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“Bank Accounts: What You Should Know” 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 How to Choose the Right Bank Location Is it close to home or campus?

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Presentation Transcript
overview
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
how to choose the right bank
How to Choose the Right Bank
  • Location
    • Is it close to home or campus?
    • Will I need a car to get there?
    • Will I have easy access to an Automatic Teller Machine (ATM)?
  • Services
    • Is it open when I need to use it?
    • Does it offer the services I need?
how to choose the right bank4
How to Choose the Right Bank
  • Costs
    • How much are the fees? (ATM, monthly, per-check, etc.)
  • Requirements to Open an Account
    • Documents (UB Card, proof of address, etc.)
    • Minimum Balance
    • Minimum Transactions or limits
banking terminology
Banking Terminology
  • Deposit: to put money in the bank
    • Bank deposit (noun)
  • Withdraw: to take money out of the bank
    • Withdrawal (noun)
    • Overdraw: to take more money out of your account than is available
more banking terminology
More Banking Terminology
  • Interest: money which your bank account earns
    • Fixed interest rate: unchanging rate of interest
    • Variable interest rate: rate of interest which changes regularly
types of bank accounts
Types of Bank Accounts
  • Checking Accounts
    • Permit you to write checks up to the amount of money in the account
  • Savings Accounts
    • Earn interest on the money in the account
    • May not have check-writing or ATM privileges
types of banking accounts
Types of Banking Accounts
  • Money Market accounts
    • Permit limited check writing
    • Pay variable interest
  • Certificates of Deposit (CD’s)
    • Exist for specified time periods (30 days - 10 years)
    • Pay fixed or variable interest
    • Charge a penalty if the money is withdrawn early
features of checking accounts
Features of Checking Accounts
  • Minimum deposit
    • Minimum amount of money required to open account
  • Service fees
    • Monthly statement fee
    • Per check fee
    • Debit card (ATM) fee
  • Minimum balance
    • Required amount of money in account
    • You must pay a fee if amount falls below minimum balance.
more features of checking accounts
More Features of Checking Accounts
  • Interest
    • Interest-bearing accounts pay interest
    • Interest-free accounts do not pay interest
  • Other Fees
    • Nonsufficient Funds (NSF) fee
      • Fee for writing a check for “bouncing a check” (writing it for more money than is in your account)
    • Wire transfer fee
      • Fee for sending money electronically from another bank
more features of checking accounts11
More Features of Checking Accounts
  • Overdraft protection
    • 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.
  • FDIC protection
    • Federal Deposit Insurance Corporation
    • U.S. government agency which insures your bank account up to $100,000
what you need to open an account
What You Need to Open An Account
  • Passport or other official government I.D.
  • Copies of immigration documents
  • UB Card (may be optional)
  • Address in U.S.
  • Minimum required deposit
atm cards
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 bank’s ATM
    • If you use another bank’s ATM, you may be charged a fee by the other bank and your bank.
  • Debit card
    • Card which is used to make purchases
    • Money is taken directly from the account
  • Credit card
    • Card which is used to make purchases
    • Owner of the card is billed for the purchases and pays later
important atm card tips
Important ATM Card Tips
  • Keep your card in a secure place
    • Do not write your personal code on your ATM card or keep it with your card.
    • Keep your ATM receipts and write them in your checkbook.
    • Review your monthly bank statement for accuracy.
debit cards
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
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 don’t pay your bill each month, you will be charged interest.
types of credit cards
Types of Credit Cards
  • Private Label
    • Can only be used in one place
    • Examples: Department Stores, Gasoline Companies
  • General Label
    • Can be used in many places
    • Examples: Bank Card, Major Credit Card (VISA, American Express, MasterCard, Discover)
shopping for a credit card
Shopping for a Credit Card
  • Annual Fee?
  • Annual Percentage Rate?
  • Computation Method?
  • Grace Period?
  • Finance Charge?
  • Credit Limit?
  • Card Incentives?
maintaining good credit
Maintaining Good Credit
  • Credit Agencies
  • The Credit Process
    • Credit Report
    • Credit Rating
    • Credit Score
      • Equifax
      • Experian
      • TransUnion
  • Establishing a Credit History
things to do to establish and maintain good credit
Things to Do to Establish and Maintain Good Credit
  • What can everyone do to establish and maintain good credit?
    • 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
managing credit issues and concerns
Managing Credit Issues and Concerns
  • Warning Signs
    • Delinquent payments
    • Default notices
    • Repossession
    • Collection agency notices & calls
managing credit issues and concerns26
Managing Credit Issues and Concerns
  • Resources and Assistance
    • Be proactive
    • Communicate with your bank or creditor
    • Explore debt consolidation
    • Consider credit counseling
slide27
Consumer Credit Counseling Service of Buffalo, Inc.

40 Gardenville Pkwy. Suite 300

West Seneca, NY 14224

Tel. (716) 712-2062

preventing fraud
Preventing Fraud
  • Do not accept a personal check from someone you don’t 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.
banks with atm s at ub
Banks with ATM’s at UB
  • HSBC
  • Key Bank
  • M&T Bank
bank of america
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 america31
Bank of America

1 Full Service ATM on UB’s North Campus (Nov 06)

1 Full Service ATM on UB’s South Campus (Nov 06)

1 Full Service ATM across the street from the South Campus (next to Tim Horton’s)

Full-service Bank of America banking center, drive-in & ATM ten minutes by foot from UB’s North Campus

Wire transfers

hsbc bank
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
  • No-fee MasterCard debit card with unlimited use
hsbc bank33
HSBC Bank
  • 2 ATM’s on UB’s North Campus

1 ATM on UB’s South Campus

Full-service HSBC branch, drive-in & ATM ten minutes by foot from UB’s South Campus

  • Wire transfers
m t bank
M&T Bank
  • Totally free checking
    • No monthly or per-check fee
    • No minimum balance requirement
    • Unlimited check writing
    • Free online banking
m t bank35
M&T Bank
  • Free Visa Debit Card
    • Use at any STAR, NYCE, CIRRUS or VISA ATM worldwide
    • Unlimited use
  • 2 ATM’s on UB’s North Campus

2 ATM’s on UB’s South Campus

Full service M&T branch, drive-in & 2 ATM’s across from UB’s South Campus