Banking 101
Banks and credit unions offer services to individuals and businesses. You are their primary customer. So it is important to know that you can shop around to find the bank or credit union that works best for you.
Banks are for-profit institutions while credit unions are non-profit and return their earnings to their members. Be sure to consider the cost of holding an account, location and availability of branches, and online accessibility when choosing where to bank.
Most banks and credit unions offer several checking and savings account options. Read the terms and conditions to the types of accounts to ensure it will fit your needs. Students are often able to open a student account that has reduced or no monthly maintenance fees. Remember you are their customer and they want your business.
Checking versus Savings Accounts
A checking account allows the owner to deposit and withdraw money daily with no limitations. Savings accounts allow the owner to deposit funds and earn interest on the money kept in the account. Savings accounts usually earn a small amount in interest. There can be limits to the number of withdrawals from a savings account.
Learn more about the difference between checking and savings accounts.
Avoiding Common Banking Fees
One way that banks and credit unions make money is by charging fees. Many of these fees can be avoided by understanding the type of account you have.
Monthly Maintenance fee
Choose an account that is free or that you know you can keep the requirements. Some requirements may mean only banking online or using the ATM, maintaining a minimum balance.
Overdraft Fees
Knowing how much you have in your account at all times will help you avoid overdraft fees. Utilize low balance alerts by activating them. These fees can be avoided by knowing what expenses are regularly drafted and when money will be deposited.
Learn to balance your checkbook.
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