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Your Money: Keeping It Safe and Secure

Your Money: Keeping It Safe and Secure. By; Ro’melle Dixon White 4. Difference between a bank and a credit union. Credit union; financial institutions owned by their customers, who are also called members. Bank; For-profit company, owned by investors in it’s stock.

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Your Money: Keeping It Safe and Secure

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  1. Your Money: Keeping It Safe and Secure

    By; Ro’melle Dixon White 4
  2. Difference between a bank and a credit union Credit union; financial institutions owned by their customers, who are also called members. Bank; For-profit company, owned by investors in it’s stock. The difference between a bank and a credit union is that a bank is owned by the investors and the credit union is owned by the customer’s.
  3. Savings account/Shared account Savings account/ shared account; a place to deposit money you don’t plan to spend right away.
  4. Benefits of using a checking account Convenience; if you use checks, you don’t always have to cash before making a purchase. Safety; you don’t have to carry a big wad of cash around the store which will make you less likely to get robbed. Easier Budgeting; a checking account can also help you budget your money. When you use your check register to record whom you wrote checks to, you're automatically keeping track of where your money is going Proof of Payment; checks provide written proof that you made a payment to someone or a business.
  5. Four Precautions Always write checks in ink. Once you endorse a check anyone can cash it. So don’t endorse checks you plan on depositing until you get to the bank or credit union. Keep unused checks in a safe place. Check your statement every month to make sure there are no withdrawals you didn’t authorize and that your activity matches what you recorded in your checkbook register.
  6. 7 signs of smart debit card use Memorizing and protecting your PIN and not carrying it in your purse, wallet, or pocket Immediately recording purchases and withdrawals in your check register. Signing the back of your card to make it harder for others use. Keeping receipts to check against your statement. Using your institutions atm machines to avoid fees Being aware of your surroundings when you use your debit card, especially at an atm at night. Immediately reporting lost or stolen cards.
  7. Identity theft Occurs when someone uses your name, Social Security number, credit card number, or other personal information without permission.
  8. Phishing, Freeware, and Spyware Phishing; can appear in the form of an E-mail or pop up message. Freeware; can be a scam to get your personal information Spyware; a bad side effect of free downloads.
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