If you have money and want to keep track of it more efficiently, instead of just getting cash from your paycheck and spending it, put it into a bank and manage it through an online banking system. In the long run you will be better off having an account to use as a source for your credit report, something to write checks with or have the use of a debit card for online purchases, and to use as a way to track savings and spending.
Once you have established a checking account the hard work begins.
If you understand exactly how the account works you will be more likely to avoid
some of the mistakes people make with their accounts.
For today's assignment you are going to look at some ways to keep your
bank account in check. This is with the assumption you have already investigated
how to open a checking and savings account. If not, every bank has informational
websites. Ask friends and family members which bank they recommend and then
read through the information to determine which type of account is best for
you. Student accounts are usually the best account to start with.
Bankrate.com is a free, comprehensive website to help you with all your money questions and needs. There is plenty of information on auto loans, cd's and investments, college finance, taxes, and much more. Whenever you have a question about money, this is the site to go to.
Answer the following questions from Bankrate.com's article on the 7 ways to keep your checking account in check:
1. What is one reason one should keep track of their money in a checking account?
2. What are two ways to keep track of the checks you write and the money you deposit into your account?
3. When is the best time to examine your bank statement?
4. What does the account summary go over? What in particular are you going over?
5. Why is it important to report problems with your account quickly?
6. What type of consumer should keep track of minimum daily balances?
7. When does it make sense to check on your account balance between statements?
For the next 3 questions, check out the
charts
from a checking account survey:
8. When was the last year interest rates on checking accounts were over 1% (chart 1)?
9. What is the average minimum amount to open an interest checking account (chart 2)?
10. What is the average minimum amount to open a non-interest checking account (chart 3)?