Money Issues
Bank Accounts
Set up savings and checking accounts at a bank to access services such as writing checks or using the Automated Teller Machine (ATM). Consult the representatives at the bank regarding the services, fees, interest rates, terms, and limitations of the different kinds of accounts, so you can choose the one that best suits your needs. Some banks are much better on their fee rates - so it is good to check more than one.
Savings accounts are used for keeping larger amounts of money, as they usually earn more interest then checking accounts. Checking accounts allow you to make payments in place of cash, and helps you keep track of how much money you have and where it goes. Keep a record of every deposit and withdrawal of money from your account. The bank should send you a monthly statement for your account. You should check the activities recorded in the statement against your personal records, and report any discrepancies.
"Bounced" Check
A term which means writing a check for more money than is in your checking account. This may be a criminal offense, and is usually punished by at least a monetary fine. So this is not the thing you want to do. That is why tracking of how much you are depositing and spending is so very important!
ATM (Automated Teller Machine)
The ATM allows you to make banking transactions without going to the bank by using a card with a personal password. There may be a charge for this service - so check with your bank regarding this. Some banks only charge if you use an ATM at a different brand bank ATM. But again, ask your bank about this.
Debit Card
This card issued by your bank allows you to make cashless payments from your bank account. There are often a charge for transactions if you pick "debit". Most bank debit cards are able to pick "credit" at the store check out, and then you avoid these fees. It is still debited directly from your bank account and doesn't really act as "credit".
Credit Cards
Visa, MasterCard, Discover, and American Express are widely accepted credit cards. These credit cards are used for convenience to make purchases without paying cash. You are billed for the total amount charged to the credit card(s) each month. You should pay off the entire balance by the due date every month to avoid paying the high interest charge, and avoid significant credit card debt. It is a very bad idea to partially pay your bill. Interest charges add up and can "snowball" on you. It is an easy trap that many people fall into. Businesses that take credit cards usually have posted what they take. If you have a question - just ask the store clerk.
Currency
U.S. coins consist of the penny (1 cent), nickel (5 cents), dime (10 cents), and quarter (25 cents). The most usual U.S. dollar bills that you will use come in the following denominations: $1, $5, $10, $20, $50 and $100.
Set up savings and checking accounts at a bank to access services such as writing checks or using the Automated Teller Machine (ATM). Consult the representatives at the bank regarding the services, fees, interest rates, terms, and limitations of the different kinds of accounts, so you can choose the one that best suits your needs. Some banks are much better on their fee rates - so it is good to check more than one.
Savings accounts are used for keeping larger amounts of money, as they usually earn more interest then checking accounts. Checking accounts allow you to make payments in place of cash, and helps you keep track of how much money you have and where it goes. Keep a record of every deposit and withdrawal of money from your account. The bank should send you a monthly statement for your account. You should check the activities recorded in the statement against your personal records, and report any discrepancies.
"Bounced" Check
A term which means writing a check for more money than is in your checking account. This may be a criminal offense, and is usually punished by at least a monetary fine. So this is not the thing you want to do. That is why tracking of how much you are depositing and spending is so very important!
ATM (Automated Teller Machine)
The ATM allows you to make banking transactions without going to the bank by using a card with a personal password. There may be a charge for this service - so check with your bank regarding this. Some banks only charge if you use an ATM at a different brand bank ATM. But again, ask your bank about this.
Debit Card
This card issued by your bank allows you to make cashless payments from your bank account. There are often a charge for transactions if you pick "debit". Most bank debit cards are able to pick "credit" at the store check out, and then you avoid these fees. It is still debited directly from your bank account and doesn't really act as "credit".
Credit Cards
Visa, MasterCard, Discover, and American Express are widely accepted credit cards. These credit cards are used for convenience to make purchases without paying cash. You are billed for the total amount charged to the credit card(s) each month. You should pay off the entire balance by the due date every month to avoid paying the high interest charge, and avoid significant credit card debt. It is a very bad idea to partially pay your bill. Interest charges add up and can "snowball" on you. It is an easy trap that many people fall into. Businesses that take credit cards usually have posted what they take. If you have a question - just ask the store clerk.
Currency
U.S. coins consist of the penny (1 cent), nickel (5 cents), dime (10 cents), and quarter (25 cents). The most usual U.S. dollar bills that you will use come in the following denominations: $1, $5, $10, $20, $50 and $100.