In Chapter 3 The Complete Idiot's Guide gets into the different types of banks/credit institutions and the types of bank accounts available to the average joe. Below are the takeaways.
Chapter 3: Taking a Look at Your Bank Accounts
Shop around in choosing your checking and savings accounts. Always know how much money you have in your account.
Checking Accounts:
-Does this bank require a minimum balance?
-What is the fee if I bounce a check?
-If I deposit a check when will my money become available?
-Is there a monthly fee just to have an account? You should be able to start an account with no monthly fee.
Savings Accounts:
-Does the account offer simple or compound interest? If compounded, is it daily, monthly etc?
-Is my account federally insured?
Terms introduced to be explained in futures chapters:
Money Market Accounts
Certificate of Deposits
The chapter also gives a few tips like:
-Only use your own banks tellers
-Use the cashback option at grocery stores and drug stores
-When using another banks ATM be sure to withdraw the max since you'll have to pay the same ATM fee regardless of what you withdraw.
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