Basics of Banking
Tips to Bank with Confidence
Which bank is right for you?
Location is one of the most important aspects of joining a bank. Do you want a bank that is walking distance or one that you can drive to? When thinking about what bank is right for you, it is important to keep in mind the location of the bank and its' ATMs, what kind of account you are looking to open, and what services will be offered to you. Pictured above is a screenshot of CEO's Oakland location in Google Maps with a variety of banks situated around it. Additionally, you can search credit unions in Google Maps on your mobile device or on a computer to find those that are in your area.
Opening a Checking Account
Explore a bank's webpage and navigate to checking account options or set up an appointment with a bank teller
Explore Account Options
Most banks have a variety of checking account options to choose from
Fees and Requirements
Pay attention to the monthly fees and account requirements
Schedule an Appointment
If you have questions, schedule an in-person appointment either online or on the phone
Opening a Savings Account
In order to open a savings account, you are going to want to choose a reputable bank, as most banks offer a savings account option. Once you have chosen a bank, you will want to choose a savings account option that is right for you. If you have questions regarding the specifics of the account, be sure to call the bank to obtain more information. You will need a few things to open a savings account: full name, social security number, birth date, street address, and transfer of funds information (if applicable). Often times, the bank will require you to maintain a minimum balance in the account or will ask for an initial deposit. It is important to abide by the minimum deposit or you may be charged additional fees.
Bank Fees and How to Avoid Them
How do I avoid this fee?
Check your balance regularly
Install the Mobile Banking app on your smartphone and turn on low balance alerts (via text)
Having Overdraft protection can link your the overdrafted account to other accounts to cover the overdraft fee (and the fee will often times be lower)
What are Overdraft Fees?
Fees that occur when you withdraw more money than you have in your account
Range in the $30-40 range
Your account balance will dip into the negatives
minimum balance fees
How do I avoid this fee?
What are Minimum Balance Fees?
If you have a checking or savings account, many banks will charge you a fee for having an open checking or savings account
Charges range between $5 and $25 per month
If you keep the minimum balance required in the account, most banks will waive the monthly fee
Continually check your balance online to ensure you will not go below the minimum
Install low balance alerts via text on the mobile banking app
How do I avoid this fee?
What are ATM Fees?
Search your bank on Google Maps to find out where your closest ATM is
If you are near your bank’s ATM, it may be a good idea to withdraw a large amount of cash to avoid continually withdrawing from other ATM providers
These are fees that occur when you withdraw money from your account at ATM’s that are not your home bank (for example, using a Bank of America debit card at a corner store ATM)
You can be charged both a fee from your bank and a fee from the ATM provider
Fees can range from $2 to $8
What is ChexSystems
Addressing your ChexSystems Report
tips for using a debit card
WHy a Debit Card?
Now that you have a debit card, it is important that you know how to use the card. The card is tied directly to a checking account, so unlike a credit card, you are paying for the transaction right away and money is taken out of your account. If you are concerned with accumulating debt on a credit card, a debit card is a good option.
You need to know your account balance and how much available money you have (to avoid overdraft fees). You can check your balance online or by going to your bank’s ATM and checking the balance. (*NOTE: if you are checking your balance on your Skylight Card, make sure to do it online. If you check it at an ATM, it will charge you a fee for checking your balance).
Keep track of transactions that you make. You should check your transaction history weekly to ensure that you don’t have any phony activity on your card.
4 digit pin
You should never give out your PIN code to anyone. When creating a PIN for your debit card, avoid using numbers like your birthday or address. Choose something that you will remember, but that wouldn’t be relatively obvious.
Spending and Withdrawing Limits
Many banking institutions have limits on debit cards, which could include spending or withdrawing. If you are unsure what those might be/if they apply to you, it is a good idea to call your bank. Sometimes banks will lock your card and cause it to decline if you have exceeded your withdrawal or spending limit.
When you encounter fraudulent activity on your card, you should let your bank know immediately. They will refund all transactions that you did not make. Federal law requires financial institutions to refund all losses within 10 business days of notification. You also have a right to dispute purchases if you see them on your transaction history. The bank will often reimburse you for the dispute.
Your checking account
Enroll in Online and Mobile Banking
Why should I enroll in mobile and online banking?
How do I sign up for online and mobile banking?
You gain access to a variety of services including:
Security and Fraud alerts
Locking cards if lost/stolen
Depositing checks online
Go to your bank’s website and search for online/mobile banking
You will need to create a username and password online to sign up
Sign up online and then download your mobile banking app on your smartphone
Sign Up for Direct Deposit
What is Direct Deposit?
How do I sign up for Direct Deposit?
Direct Deposit allows you to receive paychecks from your employer straight to your bank account - this avoids any paper check issues, which can be lost or stolen
You will need two items to sign up for direct deposit, your account number and routing number - these can be found on your mobile banking app or online
Once you have located both of these numbers, you can use your bank's direct deposit form or this generic form to fill out the information for your employer (only if they have not given you a form to fill out)
The generic form is located here: https://eforms.com/direct-deposit-authorization/
Automatic Transfers and Payments
What are Automatic Transfers and how can I sign up?
What are Automatic Payments and how can I sign up?
Automatic Transfers allow you to transfer money automatically at a certain date each month from your checking to savings account
You can set up this feature to deposit a certain amount depending on how much money you have in your checking account - for more information, go online or call your bank
Automatic Payments can help you pay bills on a recurring schedule so that you don’t have to worry about paying them every month
To sign up for this feature, you should search automatic payments on your bank’s website or call your bank to find out more information
Setting Up Alerts
What kinds of alerts are available for my checking account?
How do I sign up for alerts?
Alerts that are available to you include (which can all be sent to your phone):
Low balance alerts - every time your money drops below a certain amount
Mobile deposit alerts - every time you deposit checks on your phone
Fraudulent Activity - every time suspicious activity occurs on your account
Purchase Alerts - every time you make a purchase
Overdraft Alerts - every time you overdraft your account (you should do this even if you have overdraft protection)
Log in online on your bank’s website to your account
Search ‘alerts’ or ‘sign up for alerts’
From there, you should be able to enter your mobile number to request alerts via text