Financial Literacy Information for Teens by Kevin Hayes

Author:Kevin Hayes
Language: eng
Format: epub
Publisher: Omnigraphics

A simple tip to remember is that when balancing a checking account, the total sum of credits and debits (deposits and withdrawals) and the statement’s starting balance must be equal to the current balance in the account.

Maintaining the checking account is as essential as balancing it. Some maintenance tips include:

Setting a balance. Every month, make sure to keep a sizable balance remaining in the account for emergencies. Try not to take from this amount for any expenses. This habit may help avoid incurring penalties for insufficient funds.

Overdraft protection. The bank can provide a line of credit at a fee of around $25 to avoid bounced payments that may incur a penalty. This assistance is called “overdraft protection.”

Go online. Enlist for online banking services that the bank may provide to help you stay updated with the account.

Use ATMs. ATMs provide easy and secure access to account details such as providing a quick statement, quick cash, displaying the remaining balance, and summaries of deductions.

Utilize the potential of electronic notifications. Signing up for e-mails and texts from the bank can help you track your account on the go. Alerts about frauds, unauthorized large purchases, deposits, account balance details, and low balances can be helpful.

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