Adulting 101

This section of the website will feature short articles on important topics young adults need to know about like getting a banking account, getting important documents like a birth certificate and much more. More articles will be added in the future so please share your ideas by sending us a message through the contact us page. 

Banking Basics

Enriching Lives. Empowering Futures.

This article was created in partnership with Delta Community support. For nearly four decades Delta Community Supports has enriched the lives of individuals and families living with developmental disabilities and in need of foster care.

Creating A Bank Account

There is a lot to learn about banking. Take a look below to learn about 3 important banking topics: selecting the right accounts, maintaining your checking account and protecting your checking account.

When looking to open a bank account there are several specifics that need to be investigated:

Ask yourself, what is a good checking account for me?

  1. Look for an account with no minimum balance. If you have a bank account that requires a minimum balance you must maintain this balance or you will be charged money as a penalty. Many free checking accounts do not have minimum balance requirements (but require you to make deposits or have a set number of transactions per month to maintain a free account). Minimum balance accounts are the types of accounts you should select.

  2. Look for accounts with online access. You want to keep track of how much money is coming into and going out of your checking account. Online banking is a simple and safe way to track spending daily. A lot of banks even have mobile apps for your smart phone to make this really easy.

  3. Get an account with a check/debit card. Most banks offer customers a debit/check card when they open an account. Debit cards offer the convenience of credit cards without the high interest rates. Remember that a debit/check card is not the same as a credit card. Every time you swipe that card money is being deducted out of your checking/savings account. If you swipe too much, there will be penalties or no money left in the bank. Make sure to read the details about what happens if you spend to much carefully.

What is a good savings account for me?

When you are opening your checking account, try to open one that has a saving account. Many checking accounts have a savings account option.

  1. Look for one with few or no fees, such as no balance, maintenance (costs to keep the account open) or transaction (costs when you use your money) fees.

  2. Look for savings accounts that offer interest (money you earn just for leaving your money in the account).

Tips to increase and protect

your checking and savings accounts

  1. Keep track of your purchases and transaction fees.
  2. Check your balance often via online banking.
  3. Read all mail that is sent from the bank.
  4. Consider overdraft protection. (This is a plan that prevents you from fees if you accidently spend money when you don’t have money in your account)
  5. Be aware of all withdrawals and deposits that are being made and when they clear the bank.
  6. Leave a safety balance in your account always.
  7. NEVER lend your check/debit card to ANYONE.
  8. NEVER tell anyone you PIN number.
  9. Keep your check/debit card in a safe place.
  10. Report a lost or stolen card or strange account activity to the bank immediately

4/6/17

Disclaimer: The information contained herein is intended for informational purposes only. Delta Community Supports makes no warranties, either expressed or implied, concerning the accuracy, completeness, reliability, or suitability of the information. Nor does Delta Community Supports warrant that the use of this information is free of any claims of copyright infringement.