Stash Your Cash
Banking Basics
- Learn how to write a check, endorse a check, and make sense of your bank statement at Practical Money Skills for Life.
- Control your debit card use! Do you use your debit card for small purchases at the grocery store, coffee shop and gas pump? Did you know that a bank will let you complete your purchase even if you don't have enough money in your account? Then, you can be hit with overdraft fees of up to $35 per purchase! Read on for more tips on responsible debit card use.
- Don't bounce checks. Bouncing a check is when your write a check for more money than you have in your checking account. The bank will charge you $20, $30 or more for the mistake.
- Monitor your bank account balance. Don't assume your account balance at the ATM is correct. If you wrote checks or used your debit card for purchases that haven't been processed by your bank yet, the ATM balance will be higher than the amount of money you really have. Call the bank for a current balance.
- For more tips, including information safe banking and online banks, visit the Stash Your Cash Links section.
Take the Quiz-
Approximately 10,000,000 Americans, the "unbanked" are not using mainstream, insured financial institutions.
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In 2000, Americans cashed 180 million checks at 11,000 check-cashing outlets, generating fees of $1.5 billion.
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Banks offer online saving accounts with higher interest rates than regular savings accounts.
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FDIC- insured financial institutions carry government insurance on your deposits for up to $100,000.
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Checking account holders will pay more than $10.3 billion in overdraft loan fees each year.
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46% of all bank account overdrafts were triggered by debit card transactions.