Womack Report

October 2, 2007

Banking and Finance, October 2

Filed under: Economics,Notes,School — Phillip Womack @ 1:21 pm

Getting started in Banking and Finance again. Was late to class; took too long having lunch with Grandpa.

Three main functions of banks:

  1. Take deposits from customers
  2. Allow you to manage payments — Particularly to make payments on your behalf, if you have sufficient money.
  3. Lend money — This is how banks make money.

Credit Unions are wholly owned by their members. Credit unions can only accept members who are linked together by profession, geographic location, association, and so forth. This is set by law. However, it’s not much of a limitation. The membership of credit unions has expanded hugely, because it’s easy to find links to new possible members.

Your assets are everything you own. Your liabilities are everything you owe.

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