Topic 5: Financial Institutions

Core Content Resources

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Finding Financial Products and Services (PDF) (CFPB) Tool: Helps explain and lay out many different financial products. The tool will help participants assess which financial institution and instruments are the most appropriate for their circumstance. (checking account, savings account, payroll card, prepaid card, certificate of deposit, 529 Plan, Auto title loan, mortgage, credit card, payday loan, credit builder loan, money wire transfer, etc).

Finding a Place for Savings (PDF) (CFPB) Tool: Evaluate the benefits and risks of each place to keep your savings (bank, home, family, prepaid card, U.S. savings bond).

Choosing how to Pay Bills (PDF) (CFPB) Tool: Your choice of bill payment methods may help you save time, save money, avoid additional or unnecessary fees, and create a reliable track record of bill payments (Paying bills, cash, checks, credit cards, money orders, bill pay, prepaid cards).

Economic Literacy Resources

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What is Predatory Lending? (ACCION) (website) There is no single legal definition for predatory lending, but the FDIC’s Office of Inspector General has called it “the imposing of unfair and abusive loan terms on borrowers.” There are two ways this happens. First, the language of the terms of the loan may sound reasonable but actually be anything but. Second, you understand the terms aren’t favorable, but feel you don’t have any other options. Either scenario is a potential recipe for trouble, so let’s explore what to watch out for with “7 Warning Signs Of Possible Predatory Lending”

Signs of Predatory Auto Finance Loans (Center for Responsible Lending) (article) Don’t get into car trouble: Learn to spot predatory auto finance loans. Sign 1 – Dealer Kickbacks. Sign 2- loans packed with junk fees. Sign 3- “yo-yo” sales. Sign 4- Buy here- pay here. Sign 5- No option for justice in court.

Additional Resources

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What Is ChexSystems? (thebalance.com) (article) What Is ChexSystems? How ChexSystems Reports Work? Impact of Negative Items on Your Report, obtaining Your ChexSystems Report, and Clearing up Issues.

Radio Segments

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Link to Radio segments on taking care of debt (NAYA, Cecelia Lente)

This includes a variety of 2-4 minute radio segments about taking care of debt, from KWSO 91.9FM. (Debt, Credit, Loans)