What is a financial institution?

Financial institutions provide products and services to help you manage your money.

AliciaOK, in this lesson we’re looking at financial institutions.

 

MichaelRight. Let’s start with the basics. Millions of Americans use banks, a kind of financial institution.

AliciaDepending on where you live, you’ll probably have a number of banks to choose from. You’ll find that some are very large, and others are small. You’ll even find bank branches in some grocery stores and shopping malls. Banks are in big cities and small towns, and probably right in your own neighborhood.

MichaelBanks offer safe, secure, and convenient services that can help you save money and build toward a better financial future. Chances are, any successful person or business you can think of has a good working relationship with a bank.

AliciaThe people who work at the bank are there to make you feel welcome. If you’re brand new to banking, they’ll be happy to explain what accounts and services can help you with your money management needs.

MichaelTake a look at some guidelines to keep in mind when you visit a bank … or any other financial institution.

At the financial institution:

  1. If you don’t know who to talk to, just ask.
  2. Don’t sign anything you don’t understand.
  3. Ask questions until you have the answers you need.
  4. Ask for written information to take home and review.

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