Recap: Basics of bank services

OK…it’s time to recap the most important points you’ve learned about the Basics of Bank Services:

First of all, financial institutions, such as banks, offer safe, secure, and convenient services that can help you save money and build toward a better financial future. Shop around for the financial institution and the types of accounts that best meet your needs.

Those are all great points. Next: a savings account is a safe place to put money aside for your future goals or for unexpected expenses. In a savings account, your money will grow with interest. The amount of interest you earn will depend on which account you choose and how much money you keep in the account over time.
You’re right: savings accounts are a great place to set aside money for the future, but for paying your monthly bills and making day-to-day purchases, we recommend a checking account as the ideal tool.
Once your bank accounts are open, you’ll probably have lots of options for how to use them. Talk to your bank for all the details.
Remember: to be a good money manager, you need to keep accurate records. It’s up to you to keep track every time you put money in and take money out of your accounts.

Keep your receipts and record every transaction you make. Every month, review your statement along with your register and your receipts to make sure that your records and the bank’s records agree.

Keeping track will help you avoid overdrafts — spending more than you have — and having to pay expensive fees and penalties.
Finally, take advantage of services your bank may offer — like ATMs, online banking, mobile banking, direct deposit and automatic transfers. All of these can make managing your money quick and convenient, and put you in control.

Key points

Remember these key points you’ve learned about the basics of bank services.

  • Financial institution = safe, secure, convenient services to save money and build better financial future
  • Savings account = safe place to put money for future goals and unexpected expenses
  • Checking account = ideal for paying bills and daily purchasing
  • Ask your bank what services they offer and how to use them
  • Keep accurate records
  • Reconcile your statements monthly
  • Avoid overdrafts!
  • Take advantage of helpful tools: ATMs, online banking, direct deposit, and more
  • Ready for more? See Money Management Tools & Tips

You have completed the Basics of Bank Services.
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