MMG Guide to Banking Basics for College Students

By Melissa Newton

As a college student, master how to successfully navigate the U.S. banking system. The MMG Guide to Banking Basics for College Students gives you the steps to find a bank, manage your accounts, and tap into other facts you need to know about banking and money.

Written in a question and answer format, you can read the guidebook in one sitting, skip to topics of interest, or come back later for a refresher. Learn the ins and outs of managing your bank account including tips on using debit cards and saving on bank fees. With your banking knowledge, you can feel empowered to achieve your money lifestyle goals as a student into a career.

• Language: English
• Publisher: Melissa Newton
• Release date: Jan 26, 2016
• ISBN: 9781310998812

Melissa Newton

Hi there! I appreciate you are taking a few minutes to get to know about me. I've enjoyed a fascinating journey of learning and experiences over the years. Since publishing my Smashwords books, I have moved on from writing about banking and personal finance. However, I have chosen to keep these works alive in the digital world. I have been writing since my college years and have so enjoyed the world of writing, books, and publishing since that time. During my corporate years in banking and personal finance, I liked sharing financial knowledge to empower consumers to make better money decisions. In addition to giving educational workshops, working with the Federal Reserve Bank of Chicago with MoneySmart Week, I wrote and published books in the personal finance genre, some of which are available here on Smashwords. I also thrived in my side-gig as a managing editor and publisher of several digital magazines, i.e., a literary magazine for women and then later a personal finance magazine. I was definitely a busy person during my corporate years! However, I consider myself lucky to follow new dreams in the latter part of my career. It was in 2014 that I said goodbye to the corporate world to follow my passion for writing, research, ghostwriting, publishing, and nature photography full-time. Below is my formal profile that I now have on LinkedIn. You can also visit my personal website at MelissaNewton.com to learn more about my work now as a ghostwriter and publisher, and access free downloadable ebooks on different topics in writing. Melissa ________________________ I'm Melissa Newton, Founder and President of Millcreek Media Group, Inc. (MMG), a publishing and content media group. In addition to being an author, ghostwriter, and writing coach, I can take you through every step to publish your book. I consider myself lucky to follow new dreams in the latter part of my career. I want to help you fulfill your dreams as an author! Live the Life You've Imagined The above quote from Henry David Thoreau is a promise of what life can be IF we choose to make it so. Do you want to take your ideas, experience, and stories and write a book? Your experience needs an experienced ghostwriter or writer/editor. I'm here to help you succeed. Ghostwriting, Writer/Editor, Book Project Manager With decades of writing, ghostwriting, and publishing experience, I bring a rich background to our collab...

Book preview

MMG Guide to Banking Basics for College Students

By Melissa Newton

Copyright 2016

Smashwords Edition License Notes:

This ebook is licensed for your personal use only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite ebook retailer and purchase your own copy. Thank you for respecting the license notation of this author.

Table of Contents

Author’s Note

Overview

Part 1: The Facts on U.S. Currency

Part 2: Choosing a Bank

Is My Money Safe?

Big Bank versus Community Bank

Online Bank vs Brick-and-Mortar Bank

What is a College-Sponsored Bank?

What to Look for When Researching a Bank’s Website

Checking Accounts

Savings Account

A Bank’s Fee Schedule

Funds Availability (When can I get my money?)

Part 3: Opening a Bank Account

Part 4: Managing Your Bank Account

Online Banking and Online Bill Pay

How is Mobile Banking Used?

Tips on Using a Debit Card

Using an Automated Teller Machine (ATM) in the U.S.

Overdrafts, Non-sufficient Funds, and Other Fees

What Types of Alert Messages Can I Set Up on My Account?

Avoid Identity Theft, Fraud, and Money Scams in the U.S.

Part 5: Other Facts to Know About Banks and Money

Why You Need to Know About Basic Banking

When Are U.S. Banks Closed?

What Public Notices Are Required at a Bank?

Do You Know Your American Bankers Association (ABA) Number?

What is the Federal Reserve?

Part 6: Websites and Resources

Author Closing Comments

About the Author

Other MMG Money Guides

Other Books and White Papers by Melissa Newton

Connect with Melissa Newton

Disclaimer

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Author’s Note

Congratulations! You are on an exciting adventure as a college student. You have the opportunity to immerse yourself into college life which brings a mixture of fun, responsibility, and the opportunity to make lifelong friendships. In addition, the educational goals you have set for yourself will prepare you for the successful career you have dreamed of achieving.

There are many details, both large and small, for you to plan as you enjoy a meaningful academic and social experience in college. One very important item to add to your checklist is reviewing your basic understanding of the U.S. banking system. Why? Let me share an insight not all consumers may realize.

It does not matter if you choose to bank with an online bank or brick-and-mortar bank. It does not matter if you opt for the convenience of a non-bank company that offers banking services. In the end, even with non-bank companies, all entities are either a bank or connected via a partnership with a bank. In a word, the rules of successfully navigating the world of money all circle back to the bank industry. So, no matter how a banking service is presented, delivered, apps offered, or who provides the service, you are still functioning within the banking system.

Why take the time to understand the finer points of banking now? After all, you are a college student and you do not need to worry about that now, right? Well, in years past college students may have received a pass on learning about banking. Unfortunately, those days are long gone. Let us look at why money smart college students are choosing to ramp up their knowledge about personal finance issues like banking.

There are certainly many options for consumers on how they can best access and move money. However, as personal finance experts and financial literacy advocates have been saying for some time, the choices have created its' own complexity. The result is the financial landscape at different life moments in a consumer's personal and professional money life has become much more complicated. If you do not have the right information, the wrong decision can cost you a lot of money to your bottom line.

The truth is more responsibility has been put on the consumer to figure out the right financial decisions to make in all areas. Based on the news headlines these days, a lot of people are suffering with major money problems from student loan debt, credit card debt, to doling out money in bank and credit card fees. You certainly want to avoid becoming a member of that community. The smart money decisions you make today as a college student, whether it is selecting a bank, managing a debit card, credit card, student loans, or even something as seemingly innocuous as ATM use, can put you ahead of the curve financially when you walk across the platform to collect your degree.

It is for this reason we have published another banking basics money guidebook for college students. Our MMG Guide to Banking Basics for International Students has proven helpful to international college students. In fact, we just released the second edition in conjunction with this money guidebook. We are confident the MMG Guide to Banking Basics for College Students can be an invaluable resource to you starting today!

Our goal is to help steer you through this process of successfully navigating the banking world. We want you to feel empowered choosing a bank, picking the right bank account(s), managing your money to avoid bank fees, and keeping your personal identity and money safe. The banking industry has its complexities. But, what you need to know to get started is in this money guidebook. We have designed it to be a convenient, user-friendly, Q&A format that you can refer to throughout your college years and beyond.

In closing, let me say we want to hear from you. We really do! If you found this guidebook helpful, tell us. If you run into a problem or issue that we did not discuss, tell us. We will add it to our second edition. We hope the MMG Guide to Banking Basics for College Students makes your experience as a college student just a little easier and prepares you for a successful career launch. You have countless details to remember without worrying about the banking part of it.

We wish you all the best during your exciting experience as a college student. We look forward to hearing from you.

Melissa Newton

President, Editor-in-Chief

Millcreek Media Group, Inc.

[e-mail]

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Overview

The purpose of the MMG Guide to Banking Basics for College Students is to give you a convenient resource to understand key banking topics as you manage your bank account(s). Whether you currently have a checking account, savings account, or other bank relationship, now is the time to access what your needs are as a college student.

As a refresher, let us consider why it is important to establish a checking account and overall banking relationship as a college student:

1. The convenience of accessing money for your daily money life activities. Money may take the form of cash, debit card, credit