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Chapter 4

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University of Guelph
BIOL 1500
Marie Therese Rush

Chapter 4The Banking Services of Financial InstitutionsStrategy For Managing Cash today a trip to the bank may mean to credit union automated teller machine checking account balance on WebFinancial Services for Short Term Needs daily purchases living expense paymentsemergency fundCash AvailableChequingCredit CardsSavingscheque cashing regular savings accountregular chequingall purpose cardsautomatic teller machines money market accountonline paymentscash advancesATMautomatic paymentstravelers chequescashiers chequesforeign currency exchangemoney ordersFinancial Services for Long Term NeedsSavingsCredit ServicesInvestment ServicesOther servicescash loans for autos education and other purposesguaranteed investment Registered Retirement insurance auto home life healthmortgagescertificatesSavings Plan RRSPhome equity loanstrust serviceCanada Savings Bonds Brokerage service full tax preparationCSBservice or discountsafety deposit boxesinvestment advicebudget counsellingmutual fundsestate planningMeeting Daily Money Needsbuying groceries paying rent and other routine activities require cash management planManaging cash cash cheque or automated teller machine ATM card credit or debit cardmost people desire ease of payment but also must consider fees and potential for impulse buying and overspendingcommon mistakes made when managing current cash needs includeoverspending as result of impulse buying and using credit cardshaving insufficient liquid assets cash chequing account to pay current billsusing savings or borrowing to pay for current expensesfail to put unneeded funds in interestearning savings account or investment plan for longterm goalsSources of Quick Cash no matter how carefully you manage money there may be times when you need more than currently have available with this you have two choices1 liquidate savings raid savings account redeem Guaranteed Investment Certificate mutual fund or other investment2 borrow bank overdraft credit card cash advancebest and most efficient source of quick cash is personal line of credit arranged before the need arisesTypes of Financial Services1 savingssafe storage of funds for future use is a basic need for everyone services called time deposits
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