a brokerage account which is used for investing into the stock market.