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  ãActivity 1………….Why Do You Need A Bank?   ãActivity 2………The Many Services of a Bank    ãActivity 3….The ABCs of a Checking Account   ãActivity 4……….Opening a Checking Account   ãActivity 5………………….How to Write a Check    ãActivity 6…..Maintaining a Checking Account   ãActivity 7……The ABCs of a Savings Account    Basic Banking Services - Activity 1    ACTIVITY 1 Why Do YouNeed a Bank?   Overview ã Purposes of banks ã The differences between banks andcredit unions ã Safety of financial institutions ã Banks as money management tools ã The Earned Income Tax Credit 2  SAFETY OF FINANCIAL INSTITUTIONSCOMMERCIAL BANKS CREDIT UNIONS  Slide 1  – Safety of Financial InstitutionsLesson Reference: Basic Banking Services, Activity 1  – Overhead 3   3  THE EARNED INCOME TAX CREDIT The Earned Income Tax Credit (EITC) is a federal income tax credit for low-income workers. The credit reduces the amount of tax an individual owes,and may be returned to the taxpayer in the form of a refund. Some statesoffer additional forms of EITC.Eligible workers must have an annual income and investment income thatfalls below a certain level. In tax year 2005, for example, if you are married,have two or more children, and are filing your taxes jointly, your combinedannual income must not exceed $37,263. You must have a Social SecurityNumber to receive the EITC.In tax year 2005, a family with two or more children could receive up to a$4,400 refund through the EITC.* Slide 2  – EITCLesson Reference: Basic Banking Services, Activity 1  – Handout 2   4
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