Financial institutions provide additional services for free or low fee with some deposit accounts. Remember to keep track of the fees charged, if any.
ATM
An ATM, or automated teller machine, is a machine you can use 24 hours a day to make deposits, withdrawals, and transfer money. Unlike a check cashing company, the financial institution does not have to be open for you to use an ATM. In addition, there are literally dozens of ATMs in any given neighborhood or community.
When you use an ATM, you need a card issued by the financial institution and a personal identification number, or PIN. A PIN is a special password or set of numbers to use your ATM card. The PIN is used for security purposes so no one else can access your account.You can use the ATM for many services but there might be a fee involved. Most people use the ATM to get cash or make deposit to their checking, savings, or other account. If you use another financial institution’s ATM, you might be charged an additional fee. Generally, you can only make deposits at your financial institution’s ATM. Be sure that you only use an ATM from an accredited financial institution to avoid becoming the victim of a scam. Also remember to keep your ATM transaction receipts to help you keep track of your withdrawals and to protect against identity theft.
Debit Card
A debit card is a plastic card, sometimes called a “check card.” The debit card usually has the name of your financial institutions and may have a MasterCard® or Visa® logo. The card has a magnetic strip on the back that allows you to pay for goods and services at stores and other businesses that accept MasterCard® or Visa® credit cards.
The debit card also functions as an ATM card. With debit cards, you can make deposits to withdrawals from your checking accounts at ATMs. Most debit cards require a PIN if you use the card as an ATM card.
A debit card may look like a credit card and may be accepted by stores that accepted by stores that accept credit cards, but it is not a credit card. When you use a debit card, the money comes directly out of your account and reduces your account balance. You do not receive a bill and then have a few days to pay the bill like you do with a credit card.
Again, keep track of all debit card receipts to protect against identity theft.
Direct Deposit
With direct deposit, your paycheck or benefit check is electronically transferred and directly deposited into your account. The amount of money is immediately available. Some financial institutions may not charged monthly fees if direct deposit is used with certain accounts.
Loan
A loan is money you borrow from a financial institution with a written promise or a “note” to pay it back later. With a loan, financial institutions charge you fees and interest to borrow the money. You can talk to a customer service representative for more information about the loans they offer.
Money Order
A money order is similar to a check. It is used to pay bills or make purchase when cash is not accepted. Many businesses sell money orders for a fee. If you need to use a money order, shop around for the best price. Remember o keep copies of money order receipts used to pay bills for at least 12months. This is important if you have not established a credit history and you go to apply for a mortgage. The receipts can serve as documentation of how you pay your rent and other bills.
Telephone Banking
Allows you to:
ATM
An ATM, or automated teller machine, is a machine you can use 24 hours a day to make deposits, withdrawals, and transfer money. Unlike a check cashing company, the financial institution does not have to be open for you to use an ATM. In addition, there are literally dozens of ATMs in any given neighborhood or community.
When you use an ATM, you need a card issued by the financial institution and a personal identification number, or PIN. A PIN is a special password or set of numbers to use your ATM card. The PIN is used for security purposes so no one else can access your account.You can use the ATM for many services but there might be a fee involved. Most people use the ATM to get cash or make deposit to their checking, savings, or other account. If you use another financial institution’s ATM, you might be charged an additional fee. Generally, you can only make deposits at your financial institution’s ATM. Be sure that you only use an ATM from an accredited financial institution to avoid becoming the victim of a scam. Also remember to keep your ATM transaction receipts to help you keep track of your withdrawals and to protect against identity theft.
Debit Card
A debit card is a plastic card, sometimes called a “check card.” The debit card usually has the name of your financial institutions and may have a MasterCard® or Visa® logo. The card has a magnetic strip on the back that allows you to pay for goods and services at stores and other businesses that accept MasterCard® or Visa® credit cards.
The debit card also functions as an ATM card. With debit cards, you can make deposits to withdrawals from your checking accounts at ATMs. Most debit cards require a PIN if you use the card as an ATM card.
A debit card may look like a credit card and may be accepted by stores that accepted by stores that accept credit cards, but it is not a credit card. When you use a debit card, the money comes directly out of your account and reduces your account balance. You do not receive a bill and then have a few days to pay the bill like you do with a credit card.
Again, keep track of all debit card receipts to protect against identity theft.
Direct Deposit
With direct deposit, your paycheck or benefit check is electronically transferred and directly deposited into your account. The amount of money is immediately available. Some financial institutions may not charged monthly fees if direct deposit is used with certain accounts.
Loan
A loan is money you borrow from a financial institution with a written promise or a “note” to pay it back later. With a loan, financial institutions charge you fees and interest to borrow the money. You can talk to a customer service representative for more information about the loans they offer.
Money Order
A money order is similar to a check. It is used to pay bills or make purchase when cash is not accepted. Many businesses sell money orders for a fee. If you need to use a money order, shop around for the best price. Remember o keep copies of money order receipts used to pay bills for at least 12months. This is important if you have not established a credit history and you go to apply for a mortgage. The receipts can serve as documentation of how you pay your rent and other bills.
Telephone Banking
Allows you to:
- Check account balances.
- Transfer money between accounts.
- Obtain account history, such as most recent deposits or withdrawals.
- Report a lost, stolen, or damaged card.
