What is a Checking Account?
Simply put, a checking account is an account you can deposit money into and withdraw funds out of. You can use personal checks and/or debit cards and/or ATM cards in place of cash.
What is a Savings Account? A savings account typically pays higher interest because you are planning on keeping your money in their longer. In fact, most people put their money in a savings account to earn some interest. Many banks allow you to set up your savings account as a way to provide overdraft protection for your checking account.
How to Choose a Bank
Choosing the right bank is important. After all, you’ve worked hard to earn your money. Before you start shopping around you have to figure out what you need from a bank. To do that, you have to look at what you will be doing with your money.
How to Open a Bank Account Opening a bank account is actually very easy. Once you have chosen the bank then you can either visit the bank itself or the banks website.
Debit Cards
Your debit card is attached to your checking account. When you “charge” something on your debit card it is automatically deducted from your checking account.
Is my money safe? As long as your bank is insured by the FDIC then your money is safe up to $250,000. The FDIC is the Federal Deposit Insurance Corporation. It is an independent agency of the federal government.
