Learning Center
Basic Finance
How Credit Affects You
Preparing for Home Ownership
Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
Module 1
Basic Finance
Banking
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Other Financial Services

Banks Offer a Variety of Services
Did you know that banks and other financial institutions also offer services such as:
  • Direct deposit — automatic deposit of wages or benefits directly from your employer or another organization to your bank account.

  • Overdraft protection — ensures all checks and withdrawals up to a predetermined amount are covered, regardless of whether the funds are in your account. Your credit will determine whether you qualify for this service. There may be a charge for the service, and you are required to repay the overdraft.

  • Money orders — checks issued by an organization such as the Postal Service or sold by third parties such as grocery stores, convenience stores, or banks and other financial services companies, to allow you to make payments or purchases in cases where cash or personal checks are not accepted.

  • Wire transfers — send money from your bank account to another person’s bank account either domestically or internationally.

  • ATM cards — plastic cards you can use to access your accounts. They allow you to get cash, deposit money, check account balances, and receive a copy of your bank statement from automated teller machines (ATMs).

  • Credit cards — allow you to buy goods or services now and pay for them later. They represent an approval by a bank or company to use their money and typically involve fees and interest.

  • Debit cards — can be used to pay for goods and other services similar to credit cards. But when you use your debit card, the money is taken directly from your checking or savings account. Debit cards are sometimes called check cards.

  • Electronic bill pay — directs the financial institution to pay your bills by transferring funds from your account to another person or business. You logon to your account and indicate how much and where to send the payment, without having to actually write a check.

  • Telephone banking — allows you to conduct financial transactions over the telephone.

  • Safe deposit box — a type of safe located in the financial institution and usually used to store valuables such as jewelry, money and/or important documents.

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