Banking Basics

A bank is basically where you put your money…where you do all your everyday money transactions. These days banks offer one-stop shops for everything from checking, savings, and credit cards to investments.

The Federal Deposit Insurance Corporation (FDIC) is the governing body that insures each bank account in the U.S. for up to $250,000. Not all banks and savings associations are covered by FDIC insurance–insured banks will display the FDIC sign within their branches.

Types of Accounts
Gone are the days when you simply went into a bank to open a checking and savings account, and it would take about ten minutes. Now, like everything else in life, you have a smorgasbord of choices, ranging from the “no-frill” to the more sophisticated high-interest bearing accounts.

ATM & Debit Cards
Do you remember the days when, if you didn’t get to bank by 6 p.m. on Friday evening, your weekend was blown because you had no cash?

Deciphering Your Bank Statement
Today’s convoluted bank statements are like large baby strollers: You need a crash course in advanced left brain maneuvers to figure out how they work.

How Banks Work
You should know at least a little bit about how the banking system works, since you’re entrusting it with your money. Otherwise, you might as well stuff it in a mason jar on top of the fridge.

Interest Rates
The evolution of how money grows…and how it can get sucked right out of your life with comparatively little to show in return.