1779865200 05/27/26

any goals that you MAY have. And it does gain a little interest with traditional banking it's only 0.01%, so it doesn't grow as much with a traditional bank. And it does have limits with the withdrawals that you can do. So usually it's only six per month, and after that you have to wait for the following month. And it works best if you have a short term, sometimes very long term goals. But like I mentioned, it doesn't really give you a lot of interest. So maybe for the long term it's not going to be the best option for you. Yeah. With this new. Tendency to use Zelle and Venmo and that kind of thing, is the traditional checking account going to be changing or going away or. Um, no. With like seo and things like that, it's mostly to send money to other people. Um, so it's just a service that's added to your to your banking. Um, so even with your credit union, you can have Zelle as well. So some credit unions also offer that service. So it's just a service that's included. So yeah. Yeah I have a question. Are you you skipped over this a little fast and I didn't hear that. You said that for traditional banks, uh, limits on withdrawals. With the savings account. Or with the savings. Account. Correct? Yes. Do they ever have limits on withdrawals from checking? Uh, from checking. It's usually the amount. Um, so they do have a limit? Yes. Yeah. So usually with, um, check ins, they have an amount of how much you can withdraw on ATMs if you go in person number atm. Okay. If you went in and said, I want this money. Usually if you go and sign up, there's no limit. Yeah. What about ATMs? Isn't there. A limit? Yes. For ATMs, there is a limit. And it depends on your bank and also on you. So sometimes it's 200 to $500. The limit that you have. But you can also call your bank to increase that amount. So you do have the option of increasing that amount. Mhm. Yeah. Okay. So we'll move on to credit cards. So I think for the most part I think most of us have a credit card. Um it's a way that we can pay now. Um sorry if we can buy now, pay later. Um, it does help us build up our credit if we use it wisely. Um, and we do want to pay off the full balance at the end of the month so that we don't accrue any interest. Yes, because interest does make us fall behind. And it could be difficult to get out of that cycle, get out of that debt. Um, there's usually high interest rates. Um, so again, it does make us be in a trap that we can't pay it off if we are only making the minimum payment. So if possible, try to make the full payment. Um, if we can't do that, try to make a little bit more of the minimum payment. Because if we continue making the minimum payment, um, most of that payment is going to interest. It's not really going to the principal to the balance that we have left over. And then we have the certificate of deposits. Has anyone here has used a certificate of deposits here? Okay. How was your experience with. Well, it's a lot better than letting your money sit there and not earn any interest while they get to use it. Yeah. Uh, new, new money. Yeah. It's usually posted behind the teller window. You'll see things on the. We've got some great cd rates for new money. So it's true. Yeah we do. So it's worth looking into every time you go into your back. If you're expecting your money coming. Yeah. So as they were mentioning, um, you do have to keep your money saved for a certain amount of time. It could be a few months. It could be a year, depending on the time frame that you selected. It usually does pay you a higher interest than savings accounts. It could be 3.3.4, depending on the bank. The only thing again is if you take it out before the deadline, before the time frame that you selected, there is a fee that you have to pay. Um, yeah. I didn't want to interrupt you, but. Okay. Bankrate.Com will show you a lot of rates, different banks and organization so you can shoot. Uh, you know, you see something that's close to 5% nowadays? Um, pretty darn good. So that's another way of being self-motivated. You can look at Bankrate.Com and make a decision that way, too. Yeah, yeah. So there's different ways that you can make your selection of the services that you want. You can also use NerdWallet. That's another option that you can use. Um, with certificate of the process with traditional banking. Um, there's a higher, um, starting balance. So it could be $500 that you have to start with for the certificate of deposit. So you do have to check that to see if you're able to open up a certificate of deposit. Account. Moving into the ATMs. Um, so for traditional banks, um, wherever we go, we usually see Wells Fargo, Chase, Bank of America. If you go to a different city, different county, different state, we're going to see the ATMs. So that's a good thing about traditional banking is that we have access to those type of services anywhere we go. Um, we do have to be careful though, just because if we use an atm that's not from that network, if it's not from Wells Fargo, they're going to charge us a fee. So I know that ATMs charge a $3 fee just to use that atm, but Wells Fargo is going to charge you an additional fee just because you didn't use their atm. So we do want to be careful with that if possible. Let's try to use the ATMs that are within the network. And as I was mentioning earlier, there is a limit of how much you can take out. Usually it's $200 to $500, but you do have the option of calling and letting them know that you want to increase that amount. And whenever you are going to use an atm, you do want to be careful. You don't want to go when it's dark. You don't want to go. If it's if it's isolated, you want to go when there's people. Just because we don't want to risk our safety and we don't want to risk being robbed in public as well. So some of the banking fees that traditional banks have is a monthly service. Usually it's about 5 to $15 per month. There are ways to waive this fee. Usually it's if you have direct deposit. They waive that. Fee. We have the overdraft fee. That's 25 to $35 per transaction. So if you have payments that are coming up and you don't have enough money, the bank is going to make those payments. And let's say you had two payments for that day. They're going to charge you $25 per transaction. So that's going to be $50. They're going to they're going to be charging you that day. So we do want to be careful with that. We want to make sure that we have enough money. If we know we're not we're not going to have enough money. We should call whoever's let's say it's for the electricity. We should call the company to let them know if they can give us more time. I know for for the most part, they do give you a grace period. Usually it's one day, 24 hours to three days. So if we are able to. Let's put the money in there just so we can avoid that fee. Um, and then I mentioned the atm fee. And they do have the minimum balance fee. So we want to ask if there's a type of account that we can have without having to pay the minimum fee. Sometimes they have different types of accounts. They have student accounts. They have, um, low income accounts. They have senior citizens accounts. So we have to ask what type of accounts they have to see if we are able to avoid some of these fees that they have. So we're going to move on into talking about the credit unions. Um, so I know some people said that they have a credit union. What do you like about your credit union? Yeah, yeah. They have other services. We have a notary in ours. Okay. So we had a much reduced rate, and, uh, their rates are really good and they're going to be very accommodating. Yeah. Mhm. Anyone else wants to share what they like about their credit. Yeah. Um I. Can get. My credit cards through my credit union with fees. Yeah. No. So yeah that's a plus that you have that option. Yeah. Anyone else wants to share? Yeah. My credit union offers the service of someone who will function as your financial planner for you. Okay. Yeah. The fiduciary. But I guess the banks can't really do that because. Of course. Yeah. Yeah. But you can get financial planning services. Yeah. Some credit unions do offer financial planning. They sit with you one on one. They talk about your goals and what you want to accomplish. Yeah. That's a plus of the credit unions as well. So credit unions there, um, with the compared to the traditional banking. Therefore non profit. So members it's member based. So usually members are owners of the credit union. Um they focus more on community needs. So again they do try to help you a little bit more. Um, they do have those financial coaching, uh, depending on the credit union and similar to the traditional banking. They are also protected, so they are protected by the ncua. Same thing if something happens to the credit union. Your money is protected as well. So that's like the fdic, correct? Yeah. It's just for the credit unions. So again, they do have different services. So like they mentioned, if you want to maybe open up a 401 k, they can maybe guide you into which 1st MAY be the best option for you. Um, and again they do offer the checking and savings account. The only difference is that usually it's lower or no monthly fees. So compared to the traditional banking credit unions don't have, they have a lower monthly fee or no monthly fee. Uh, savings. They do tend to have a higher interest rate. Um, so as I mentioned, traditional banking, uh, banks, they have 0.0 1%. Uh, with credit unions, it's not that much higher, but it's a little bit higher. It's 0.7 0.07% to 2.1%. So again, it's not that much higher, but it's a little bit better than the traditional banking. And it's easier to qualify for accounts. As you were mentioning, once you have a credit union, it's easier to open up other accounts as well, just because you have the relationship with. With them. And with credit cards and loans. Um, similar thing. They do have lower interest rates than traditional banking. So if you get a credit card with a credit union, maybe you have a 15%, 20% interest rate. Yeah. So it's yeah, it's really good with the traditional banking. Usually they give you um, 25% or more. I've seen some people that have gotten a 30% interest rate. So that's really, really high. Um, so again, credit unions do tend to, um, want to help you a little bit more. So they do offer lower interest. Uh, same thing with loans with a credit union. They MAY give you give you a 1,313% interest rate with a traditional bank. They MAY give you 20%. So we do want to make those comparisons and see which one is the best option for us, which one is going to save us money because that's what we want. We want to save money with banks. We don't want to pay the banks. And again, certificate of deposits. Credit unions also offer that, but they often have a better interest rate than the traditional banks. And with credit unions they also have a lower, um, balance that you can start with your certificate of the process. So instead of maybe being $500, it's 250 with a credit union. So it does have a lower, um, lower balance. One of the biggest differences is with the ATMs. So with credit unions, if you go to a different county, if you go to a different state, you MAY not be able to find an atm with your credit union. The good thing about the credit unions is that they are connected. So they do have a network. So you are able to use, let's say that I have square scores. First I'm able to use the Orange County Credit Union atm. So that's the positive about the credit unions is that they're connected. And you're able to use that with with no fee. So if you go to a different city, if you go to a different county, you MAY be able to use an atm from another credit union. And with credit unions you do have to join. So there's different ways that you are able to join that credit union. Some of those credit unions are employee employee base. So if you work with a certain company, you are able to open up and open up an account with them. Sometimes it's the community based on the city that you are living in. So I know that Santana has a credit union for Santana residents or people that work in Santa Ana. Um, we also have Orange County Credit Union, so that's for anyone that's in Orange County. And then we have scores first. That's for people that work in schools or or are students in either the college or university for schools first. I know a lot of people do want to join that because they do offer great benefits. Let's say that you are not in school. You don't work in a school. If you have a family member that's really closely related to you. You MAY be able to open up an account. So let's say that your son is going to college and they open up a school first account. You MAY be able to open up an account just because you have that relationship with with them. Do they get the same benefits? Yes. You should be able to get the same benefits. I know that there are some services that you MAY not be able to use just because it's specific for either employees or for students, but for the most part, you have the same same services. And compared to the traditional banking with credit unions. You can open up, open up an account with $5 to $25, compared to like maybe $100 or 150. So it's more accessible to people that you have to. You don't have to have a lot of money to start an account. And I have I provided this table to you. So it does give you that information on the handout that I provided. It's just some key differences between credit unions, traditional banking and also online banking. And what's the best situation for banks. So who should have a traditional bank. So usually if people travel frequently, if they go to different states, different cities, either because of work or they just like to travel, maybe a traditional bank MAY be best for them just because, again, they're going to be able to access those banks wherever they go. Maybe they want to use other services, better services that maybe the credit unions don't provide, just because usually traditional banks do offer more services than credit unions. Also, for the most part, uh, traditional banks do, um, invest in a little bit more money on their mobile banking. So the mobile app MAY be better, MAY work better with traditional banks and best situation for credit unions. If we want to have lower fees, we have want to have better savings rates. Maybe we want to start with a loan or credit or credit card. Again, credit unions are going to offer a lower interest rate with with those. And again, for the most part, some, um, credit unions to have that close relationship with you. So if you have a question, if you have a goal in mind, they can stay with you and work with you on that, on that goal. Any questions on either credit unions or traditional banks? Yeah. I just wanted to mention, since you go to schools first, is that you can go to ATMs that are In every 711. I think it is. Uh, they're not operated by 7-Eleven, but they have, um, an atm that you can use for this person. Okay. Yeah. Yeah, I know, in California. No. Yeah, yeah, I've seen that some locations do have a Schaus first atm, so they are in different places. Um, yeah. Thank you for that. Okay. So we're going to move into online banking. Um, so with online banking everything's online. You are able to access your account 24 seven. Um, again it's either going to be through the internet or a mobile, um, mobile app. Um, so some of the examples, it's like, uh, like Capital One, um, they often have no branches. It's all online. The only exception is Capital One that they have a cafe in Irvine. Uh, so you are able to use some services in there, but it's limited. So again, for the most part it's everything online. So they do offer the same services as the traditional banks, credit unions with the check ins and savings, credit cards and personal loans. The difference is that for the most part, the checking accounts checking accounts are going to be free, so you're not going to have to pay anything for that. With their savings, they usually also offer a higher interest rate. They have the high yield savings accounts and the offer like a 3.4 interest rate. So they do offer a little bit more um, more on that. So maybe that's a better option for you as well. Um, and secure credit cards. Traditional banks do provide that as well. But that's for someone that either wants to start their, um, their credit history or someone that wants to rebuild their credit history. So it's a way for them to make a deposit. Let's say it's $500. $500 is going to be their credit limit after a year or so. If they had a good history, the bank MAY open up an account with for them. So they're going to open up a credit card with the bank. It's no longer going to be the deposit. It's going to be money from the bank. So that's a positive about the secure credit card that we show the banks that we are, uh, um, we know how to manage the credit card. Uh, so some advantages and disadvantages of our online banking, um, advantages is that they have low fees or no fees with their savings accounts. They do have a higher interest rate, and their applications are usually easy to use. The cons is that there's no branches. So we like to go in person. We like to talk to people. They don't have that option. So everything's online. Maybe if we have a question we MAY have to call via phone or send emails or do the chat option as well. Um, cash deposits are a little bit more difficult, but we do have that option, so I don't know if anyone has since has seen the access point ATMs. Usually they are in stores. You are able to use those ATMs, so that's an option that you have as well. The access point ATMs. Yeah. So for all of the services that we're trying to get, we do have to make sure that they are protected. Yes. Because sometimes, like they mentioned, they advertise services, but they are not protected by the fdic or the ncua. So we do. Have moral of this story is don't put your money. All in one place. I mean, you better have some emergency money accessible somewhere else. Yeah, yeah. So now that we talked about traditional banks, credit unions and online banks. So we do want to make sure that we know what fees they're going to charge. So if we want to open up an account we want to have the fees in mind. Just because again we don't want to pay a lot of fees. We want to pay the lowest we can. How we see. How easy is it to access your money going back to that? Um, do we have ATMs available? is there a different ways that we are able to take out our money, transport our money? What are those ways that we can access our money? Do they have good customer service? I know for the most part, usually credit unions to have a better customer service compared to traditional banking, just because, again, they're just trying to get people in and out of the of the bank. Um, do they help you save money or do they cost you money? As I mentioned before, we want to pay less, and we, um, we don't want to pay the bank. We want the bank to pay us. So we want to have more, uh, a higher interest in our savings. We want to have a lower interest on loans, on credit, credit cards, again, because we want the bank to be paying us, not the other way around. And sometimes, maybe in the past, we didn't have a good history with our account, and maybe it got closed. And there's different reasons why an account might have gotten closed. But usually when this when this happens, we do have the right to access the report to make sure that everything is correct. And if everything's correct, we know that the reason why the account got closed is right. Uh, it MAY be a little bit difficult to open an account with another bank. Let's say that we had Wells Fargo and we're trying to go to we're trying to go to Chase. They MAY not let us open up an account. So what we can do is that we can either try an online bank, or we can try to see if they have a second chance account. So usually the second chance accounts, they, they do let you open up an account. You have limited services, but it's just for you to start again to show that, um, you know, how to manage your, your account. Um, I know for the most part everyone has an account already, but usually you need your id, your Social security number or I10 proof of address and an open opening deposit. Um, and we do want to ask about the different accounts that they have. Like I mentioned, sometimes they do have a student account. They do have a senior citizen account. They have low income accounts. So we want to make sure that they are providing the lowest, um, fees, um, the lowest, uh, that came with the lowest fees. We want to make sure that we have the account with the lowest fees, so we save money as well. Um, so real life scenarios. So which option is the best for these different people? So Maria lives paycheck to paycheck and wants to buy a used car for her. What type of bank would be the best option? Are you ready? Yeah. Why? Credit union. Mhm. Yeah. So yeah. Better rates. Usually they have lower fees as well for your checking accounts. And then we have Jorge works two jobs and doesn't have time to visit a branch Online. Yeah. So online bank would be the best option. I know some people have mentioned to me that, um, nowadays even traditional banks and credit unions offer the same services online. But the main difference with online banking, again, is that they have lower fees or they have no fees, and the interest rates are usually higher. So, um, if I want to open up an account with lower fees, online banking is going to be the best option on this case. Uh, Lewis's job requires him to travel between cities. What would be the best option for him? Yeah. Again, like I mentioned, there's your. You are able to access ATMs, the branches on different cities, different counties, different states. Okay. So that's all that I have for today. So for the next class we're going to be talking about savings and managing debt. It's going to be MARCH 11th. Same location same time. So thank. You. 15. I'm on scene at the parking structure. I've got the suspect. He's on the west side of the structure, top level. He's checking door handles. The 2 minute response sounds unheard of. When you call us and we're there in 2 minutes, you won't even, you'll barely be hanging up the phone and we're there. That is something that's unheard of because it's a common complaint throughout law enforcement. We just started our drone as a first responder program that's called the dfr program. The pilot, the drone pilot is sitting at a location in our station, our real-time crime center. From here we can hear the call go out. We can punch in the location and have the drone on scene. Normally within 2 minutes or less if it is a crime in progress and we realize or we get up to date information from a witness in that area that that suspect is moving, we're able to also in real time update that location or I can take over and start changing that location. Once the drone is on scene, the pilot can transmit the officers if there is in fact a crime occurring or if there's no need for their response at all. If we don't have video of the crime occurring, sometimes those cases go nowhere. So if we're able to get a drone overhead recording that happening. Not only is it helpful for the officers for us to direct them to know where that suspect is going, it also helps not only the investigators but the district attorneys and the prosecution of that case. So this program is a completely reactive program. It's not proactive. We're not out proactively looking, looking for crime. We're not looking in people's backyards. We are there because there's a legitimate call for service. We will respond to that call for service. We will have the drone's ability there and we will use it to the maximum extent. We need real time situational awareness so we can get there and save people's lives. These drones give us that capability. It's, it's disaster preparedness. It is helping us to look for seniors that are lost, and we have silver alerts. It's helping us for kids that get lost. It is off of the charts in terms of how much better public safety becomes because of this. Other larger agencies that have already begun their dfr program have reported between 20 and 25% of their patrol calls were actually handled by the drone. So right now we're in the first phase. Our dfr program where we have 3 of these dogs positioned throughout the city. Eventually we want the entire city covered, which means we're gonna install more dogs eventually that way we can respond to any call in the city within 2 minutes. We're gonna solve crimes quicker. Our response times should be 2 minutes by the time we get done with this program. You're not gonna have that anywhere in the country. This allows us to let business be uh conducted as usual without significant interruptions. It's gonna be, it's gonna be a game changer.