In Using your bank accounts, you’ll learn how your new accounts can make managing your money easy and convenient.
Once your checking or savings account is open, you’ll probably have lots of options for how to put money in, how to make deposits, and for taking money out, or making withdrawals.
If you have more than one account with the same financial institution, be sure to ask them about convenient ways to transfer funds between your accounts.
Each time you move your money in or out of your account, it’s called making a transaction. When funds are moved by computer, rather than by cash or check, it’s called an Electronic Funds Transfer, or EFT.
Another great option many financial institutions offer is online banking. This service allows you to handle many banking activities over the Internet, including paying your bills. And some banks offer mobile banking. This service gives you the convenience of using a mobile device to check on your accounts, for example, sending a text message from your cell phone to find out your current account balance.
Once your account is open, there are several ways to move your money. Ask your bank what they offer.