Getting started in your banking
CHECKING AND SAVING ACCOUNT
A Saving account is letting you store cash securely and ear interest in your money.
Terms to know
Overdraft-spending more money than you have. Also applies fees for over spending.
Withdrawal- taking money out of you account.
Deposit- a sum of money placed or kept in a bank account, usually to gain interest.
- Money is automatically withdrawn from your account when you make a purchase.
- Can be used like cash.
- Doesn't not allow overspending.
- Can lose track of balance if transactions are not written down.
- Open checking account up for credit fraud.
- Others can gain access if card is lost.
If you don't report the weird transactions as soon as possible it will be harder for people to to take the situation serious or if you are just lying.
What to do
- Contact all banks and credit card companies where you have an open account and tell them what has happened.
- File a police report so that they can begin the process to find the criminal.
- Contact the fraud department at all three major credit reporting agencies.
IF YOU LOSE YOUR CARD
- Contact the bank so they can disable your card.
- If you go to the bank they will give you a temporary card and send the other one in the mail.
BANKING STATEMENT and CREDIT REPORT
Credit Report- is a report detailing a person's financial history specifically related to their ability to repay borrowed money.
TYPES OF EXPENSES
VARIABLE- changes each money
CREATING A BUDGET
- Helps manage your money and notice negative spending habits.
- Separate your types of expenses
- organize your transactions
- find your monthly average spending and start a savings
- avoid overspending to avoid Overdraft Fees