- See if there’s a low-fee checking account for you, such as a senior or student account, or
just a basic checking account with a low minimum balance requirement. This account
may have a limited number of “free” checks and withdrawals. - Open and review all of the mail from your bank or credit union. Review account
statements every month to make sure they are correct and report errors immediately.
You must also be notified when your minimum balance requirement, fees, or other
account terms change.
Finally, it is important to never knowingly write a check for funds you do not have in your
account. This can create a number of problems for you. In addition to fees for nonsufficient
funds from the bank or credit union and the merchant (if the check was written to a merchant),
it could severely impact your ability to access financial services in the future.
Federal insurance for financial institutions
There are two agencies established by the federal
government to make certain that the money people
deposit in banks or credit unions will be there when
the person wants to withdraw it. The Federal
Deposit Insurance Corporation (FDIC) insures
money in banks. The National Credit Union
Administration (NCUA) insures money in credit
unions.In general, the limit is $250,000 per depositor, per
insured institution. So, if you have no more than
$250,000 in a savings account in an insured bank
and the bank fails, you will get all your money back.
FDIC and NCUA do NOT insure money that people
use to invest in stocks, mutual funds, life insurance
policies, annuities, or other securities, even if they
are purchased from a bank or credit union.How will you know if deposits in a bank or credit union are insured? You can look for these
FDIC or NCUA logos. These will be on the door, displayed on the bank or credit unions websites,
or on all materials from the bank or credit union.