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/ 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 15 th of every month, 1 st 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…?