Depository Institutions

-Commerical Banks are the most common type of depository institution

-People use a checking account for the following reasons, it reduces the need to carry large amounts of cash, written record of expenses and convenience

-A typical bank offers, financial counseling, checking accounts, and loans

-ATM you can cash withdrawals, deposits, account balance information

-Banking from home can be performed by using touch tone phone, computer with Internet access

-Direct deposit allows pay and benefit checks to be directly deposited into a specified account in paperless form

-Direct payment authorizes bills to be paid by a specified account without having to write a check

-To use ATM and debit cards safely, the consumer should sign back of the card and write "please see ID"- keep the PIN stored away from the card- keep your receipts-never give out your PIN