U.S. Banking

1. U.S. Banking

2. Checking Account vs. Saving Account • Checking accounts are for daily transaction use • Checks and debit cards are tied to checking accounts • There are almost no limitations on withdrawals from checking accounts • Checking accounts do not accrue interest • Some fees may apply to checking accounts • Maintenance fee • Activity fee • Paper Statement fee

3. Checking Account vs. Saving Account • Savings accounts are not for daily transactions, but for saving money over time • There are typically more limitations on withdrawals from savings accounts • Typically there are less fees (if any) • Accrue interest • Cannot use money quickly

4. Checking Account Fees • Maintenance fee: $10 • Once per statement period (one month) • Does not apply if: • you are a full time student • maintain a minimum of $750 • Direct deposit of at least $150 per month • Activity Fee: $10 • Quarterly • Does not apply if: • you use account at least once per every three statement periods • Paper statement fee: $2 • Does not apply if: • You are a full time student • You cancel paper statements (only receive electronic statements)

5. Withdrawal

6. Deposit

7. Deposit with cash back

8. Bank Card • ATM card • Can use at any Comerica ATM for free • Can use at any ATM with fees • ATM fee • Comerica fee • Debit Card • Can use almost anywhere • Use as credit or debit • Use online

9. Credit vs. Debit • When you run your bank card at a store you will have the choice of “debit” or “credit” • Sometimes the default choice is automatically debit. If you want credit, select “cancel” on the screen and then select “credit”. Or tell the cashier. • With a bank card debit and credit are almost the same. However: • You can get cash back with debit (not credit) • Debit will usually process faster, credit can take up to 4 days • Debit has less fees for the store • Debit has to use a pin number • Credit has better fraud protection (recommended for larger purchases) • *Some* banks charge a fee at certain merchants for using your card as debit. Credit has no fee for you. However, Comerica does not charge this fee. • Some places only take debit. (Rare)

10. Checks • Usually used for paying bills, but can be used most places • Processing time is longer (2-7 days) • Must purchase checks • Can issue check online for free • Returned as cash (per store policy) Routing Number Account Number

11. Money Order • Must be purchased • Can be purchased at bank • Can be bought at most major grocery stores or pharmacies • Can be used instead of a check • Don’t lose it!!! You will lose your money!!!

12. Other things to know • Keep track of your account! You can do this very easily online! • If you notice a suspicious charge on your account you need to call your bank right away. The longer you wait, the higher your liability. • Call your bank immediately if you can’t find your bank card! • Never give out your pin. • You must go to the bank after each year to show your student ID in order to have your bank fees waived • Keep track of your statement date and make sure to use your account at least once per 3 cycles.

13. Things to know! • Overdraft fees are VERY expensive. Keep track of your account and purchases. Some purchases on your card of check will not appear for a few days. Overdrafts are charged PER DAY. • There is a fee to cancel checks. • There is fee for bounced checks and it is also VERY EXPENSIVE. • Questions?