“Bank Accounts: What You Should Know”. Overview How to Choose the Right Bank Banking Terminology Types of Bank Accounts Features of Checking Accounts.
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Presentation on theme: "“Bank Accounts: What You Should Know”. Overview How to Choose the Right Bank Banking Terminology Types of Bank Accounts Features of Checking Accounts."— Presentation transcript:
Overview How to Choose the Right Bank Banking Terminology Types of Bank Accounts Features of Checking Accounts How to Write a Check Other Bank Services
How to Choose the Right Bank Location Is it close to home or campus? Will I need a car to get there? Will I have easy access to an Automatic Teller Machine (ATM)? Services Is it open when I need to use it? Does it offer the services I need?
How to Choose the Right Bank Costs How much are the fees? (ATM, monthly, per- check, etc.) Requirements to Open an Account Documents (UB Card, proof of address, etc.) Minimum Balance Minimum Transactions or limits
Banking Terminology Deposit: to put money in the bank Bank deposit (noun) Withdraw: to take money out of the bank Withdrawal (noun) Overdraw: to take more money out of your account than is available
More Banking Terminology Interest: money which your bank account earns Fixed interest rate: unchanging rate of interest Variable interest rate: rate of interest which changes regularly
Types of Bank Accounts Checking Accounts Permit you to write checks up to the amount of money in the account Savings Accounts Earn interest on the money in the account May not have check-writing or ATM privileges
Types of Banking Accounts Money Market accounts Permit limited check writing Pay variable interest Certificates of Deposit (CD’s) Exist for specified time periods (30 days - 10 years) Pay fixed or variable interest Charge a penalty if the money is withdrawn early
Minimum deposit Minimum amount of money required to open account Service fees Monthly statement fee Per check fee Debit card (ATM) fee Minimum balance Required amount of money in account You must pay a fee if amount falls below minimum balance. Features of Checking Accounts
More Features of Checking Accounts Interest Interest-bearing accounts pay interest Interest-free accounts do not pay interest Other Fees Nonsufficient Funds (NSF) fee Fee for writing a check for “bouncing a check” (writing it for more money than is in your account) Wire transfer fee Fee for sending money electronically from another bank
More Features of Checking Accounts Overdraft protection Protects you from overdrawing your account Money is automatically taken from your savings account if you write a check or make an ATM withdrawal for too much money. FDIC protection Federal Deposit Insurance Corporation U.S. government agency which insures your bank account up to $100,000
What You Need to Open An Account Passport or other official government I.D. Copies of immigration documents UB Card (may be optional) Address in U.S. Minimum required deposit
ATM Cards ATM = Automatic Teller Machine ATM card = plastic card with a personal code Provides 24-hour access to your money Used to deposit money into or withdraw it from your account Access to your money is free if you use your bank’s ATM If you use another bank’s ATM, you may be charged a fee by the other bank and your bank. Debit card Card which is used to make purchases Money is taken directly from the account Credit card Card which is used to make purchases Owner of the card is billed for the purchases and pays later
Important ATM Card Tips Keep your card in a secure place Do not write your personal code on your ATM card or keep it with your card. Keep your ATM receipts and write them in your checkbook. Review your monthly bank statement for accuracy.
Debit Cards Plastic card with a personal code Also used as ATM card Used to make purchases Amount of purchase is withdrawn directly from your bank account
Credit Cards Plastic card with a personal code Can be used as ATM card if procedures are followed Used to make purchases You will be billed for the amount of the purchase. If you don’t pay your bill each month, you will be charged interest.
Types of Credit Cards Private Label Can only be used in one place Examples: Department Stores, Gasoline Companies General Label Can be used in many places Examples: Bank Card, Major Credit Card (VISA, American Express, MasterCard, Discover)
Maintaining Good Credit Credit Agencies The Credit Process Credit Report Credit Rating Credit Score Equifax Experian TransUnion Establishing a Credit History
Things to Do to Establish and Maintain Good Credit What can everyone do to establish and maintain good credit? 1. Pay all bills on time 2. Have both a checking and savings account at a local bank 3. Avoid late fees 4. Know your budgetary limits 5. Monitor your credit card balances 6. Prioritize your needs and wants 7. Request a copy of your credit report each year 8. Use your credit card through secure channels
Managing Credit Issues and Concerns Resources and Assistance Be proactive Communicate with your bank or creditor Explore debt consolidation Consider credit counseling
Preventing Fraud Do not accept a personal check from someone you don’t know well. Keep your ATM, debit and credit cards and your checkbook in a safe place. Check your monthly bank statements to be sure the deposits and withdrawals are correct. If your card is lost or stolen, call your bank or credit card company immediately! Avoid carrying large amounts of cash.
Banks with ATM’s at UB Citibank HSBC Key Bank M&T Bank
Citibank No-Fee Checking/Savings package No monthly or per-check fee No minimum balance requirement Unlimited check writing Free online banking & bill payment Free online bank statements No Citibank fees at Citibank ATM’s or non- Citibank ATM’s No-Fee MasterCard Debit Card with unlimited use
Citibank Free wireless (e-mail, cell phone) alerts 3 ATM’s on UB’s North Campus 1 ATM on UB’s South Campus Full service branch in front of Boulevard Mall, 1205 Niagara Falls Boulevard On-line inter-institutional transfers, global cash transfers, domestic and international wire transfers Free Gift
HSBC Bank Free checking No monthly or per-check fee No minimum balance requirement Unlimited check writing Free online banking & bill payment Free online bank statements Free 24-hour telephone banking No-fee MasterCard debit card with unlimited use
HSBC Bank 2 ATM’s on UB’s North Campus 1 ATM on UB’s South Campus Full-service HSBC branch, drive-in & ATM ten minutes by foot from UB’s South Campus Wire transfers Thank you gift
Key Bank Free checking No monthly or per-check fee No minimum balance requirement Unlimited check writing Free online banking & bill payment Free online bank statements No Key Bank fee for using Key Bank & non-Key Bank ATM’s No-fee debit card with unlimited use. Also debit card airmiles.
Key Bank $100 rebate after four months Rebate on other bank’s ATM fees (up to $6 per month) 3% cash back on purchases with Key Student MasterCard 3 ATM’s on UB’s North Campus Full service Key Bank branch & 1 ATM three blocks from UB’s South Campus Thank you gifts
M&T Bank Totally free checking No monthly or per-check fee No minimum balance requirement Unlimited check writing Free online banking
M&T Bank Free Visa Debit Card Use at any STAR, NYCE, CIRRUS or VISA ATM worldwide Unlimited use 1 ATM on UB’s North Campus Full service M&T branch, drive-in & 2 ATM’s across from UB’s South Campus Thank you gift