New September 1995
Contents
Use our feedback form for questions or comments about MP713.
Publication search
Editor's note
Printed copy is in English and Spanish.
Your money needs to be safe. It is up to you to choose where you want to deposit your money. There are banks, savings and loan associations and credit unions. They offer a variety of services.
A savings account is an account that earns interest. Interest is what the bank pays you for keeping your money in your account. You can open a savings account with a few dollars. Some banks will give you a booklet called a "passbook," to keep track of your money.
You need to know:
A checking account is a record of your spending when you pay for goods or services by check. The bank takes the money from your account and pays it to the person named on the check. You will get a monthly record of the deposits you made and the checks that you wrote from your bank.
There are several types of checking accounts. Look at the cost and other features, then pick the one that is best for you.
There is an easy way to get to the money in your checking and/or savings account: automatic teller machines (ATMs). To use an ATM you need to have a card that looks like a credit card. You will also be given a personal identification number (PIN). Don't tell this number to anyone. When you take money out of your account using an ATM, be sure to record it. Ask if there is a charge for using the ATM.
If your checkbook, passbook or ATM card is lost or stolen, you need to report the loss to the bank immediately.
MP713, new September 1995