Checking Accounts

A checking account is an account you’ll use to access the cash you need for day-to-day expenses. Checking accounts feature several ways for you to access your money and to pay other peoples and places, anything from your morning bagel to your car payment.

• See how to write a check >>
• Make a withdrawal or deposit at an ATM >>
• Make a purchase with a Debit Card >>
• Pay bills and bank online >>

Homework You'll Want to Do

Before you run out and open a checking account, there are a few things you need to be aware. There are many different types of fees that you can nick away at your balance if you’re not careful. Is there a monthly fee just to have a checking account? Does the checking account require a minimum balance? That’s a set amount you need to keep in your account, and if your balance goes under that amount, you may have to pay a service fee. Will ATM withdrawals cost you anything? Are you limited to the number of checks you can write each month, and if you go over, is there a fee?

NSFs

One BIG fee that you’ll definitely want to avoid is the NSF (Non-Sufficient Funds) fee. This fee is usually pretty hefty – around $25 – and can easily be avoided. It happens when you write a check or use your debit card but you don’t have enough money to cover the purchase or payment.

• Check registers tell you your balance
• Keep track of your account balance with eAlerts to your wireless
• Monthly statements keep you on top of things
• Protect Yourself Against NSFs

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