What does it mean to establish a financial presence? Simply put, it is the process of setting up accounts with a financial institution, and demonstrating the responsible use of these accounts.
What constitutes responsible use? Avoid bouncing checks, keep accounts above any required “minimum balance,” make regular deposits, and contact the financial institution promptly if there are any account related problems.
Beware: If you bounce checks at one bank, the bank may report your name to an industry-wide verification system. As a result, other banks may refuse to allow you to open a checking account.
If granted an ATM card, be sure to protect it against fraudulent use by keeping it and your personal identification number (PIN) in a safe and secure location.
Don’t give anyone your PIN. Always remember to document account withdrawals (checks and ATM) to prevent going below your required minimum balances or bouncing checks.
