AHRM 2304 Lecture 4: AHRM 2:14:17- start exam 2 notes
8 Mar 2017
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Unbanked or underbanked: unbanked- no checking account, 17 million americans are unbanked, underbanked- supplement their bank account with alternative financial services, 51 million are underbanked. Ii: in both categories, consumers often turn to nonbank financial products \ Six reasons why some individuals are unbanked or underbanked: blacklist by major banks, young consumer, to avoid debt collectors, fed up with fees, jobless, bad customer service experience. Monetary asset: cash and low-risk, near-cash items that can be readily converted to cash with little or no loss in value, 3 ways to use, spend, save, invest. Vi: be balanced: saving is a habit** Monetary asset management: cash management encompasses how you handle your monetary assets, goal is to maximize interest earnings and minimize fees while keeping funds safe, liquidity and safety. Types of financial institutions: depository institutions, commercial banks, credit unions, other financial institutions, mutual funds, stock brokerage firms, insurance companies. Viii: more financial institutions are offering more options for consumers.
