1 / 36

“Bank Accounts: What You Should Know”

“Bank Accounts: What You Should Know” 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?

andrew
Download Presentation

“Bank Accounts: What You Should Know”

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. “Bank Accounts: What You Should Know”

  2. 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

  3. 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?

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. Features of Checking Accounts • 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.

  10. 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

  11. 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

  12. 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

  13. How to Use your Checkbook

  14. How to Write a Check

  15. How to Keep Your Check Register

  16. How to Reconcile Your Bank Statement

  17. 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

  18. 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.

  19. 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

  20. 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.

  21. 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)

  22. Shopping for a Credit Card • Annual Fee? • Annual Percentage Rate? • Computation Method? • Grace Period? • Finance Charge? • Credit Limit? • Card Incentives?

  23. Maintaining Good Credit • Credit Agencies • The Credit Process • Credit Report • Credit Rating • Credit Score • Equifax • Experian • TransUnion • Establishing a Credit History

  24. 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

  25. Managing Credit Issues and Concerns • Warning Signs • Delinquent payments • Default notices • Repossession • Collection agency notices & calls

  26. Managing Credit Issues and Concerns • Resources and Assistance • Be proactive • Communicate with your bank or creditor • Explore debt consolidation • Consider credit counseling

  27. Consumer Credit Counseling Service of Buffalo, Inc. 40 Gardenville Pkwy. Suite 300 West Seneca, NY 14224 Tel. (716) 712-2062

  28. 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.

  29. Banks with ATM’s at UB • HSBC • Key Bank • M&T Bank

  30. Bank of America • Free Student Checking for 5 years • No monthly charges • No minimum balance • Free online banking with unlimited bill pay • Unlimited check writing • Free Bank of America Visa Check Card • Free Stuff Happens rebate card

  31. Bank of America 1 Full Service ATM on UB’s North Campus (Nov 06) 1 Full Service ATM on UB’s South Campus (Nov 06) 1 Full Service ATM across the street from the South Campus (next to Tim Horton’s) Full-service Bank of America banking center, drive-in & ATM ten minutes by foot from UB’s North Campus Wire transfers

  32. 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

  33. 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

  34. M&T Bank • Totally free checking • No monthly or per-check fee • No minimum balance requirement • Unlimited check writing • Free online banking

  35. M&T Bank • Free Visa Debit Card • Use at any STAR, NYCE, CIRRUS or VISA ATM worldwide • Unlimited use • 2 ATM’s on UB’s North Campus 2 ATM’s on UB’s South Campus Full service M&T branch, drive-in & 2 ATM’s across from UB’s South Campus

  36. THANK YOU VERY MUCH!

More Related