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Choosing a bank that works for you is the first step towards building your financial security. We will walk you through information that helps narrow down your options and help you put some steps in motion towards opening an account.
STEP #1: know why it matters
STEP #1: know why it matters
It keeps your money safe.
Carrying around cash and checks is a risk. If you lose cash, it's gone for good. Banks, on the other hand, can keep your money safe. When you put money in the bank it is insured and protected.
It's more convenient for you.
Having a bank account gives you multiple ways to access your money. Cash may work most of the time to spend your money, but there are going to be times where you will need to pay with a check, debit card, or pay online. Most banks will have these options available to account holders.
It Helps You Save
Keeping your money in the bank allows you to keep better track of how and where you are spending your money. Also, by opening a savings account you can earn interest on the money you keep in the bank. That means your money is earning money!
It's Cheaper
Cashing checks from MTW is going to cost you money each time without a bank account. This means that overall, you are losing out on money that you earned. When you have a bank account you can cash checks from work or other places there at no charge, and set up direct deposit so your checks automatically go to your account on payday.
STEP #2: know how it works
STEP #2: know how it works
What happens once you put your money in a bank? The answer is a little more complicated than you might think.
When you make a deposit to your bank account, the bank will pay you a small fee in interest, a fee which grows very slowly over the years. Then they take the money that you put in your account and they give it away as high-interest loans to other businesses and banks. The federal government, through the Federal Deposit Insurance Corporation, or FDIC, insures your money so that you still have access to all that money and won't lose it by putting it in the bank.
STEP #3: know your options
STEP #3: know your options
There are many different banking options out there to chose from. In order to choose the right one for you, it helps to know what your financial priorities are:
Credit Unions
Deposits
Withdrawals
Easy access to ATMs
Community Banks
Smaller
Local
Support their community through loans
Lower Fees
Online Banks
No physical building
Lower fees
Better yield percentages
Easy-to-access ATMs
Little-to-no account minimums
STEP #4: Give it a try
STEP #4: Give it a try
After getting the basics down, fill out the Basic Banking Module to research bank options that work for you!
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