Getting Started with Banking Worksheet

Learn how a banking account might benefit you and how to choose the bank and accounts that best meet your needs in this workshop. Your assignment is to complete this worksheet to help you decide what benefits banking offers you and which bank and what kind of accounts would best meet your banking needs. You will explore the benefits, services and costs of two or more banks by answering the worksheet questions for banks you might consider to set up banking accounts. To find the answers, you can call or make an appointment to talk to someone at the banks you have identified, view videos or read articles about the benefits of banking or find information on the bank’s website or print material.

Identifying Benefits of Having Bank Accounts

Watch videos and read articles linked in the Resources and Worksheets section at https://kentattainablehousing.org/for-buyers/understanding-and-managing-your-finances/. 

List the top 5 reasons below that a bank account would benefit you.

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Choosing the Best Bank for You

BANK 1 NAME:

Questions to ask about Checking Accounts: 

1. What is the minimum amount to deposit in order to open a checking account?

2. Do I need cash for this or can I use another check or a credit card?

3. Will I have access to my checking account immediately or must I wait a period of time?

4. What different types of checking accounts do you have? 

• No fees, direct deposit?
  • How does direct deposit work?

• How much must I keep in my checking account for a no fees, direct deposit account?

• Can I have part or all of my salary deposited in this each pay period?

• Interest bearing checking account where I can keep a minimum amount in it?
  • If so, how much is that amount?
  • How much interest do you pay me in this account?

• A fee account?
  • What is the minimum I must keep in this account?
  • In this type, if my amount drops below that minimum, am I penalized, and if so how much?

• Do you have other types of checking accounts?
  • Do you have a student checking account?

5. if I write a check and I do not have sufficient funds in my account, what is your overdraft fee?                Is that a one-time fee or does it increase each day that there are not enough funds in the account?

6. If I have a savings account, can money be transferred from my savings account into my checking account if I do not have sufficient funds to cover one of the checks that I have written?                      Is there a fee for that type of transfer?

7. Are there other reasons that I may be charged a fee related to my checking account and cashing checks?

8. How long are deposited checks from someone else’s Banks held? When would I have access to that money once deposited in my checking account?

9. How much is a package of checks?

10. Do you have online banking?                  Is online banking free or is there a fee?                              Can I check my balance and deposit checks through this mobile banking?

11. Is online banking available for direct debit? (Direct debit is when your bills are automatically paid online. For example, you have an arrangement with your energy company to pay your electric bills directly from your checking account. The bank sends the amount of your bill directly to the company.)                             Is there a fee for this service of direct debit?

Questions to ask about Savings Accounts:

1. What is the minimum amount necessary to open a savings account?

2. What is the minimum amount necessary to keep in a savings account to avoid service fees?

    What is the service fee if I go below that amount?

3. What are the regulations for withdrawals from my savings account?

4. What are the different types of savings accounts?

     Explain the balance necessary for each account in order to earn different interest rates?

     What are those interest rates for each type of savings account?

5. Can a certificate of deposit (CD) be used as a savings account?

     If so, is there a penalty for withdrawals?

6. Can money be transferred from a savings account to checking accounts when needed?

    What is the fee for that?

    Is it automatic when checking is below a minimum or must I request it?

Questions to ask about Debit Cards:

1. Do I need to have one?

2. If I request one, do you check my credit?

3. Is there a minimum required in my checking account or savings account in order to have a debit card?

    Does the debit card draw on my checking or my savings account or both?

4. What is the maximum daily limit for cash withdrawal that I may get with a debit card?

    What is the limit for using my debit card for purchases?   

5. Does a debit card from your bank also work as a credit card?

6. Is there an ATM fee when I use a debit card from your bank?

    Is there a fee when I get cash from an ATM which is not associated with your bank?           If so, how much?

    Is there a fee when I get cash back after a purchase using a debit card?

7. How does your bank handle suspicious or unauthorized transactions from a debit card?

8. What happens if I lose the debit card?

Questions to ask about Loans:

1. What kind of loans do you offer?

2. What is the interest rate on each one of those loans?