Banking 101

Banking 101

What is the purpose of a bank? What bank do I choose? What type of account/s do I open? What are the most important factors to

consider with my banks and accounts?

What is the main difference between a savings & checking account?

Bank Policies What if you have more than 250,000? Why do people use certified checks? Which do you think are the most

common fees? The most avoidable fees? Most important factor when picking a

bank is…?

Most important things to remember about Checking Accounts…

Let your money earn interest, too much in checking is a waste!

Shop around for banks & accounts You do not need to incur fees Call the bank if it is your first time or

has been a while since you incurred a fee!

Writing a Check 101 Date – do not post date checks, they may not

be accepted Full and proper name of payee Dollar amount Thirty five and 23/100--------------------Dollars Sign name For/Memo: house cleaning April Every seen Judge Judy???

Corrections: cross out and initial Can view checks online (time period) Can get checkbook with duplicates

Keeping Track of Your Money

Check ledger: will you actually keep up? Add debit card transactions?

How should you keep track of your money?

Check online regularly – have a schedule before major bills are due Credit card due 15th of every month, 1st of every

month check online

Credit 101 All info is in your magnetic strip It is hard to keep track of too many credit

cards, easy to overspend Discount at stores seems great, but then only

use once and close it.

Never pay minimum payment due – pay in full or in the least the most you can. Finance Charge: 18% or more! Interest compounds EVERY day

Fees: over limit, late payment, cash advance Advantages & disadvantages of automatic

payment

Nice things about Credit Cards

Building credit Car loans, leases, apartments, et cetera

Stolen can be reported & replaced Points…?