Banking

Bank Strategically

• Consider whether you want to put your money in a bank or a credit union. But first, you have to understand how a bank is different from a credit union.
• Establish a checking account that offers features that fit your needs. Consider convenience, minimal fees, and the availability of student discounts.
• Establish a savings account for unanticipated expenses and emergencies. Get in the habit of making regular deposits, even if they’re small; think long and hard before making a withdrawal.
• Sign up to direct deposit your paycheck to your checking account. Spend money only as you need it; transfer any unused funds to your savings account.
• Automating your bill payments can help you avoid late fees and the potential of damaging your credit score. This will ensure you won’t forget payments. Just check to be sure your payments go through.
• Many banks and credit unions offer free credit (FICO) score monitoring. See if that’s included with your account.