Types Of Services Offered By US Banks
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When an adult deals with finances, he or she needs a checking account. The individual will deposit his or her paycheck and pay bills by writing checks using that money. Send money gifts with checks and pay for purchases at a store. Even seventeen year old young people can have a checking account. They do require that a parent co-signs, accepting responsibility for any problems with the account. US Banking Guide considers it a valuable experience for anyone who needs to learn to handle money.
Some checking accounts pay interest on the money in the account. This is accompanied by a few inconveniences. For one, you may have to maintain a minimum balance from $100 on up. For another, there may a fee for each check you write.
When you open a free checking account there is no minimum balance required. However, you do have to make a deposit to open it. You can deposit a paycheck and use the ATM machines to take out money from this type of checking account. You can write as many checks as you need to. All you pay for is the imprinting on the checks and the checks themselves.
When you apply to open a savings account there will be a minimum deposit to make. There may be a balance requirement as well. Although you will have the advantage of earning interest, the rate is very low at this time.
A money market account has rules attached to it. They do pay interest on your money, however, you have to have a certain amount on deposit first. Then you start to earn interest. Money market accounts allow you to write only a few checks a month. You can also transfer money three times a month from most of these accounts. These restrictions are too limiting for some people.
If you have money you will not need to use for a long period of time, you can earn good interest rates by investing in a CD (certificate of deposit). The interest rate is set at the time you make the deposit. You can use the money in it as collateral for a loan if you need to.
Some people store jewelry, coin collections or stamp collections in a safety deposit box. They come in many sizes according to the US Banking Guide. The renter of the box has one key. The bank has another key. Each box has two locks and is stored inside a safe inside the bank. Both keys must be used at the same time to open the box. Identification must be presented to access the box and the renter must sign a receipt. The bank is an institution for money, keeping it as well as earning it by collecting interest.
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