how to get started with banking!
click the image to begin
click on each financial institution to learn about them!
banks are community, regional or national for-profit business corporations owned by private investors and governed by a board of directors chosen by the stockholders
| large chain banks benefits | |
|---|---|
| country-wide ATM and branch access | you may be able to access a bank's branch on separate coasts simply because it has locations everywhere |
| better and faster technology and adoption | bigger banks tend to put in the investment to adopt new financial technologies that can improve the service provided to customers |
| stable, trusted reputation | bigger, more well-known banks are unlikely to fail or present you with "surprise" difficulties |
banks are community, regional or national for-profit business corporations owned by private investors and governed by a board of directors chosen by the stockholders
| smaller local bank benefits | |
|---|---|
| more intimate, personal service | it's simply easier to have a personal touch in a smaller setting. bankers may remember your face and name and that level of attention can make you feel safer about having your money with that bank |
| community-oriented products and services | smaller banks may feel responsible for the financial of well-being of the nearby residents and aim to do better for them |
| more willing to negotiate and work with customers | community banks may be more likely to work with customers on a case-by-case basis to see how they can provide a service to clients (i.e. waived certain account or service fees, reduced interest rates on loans) |
credit unions are non-profit financial cooperatives owned by their members and governed by a board of directors elected by, and from among, those members
| credit union benefits | |
|---|---|
| less rigid eligibility requirements | while credit union membership depends on belonging to a particular community (i.e. a workplace, region or church), most consumers are eligible |
| lower interest rates | on average, credit unions offer lower rates on loans and higher rates on savings accounts – just what consumers want |
| deposits are insured in the same way as banks | credit unions are insured by the federal National Credit Union Administration, which provides the same protections that the Federal Deposit Insurance Corporation applies to banks |
back to financial institutions!
money tools
click the image
| money tools | |
|---|---|
| savings account | safe place to put money aside for a future goal or for unexpected expenses |
| checking account | an account that allows you to put checks or cash in or take money out. allows you to get cash when you need it and to pay for things in other ways than using cash—like writing checks or using a debit card |
| checks | paper forms that people use to transfer money from one place to another |
| ATM | an automated teller machine, or ATM, is a specialized computer used by bank customers to manage their money, for example, to get cash, make deposits, or transfer money between accounts |
| debit card | a debit card is a safe and convenient way to pay for things from a checking account |
| online banking | online banking is a paperless way to handle banking activities with your personal computer, using the internet |
| mobile banking | available at some banks, mobile banking gives you the convenience of using a mobile device to check on your accounts |
after determining which financial institution suits most/all of your needs, you may be wondering how you open a bank account
make sure you are eligible to open an account. before you go to your chosen financial institution, you should check if you meet all the criteria they require. if you are under 18, you may need to have a parent accompany you & sign forms. you will need valid identification and be willing to share basic info about yourself.
pick the type of account you want. most of the time, when someone opens their first bank account, it is a regular checking or savings account. or, if you have enough money to meet the minimum deposit for both, having both a checking and a savings account is usually best.
visit the financial institution of your choice and ask to open an account. opening an account in person is usually the best option for first-time account holders.
ask important questions before you finalize your account. this is a great time to ask anything you are still unsure about, such as: "is there a minimum balance that i must keep within this account?" and anything of the sort.
supply the necessary information to create your account. you may or may not have to provide documentation to prove this personal information. it depends on the institution you choose.
keep the documents that you receive safe. when you finish completing your account, you will receive documents that contain important information about your account. keep these in a safe place.