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[Music] hi my name is kim i want to thank you for joining us today for our virtual real world camp today in this session we are going to talk about financial institutions what is a financial institution a financial institution is a company engaged in the business of dealing with financial and monetary transactions such as deposits loans investments and currency exchange financial institutions can operate at several scales from local community credit unions to international investment banks financial institutions encompass a broad range of business operations with within the financial services sector including banks trust companies insurance companies brokerage firms and investment dealers they can vary in size scope and by geography there are nine major categories of financial institutions we'll do a brief overview of each one central banks central banks are the financial institutions responsible for the oversight and management of all other banks in the u.s the central bank is the federal reserve bank which is responsible for conducting monetary policy and supervision and regulation of financial institutions individual consumers do not have direct contact with the central bank instead large financial institutions work directly with the federal reserve to provide products and services to the general public retail and commercial banks traditionally retail banks offer products to individual consumers while commercial banks work directly with businesses the majority of large banks offer deposit accounts lending and limited financial advice to both demographics internet banks while they they are becoming more widely known they are work similar to a retail bank they do not have a brick and mortar building they are only online credit union credit unions serve a specific demographic for their field of membership such as teachers city and federal employees or members of the military while products offered resemble retail bank offerings credit unions are owned by their members and operate for their benefit products offered at credit unions include share and share draft accounts certificates of deposit personal and mortgage loans credit cards and business banking accounts to name a few savings and loan associations financial institutions that are mutually held and provide no more than 20 percent of total lending to businesses fall under the category of savings and loan associations individual consumers use savings and loan associations for deposit accounts personal loans and mortgage lending banks and companies investment banks do not take deposits instead they help individuals businesses and governments raise capital through the issuance of securities investment companies more commonly known as mutual fund companies pull funds from individual and institutional investors to provide them access to the broader securities market brokerage firms brokerage firms assist individuals and institutions in buying and selling securities among available investors customers of brokerage firms can place trades of stocks bonds mutual funds and exchange-traded funds insurance companies financial institutions that help individuals transfer risk of loss are known as insurance companies individuals and businesses use insurance companies to protect against financial loss due to death disability accidents property damage and other misfortunes and finally mortgage companies they originate or fund mortgage loans while most mortgage companies serve the individual consumer market some specialize in lending options for commercial real estate only as you can see there are similarities in each category but for our purposes we will only talk about the differences between retail banks and credit unions where do penguins keep their money in a snow bank what is a bank a financial institution licensed to receive deposits and make loans is a bank there are several types of banks that we just went over retail commercial and investment banks in most countries banks are regulated by the national government or a central bank ownership and membership in banks banks are owned by investors and operate as for-profit institutions anyone is eligible to open an account with a bank including individuals or companies customers do not have a vote or a say in how a bank is run their board of directors will take care of that at a bank you are considered a customer banks are governed and assured by the federal deposit insurance corporation or fdic funds in your account are insured up to two hundred and fifty thousand dollars banks offer both personal and commercial banking products including business credit cards and business loans and they may offer investment savings vehicles like iras certificates of deposit and money market accounts interest rates for any type of loan are competitive throughout the market online banks may offer lower rates than brick and mortar institutions with an online presence but you can shop around to see what is best since most banks make money for their investors they tend to have more and higher fees than credit unions free checking accounts at banks usually come with a stipulation such as a minimum account balance or requirements for additional account types like mortgages or credit cards there are fees for nsf or bounce checks and they tend to be a little higher at banks large banks tend to have more money to spend on the technology and as a result they are known for adding technical services much more quickly if technology and online banking are keys to making your choice of a financial institution make a list of your must-have services and ask for a demonstration of them before opening an account banks are globally open to the general public they are owned by business investors called stockholders who may or may not be a depositor the larger ones focus on commercial and loan services that generate significant revenue although there are small community banks that mainly service the communities that they are in they are for-profit corporations for example declared earnings are paid to their stockholders what is a credit union a credit union is a non-profit financial institution owned by the people who use it members elect a board of directors to manage the credit union it is owned by its members and you need to meet eligibility requirements to open an account eligibility requirements differ from credit union to credit union at the credit union you are a member credit unions are not for profit owned by their members they do not need to make a profit for the members instead their goal is to keep their fees low to set their interest rates on savings as high as possible and to set their interest rates on loans as low as possible credit unions must limit their customer base to what's called a field of membership this can include a company where people work a school or place of worship a geographic area or a membership in an organization members of credit unions also have the ability to vote on credit union policies and participate in decisions credit unions are governed and insured by the national credit union administration and cua funds in your account are insured up to 250 000 just like in a bank credit unions offer the same products as banks although some are smaller and will offer fewer investment products they still offer checking and savings accounts cds investment accounts like iras credit cards loans and in many cases you will find that a credit union can offer the lowest rates on the loans and with savings products they try to have higher rates credit unions also have fees for nsf's or bounced checks some of the smaller credit unions may not have all the technology options as of the larger credit unions but most provide online banking options when looking for a financial institution make sure to ask the credit union about their mobile banking technology and check their websites for their simplicity and their services that they offer this little infographic sums up a little of what we talked about credit unions are member owned they're cooperatives and they're governed by our volunteer board of directors when does it rain money when there is a change in the weather this infographic gives you your simple differences or similarities if you would like between credit unions and banks credit unions are member owned banks have shareholders they're both insured up to 250 000 they both have volunt have board of directors whereas one is volunteers and the other are paid credit unions call their customers members whereas the banks call them customers all in all very similar so this brings us to the question what is right for me a credit union or a bank deciding which financial institution is right for you is a personal choice oftentimes where your parents or grandparents bank is where you will have your had your first account probably before you were able to walk it may be determined by what you are looking for at the time you need a loan for your first car or you just got your first job and you need a place to deposit your paycheck don't be afraid to ask questions stop into the financial you are considering and talk to them they may ask you questions that you didn't even think of many people have accounts at both a bank and a credit union there is no right answer whatever you decide it will be a great choice and one more little joke why did the man put his money in the freezer he wanted cold hard cash so now we have a specific bank to talk about and it's very unique to north dakota it is the bank of north dakota it is a state-owned bank and the only one in the nation like that it was established in 1919 by the state legislature and the north dakota mill and elevator association andy opened on july 28 1919 with two million dollars of capital several sections of the north dakota century code addressed the creation of the bank its oversight and the role in the state today the north dakota legislature will appropriate funds from bnd when needed throughout the budget process or by state law today in partnership with the majority of north dakota's financial institutions b d fulfills its mission to promote the development of agriculture commerce and industry in north dakota the operating policy of the bank states that the bank shall be helpful to and to assist in the development of state and national banks and other financial institutions and public corporations within the state and not in any manner to destroy or to be harmful to existing financial institutions the bank's operating policy continues to serve as a guiding principle for the bank's work in our state the bank's mission vision and core values the mission is to deliver quality sound financial services that promote agriculture commerce and industry in north dakota their vision is to be an agile partner that creates financial solutions for current and emerging economic needs whereas their core values stem from service teamwork ethics and to be people centered their employees set them apart some of the services that they offer are student loans the college saved program scholarships loans services for financial institutions government and financial literacy this is including north dakota jumpstart who in partnership puts on the real world camps i want to thank you for watching and being part of our north dakota jumpstart real world virtual camp this year thank you