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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
Services
Is it open when I need to use it? Does it offer the services I need?
Banking Terminology
Deposit: to put money in the bank
Savings Accounts
Earn interest on the money in the account May not have check-writing or ATM privileges
Permit limited check writing Pay variable interest Exist for specified time periods (30 days - 10 years) Pay fixed or variable interest Charge a penalty if the money is withdrawn early
Service fees
Monthly statement fee Per check fee Debit card (ATM) fee
Required amount of money in account You must pay a fee if amount falls below minimum balance.
Minimum balance
Interest-bearing accounts pay interest Interest-free accounts do not pay interest Nonsufficient Funds (NSF) fee
Other Fees
Fee for writing a check for bouncing a check (writing it for more money than is in your account) Fee for sending money electronically from another bank
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. Federal Deposit Insurance Corporation U.S. government agency which insures your bank account up to $100,000
FDIC protection
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 banks ATM
If you use another banks ATM, you may be charged a fee by the other bank and your bank.
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Plastic card with a personal code Also used as ATM card Used to make purchases Amount of purchase is withdrawn directly from your bank account
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 dont pay your bill each month, you will be charged interest.
General Label
Can be used in many places Examples: Bank Card, Major Credit Card (VISA, American Express, MasterCard, Discover)
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
Consumer Credit Counseling Service of Buffalo, Inc. 40 Gardenville Pkwy. Suite 300 West Seneca, NY 14224 Tel. (716) 712-2062
Preventing Fraud
Do not accept a personal check from someone you dont 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.
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
Bank of America
1 Full Service ATM on UBs North Campus (Nov 06) 1 Full Service ATM on UBs South Campus (Nov 06) 1 Full Service ATM across the street from the South Campus (next to Tim Hortons) Full-service Bank of America banking center, drive-in & ATM ten minutes by foot from UBs North Campus Wire transfers
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
HSBC Bank
2 ATMs on UBs North Campus 1 ATM on UBs South Campus Full-service HSBC branch, drive-in & ATM ten minutes by foot from UBs South Campus Wire transfers
M&T Bank
Totally free checking
No monthly or per-check fee No minimum balance requirement Unlimited check writing Free online banking
M&T Bank
Free Visa Debit Card
Use at any STAR, NYCE, CIRRUS or VISA ATM worldwide Unlimited use
2 ATMs on UBs North Campus 2 ATMs on UBs South Campus Full service M&T branch, drive-in & 2 ATMs across from UBs South Campus