Bank accounts what you should know
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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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Overview l.jpg
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


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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?


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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


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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


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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


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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


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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    • Charge a penalty if the money is withdrawn early


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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.


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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


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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


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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






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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


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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.


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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


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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.


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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)


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Shopping for a Credit Card

  • Annual Fee?

  • Annual Percentage Rate?

  • Computation Method?

  • Grace Period?

  • Finance Charge?

  • Credit Limit?

  • Card Incentives?


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Maintaining Good Credit

  • Credit Agencies

  • The Credit Process

    • Credit Report

    • Credit Rating

    • Credit Score

      • Equifax

      • Experian

      • TransUnion

  • Establishing a Credit History


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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


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Managing Credit Issues and Concerns

  • Warning Signs

    • Delinquent payments

    • Default notices

    • Repossession

    • Collection agency notices & calls


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Managing Credit Issues and Concerns

  • Resources and Assistance

    • Be proactive

    • Communicate with your bank or creditor

    • Explore debt consolidation

    • Consider credit counseling


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Consumer Credit Counseling Service of Buffalo, Inc.

40 Gardenville Pkwy. Suite 300

West Seneca, NY 14224

Tel. (716) 712-2062


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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.


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Banks with ATM’s at UB

  • HSBC

  • Key Bank

  • M&T Bank


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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


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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


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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


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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


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M&T Bank

  • Totally free checking

    • No monthly or per-check fee

    • No minimum balance requirement

    • Unlimited check writing

    • Free online banking


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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



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