Selecting A Bank

By: Destin and Grant

Evaluating Your Needs

Not everyone has the same needs for a bank. There are many different services and they are:

- Checking accounts or DDA's which lets you purchase any amount and pay it off later.

- Savings accounts and Time deposits are long term deposits that sometimes restrict one from withdrawing money for a certain amount of time.

- Credit cards allows one to borrow money from a bank and pay it back in 20-30 days.

- Debit cards is just like a credit card , but it is tied directly to ones bank account.

- Smart card is similar to a credit card but it has a built in computer and can be used as identification.

- Electronic Funds Transfer(EFT) generally describes any system that uses computer electronic technology in place of checks and other paper transactions.

Pay attention to the Details and Make Yourself Creditworthy

Banks offer a wide rage of products or services to their customers. All those nifty services and products charge fees that you really need to pay. All banks charge different rates so, decide which works best for you.

Your creditworthiness is your financial standing today based on the credit history you created. While you may not have a history now, you can begin to build one at a store by purchasing an item on lay-away and keeping up with the payments, or better yet, you can join a bank. If you want creditworthiness you need discipline.