Learning for Better Living
Your money needs to be safe. It is up to you to
choose where you want to deposit your money. There are
banks, savings and loan associations and credit unions.
They offer a variety of services.
A savings account is an account that earns interest.
Interest is what the bank pays you for keeping your
money in your account. You can open a savings account
with a few dollars. Some banks will give you a booklet
called a “passbook,” to keep track of your money.
You need to know:
- Minimum amount you must keep in the account.
- Interest you are paid.
- How much you can take out at one time.
- How often you can take money out of your account.
With many savings accounts you will be charged a fee
if you withdraw money too often.
- Any charges for having an account.
A checking account is a record of your spending when you
pay for goods or services by check. The bank takes the
money from your account and pays it to the person named
on the check. You will get a monthly record of the
deposits you made and the checks that you wrote from
There are several types of checking accounts. Look at
the cost and other features, then pick the one that is
best for you.
There is an easy way to get to the money in your
checking and/or savings account: automatic teller
machines (ATMs). To use an ATM you need to have a card
that looks like a credit card. You will also be given a
personal identification number (PIN). Don’t tell this
number to anyone. When you take money out of your
account using an ATM, be sure to record it. Ask if there
is a charge for using the ATM.
If your checkbook, passbook or ATM card is lost or stolen, you need to report the loss to the bank immediately.
Last update: Tuesday, May 05, 2009