1. “Bank Accounts: What You Should Know”

2. 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

3. 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?

4. 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

5. 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

6. 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

7. Types of Bank Accounts Checking Accounts Savings 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

8. 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Charge a penalty if the money is withdrawn early

9. 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.

10. 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

11. 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

12. 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

13. How to Use your Checkbook
4/19/2017
How to Use your Checkbook

14. How to Write a Check

15. How to Keep Your Check Register

16. How to Reconcile Your Bank Statement

17. 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
Owner of the card is billed for the purchases and pays later

18. 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.

19. 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

20. 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.

21. Types of Credit Cards Private Label General 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)

22. Shopping for a Credit Card
Annual Fee?
Annual Percentage Rate?
Computation Method?
Grace Period?
Finance Charge?
Credit Limit?
Card Incentives?

23. Maintaining Good Credit
Credit Agencies
The Credit Process
Credit Report
Credit Rating
Credit Score
Equifax
Experian
TransUnion
Establishing a Credit History

24. 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

25. Managing Credit Issues and Concerns
Warning Signs
Delinquent payments
Default notices
Repossession
Collection agency notices & calls

26. Managing Credit Issues and Concerns
Resources and Assistance
Be proactive
Communicate with your bank or creditor
Explore debt consolidation
Consider credit counseling

27. Consumer Credit Counseling Service of Buffalo, Inc.
40 Gardenville Pkwy. Suite 300
West Seneca, NY
Tel. (716)

28. 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.

29. Banks with ATM’s at UB
HSBC
Key Bank
M&T Bank

30. 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

31. 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

32. 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

33. 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

34. M&T Bank Totally free checking No monthly or per-check fee
No minimum balance requirement
Unlimited check writing
Free online banking

35. M&T Bank Free Visa Debit Card 2 ATM’s on UB’s North Campus
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

36. THANK YOU VERY MUCH!