Commercial banks offer a wide range of financial services to build homes, start businesses, plant crops, and more, while credit unions focus only on savings deposits and loans. Popular banks in North Carolina include Wachovia, Bank of America, SunTrust, and Crescent. Electronic funds transfer and automatic bill payment allow money to be transferred electronically rather than by check. Common bank fees are charged for overdrafts, ATM usage, low balances, and teller services.

1. Chapter 17
Jordan May

2. How the banking system works
• Build homes
• Start a new business
• Plant crops
• Pave streets
• Finance educations

3. Commercial banks vs. credit unions
• A commercial bank offers a wide variety of
financial services while a credit union only
accept savings deposits and make loans

4. Popular Banks in NC
• Wachovia
• Bank of America
• SunTrust
• Crescent

5. EFT
• Electronic Funds Transfer is when instead of a
written out check the money is transferred
automatically into your account this is useful
so you don’t lose the check

6. Automatic Bill Payment
• Automatic bill payments are when your bills
are taken automatically out of your account
and you don’t have to remember or use
checks

7. Common Bank Fees
• Unauthorized overdraft fees
• ATM usage fees
• fees for having an account balance under the
required amount
• Fees for using a teller