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Bank Accounts What You Should Know
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Overview

• How to Choose the Right Bank
• Banking Terminology
• Types of Bank Accounts
• Features of Checking Accounts
• How to Write a Check
• Other Bank Services

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How to Choose the Right Bank

• Location
• Is it close to home or campus?
• Will I need a car to get there?
• Will I have easy access to an Automatic Teller
  Machine (ATM)?
• Services
• Is it open when I need to use it?
• Does it offer the services I need?

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How to Choose the Right Bank

• Costs
• How much are the fees? (ATM, monthly, per-check,
  etc.)
• Requirements to Open an Account
• Documents (UB Card, proof of address, etc.)
• Minimum Balance
• Minimum Transactions or limits

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Banking Terminology

• Deposit to put money in the bank
• Bank deposit (noun)
• Withdraw to take money out of the bank
• Withdrawal (noun)
• Overdraw to take more money out of your account
  than is available

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More Banking Terminology

• Interest money which your bank account earns
• Fixed interest rate unchanging rate of interest
• Variable interest rate rate of interest which
  changes regularly

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Types of Bank Accounts

• Checking Accounts
• Permit you to write checks up to the amount of
  money in the account
• Savings Accounts
• Earn interest on the money in the account
• May not have check-writing or ATM privileges

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Types of Banking Accounts

• Money Market accounts
• Permit limited check writing
• Pay variable interest
• Certificates of Deposit (CDs)
• Exist for specified time periods (30 days - 10
  years)
• Pay fixed or variable interest
• Charge a penalty if the money is withdrawn early

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Features of Checking Accounts

• Minimum deposit
• Minimum amount of money required to open account
• Service fees
• Monthly statement fee
• Per check fee
• Debit card (ATM) fee
• Minimum balance
• Required amount of money in account
• You must pay a fee if amount falls below minimum
  balance.

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More Features of Checking Accounts

• Interest
• Interest-bearing accounts pay interest
• Interest-free accounts do not pay interest
• Other Fees
• Nonsufficient Funds (NSF) fee
• Fee for writing a check for bouncing a check
  (writing it for more money than is in your
  account)
• Wire transfer fee
• Fee for sending money electronically from another
  bank

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More Features of Checking Accounts

• Overdraft protection
• Protects you from overdrawing your account
• Money is automatically taken from your savings
  account if you write a check or make an ATM
  withdrawal for too much money.
• FDIC protection
• Federal Deposit Insurance Corporation
• U.S. government agency which insures your bank
  account up to 100,000

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What You Need to Open An Account

• Passport or other official government I.D.
• Copies of immigration documents
• UB Card (may be optional)
• Address in U.S.
• Minimum required deposit

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How to Use your Checkbook
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How to Write a Check
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How to Keep Your Check Register
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How to Reconcile Your Bank Statement
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ATM Cards

• ATM Automatic Teller Machine
• ATM card plastic card with a personal code
• Provides 24-hour access to your money
• Used to deposit money into or withdraw it from
  your account
• Access to your money is free if you use your
  banks ATM
• If you use another banks ATM, you may be charged
  a fee by the other bank and your bank.
• Debit card
• Card which is used to make purchases
• Money is taken directly from the account
• Credit card
• Card which is used to make purchases
• Owner of the card is billed for the purchases and
  pays later

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Important ATM Card Tips

• Keep your card in a secure place
• Do not write your personal code on your ATM card
  or keep it with your card.
• Keep your ATM receipts and write them in your
  checkbook.
• Review your monthly bank statement for accuracy.

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Debit Cards

• Plastic card with a personal code
• Also used as ATM card
• Used to make purchases
• Amount of purchase is withdrawn directly from
  your bank account

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Credit Cards

• Plastic card with a personal code
• Can be used as ATM card if procedures are
  followed
• Used to make purchases
• You will be billed for the amount of the
  purchase.
• If you dont pay your bill each month, you will
  be charged interest.

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Types of Credit Cards

• Private Label
• Can only be used in one place
• Examples Department Stores, Gasoline Companies
• General Label
• Can be used in many places
• Examples Bank Card, Major Credit Card (VISA,
  American Express, MasterCard, Discover)

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Shopping for a Credit Card

• Annual Fee?
• Annual Percentage Rate?
• Computation Method?
• Grace Period?
• Finance Charge?
• Credit Limit?
• Card Incentives?

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Maintaining Good Credit

• Credit Agencies
• The Credit Process
• Credit Report
• Credit Rating
• Credit Score
• Equifax
• Experian
• TransUnion
• Establishing a Credit History

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Things to Do to Establish and Maintain Good Credit

• What can everyone do to establish and maintain
  good credit?
• 1. Pay all bills on time
• 2. Have both a checking and savings account at a
• local bank
• 3. Avoid late fees
• 4. Know your budgetary limits
• 5. Monitor your credit card balances
• 6. Prioritize your needs and wants
• 7. Request a copy of your credit report each year
• 8. Use your credit card through secure channels

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Managing Credit Issues and Concerns

• Warning Signs
• Delinquent payments
• Default notices
• Repossession
• Collection agency notices calls

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Managing Credit Issues and Concerns

• Resources and Assistance
• Be proactive
• Communicate with your bank or creditor
• Explore debt consolidation
• Consider credit counseling

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Preventing Fraud

• Do not accept a personal check from someone you
  dont know well.
• Keep your ATM, debit and credit cards and your
  checkbook in a safe place.
• Check your monthly bank statements to be sure
  the deposits and withdrawals are correct.
• If your card is lost or stolen, call your bank or
  credit card company immediately!
• Avoid carrying large amounts of cash.

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Banks with ATMs at UB

• Citibank
• HSBC
• Key Bank
• MT Bank

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Citibank

• No-Fee Checking/Savings package
• No monthly or per-check fee
• No minimum balance requirement
• Unlimited check writing
• Free online banking bill payment
• Free online bank statements
• No Citibank fees at Citibank ATMs or
  non-Citibank ATMs
• No-Fee MasterCard Debit Card with unlimited use

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Citibank

• Free wireless (e-mail, cell phone) alerts
• 3 ATMs on UBs North Campus
• 1 ATM on UBs South Campus
• Full service branch in front of Boulevard
  Mall, 1205 Niagara Falls Boulevard
• On-line inter-institutional transfers, global
  cash transfers, domestic and international wire
  transfers
• Free Gift

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HSBC Bank

• Free checking
• No monthly or per-check fee
• No minimum balance requirement
• Unlimited check writing
• Free online banking bill payment
• Free online bank statements
• Free 24-hour telephone banking
• No-fee MasterCard debit card with unlimited use

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HSBC Bank

• 2 ATMs on UBs North Campus
• 1 ATM on UBs South Campus
• Full-service HSBC branch, drive-in
  ATM ten minutes by foot from UBs
  South Campus
• Wire transfers
• Thank you gift

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Key Bank

• Free checking
• No monthly or per-check fee
• No minimum balance requirement
• Unlimited check writing
• Free online banking bill payment
• Free online bank statements
• No Key Bank fee for using Key Bank non-Key Bank
  ATMs
• No-fee debit card with unlimited use. Also debit
  card airmiles.

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Key Bank

• 100 rebate after four months
• Rebate on other banks ATM fees (up to 6 per
  month)
• 3 cash back on purchases with Key Student
  MasterCard
• 3 ATMs on UBs North Campus
• Full service Key Bank branch 1 ATM three
  blocks from UBs South Campus
• Thank you gifts

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MT Bank

• Totally free checking
• No monthly or per-check fee
• No minimum balance requirement
• Unlimited check writing
• Free online banking

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MT Bank

• Free Visa Debit Card
• Use at any STAR, NYCE, CIRRUS or VISA ATM
  worldwide
• Unlimited use
• 1 ATM on UBs North Campus
• Full service MT branch, drive-in 2 ATMs
  across from UBs South Campus
• Thank you gift

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THANK YOU VERY MUCH!