Banking – How to get started
This banking tutorial was created to help you become so informed about banks and banking accounts that when you do decide to get involved with a bank or if you already is involved you will know exactly how to deal with them.
I suggest you read the banking tutorial over and over again if you are dealing with banks or if you are considering dealing with one. Banks can really cause you financial ruin if you’re not careful. So if you want to keep more of your money while using banks take this tutorial.
Step 1: Don’t Deal With Them Until You Learn About Them
I’m not kidding. I’m not here to bash banks but to inform you. It’s fine to be connected with one if you are bank wise. Otherwise ditch them or don’t get involved.
If you are to trust them with your money, you need to know how they operate and how you can establish a relationship that will benefit you both.
Step 2: Know Banks Behavior
Yes, banking institutions can and do behave badly. They are not friendly and are not in business to help you but to make money for themselves. In the past they have implemented all kinds of behind the scene rules that was meant to gain more money from their customers.
Greed of the financial institutions including banks is what put our country in a recession. So don’t believe the hype about them helping people.
Step 3: Learn Banks Facts
Having customers that are bank illiterate is what they hope for. That’s how they continue to take your deposits. You know the old saying “its not the things you know that can hurt you, it’s the things unknown that can hurt you.”
Click the link to get some banking information.
Step 4: Understand How They Operate
I love explaining this to people. Again banks main operation is to make massive amounts of money from their customers. That’s you. So here we go:
First, you open a bank account with them. It can be any one of their accounts.
Second, you make deposits (let them keep your money)
Third, they pool together a percentage of several customer’s deposits and lend it to another customer.
Fourth, that customer has to pay back the money with interest.
Fifth, when that customer repay the money, that money will be lent to another customer and so forth
So you see your money is being recycle over and over again by the bank which means they are making plenty of money. Click to learn more about how banks work.
Step 5: Ask Banking Questions
Get some questions together before you go the bank. If you don’t ask you won’t know. Click on the link ” Question to Ask Banks” to get some. Take your time and write them down.
Step 6: Become Well Informed About The Services Banks Offer
That’s right, know what they are offering you and what it will cost you to use those services. Read this article “banking services” to learn more.
Step 7: Take The Two Tutorials Below
Banking Accounts Tutorials
Checking Account Tutorials
Some of you might think it’s easy to open a bank account. Yes it is. But there are things you don’t know that you need to know that can cause you problem. So go ahead and take the bank account tutorial. You will learn all about banking accounts, what they are and how to open one.
Step 8: Protect Your Privacy
When you start a banking account, they collect a lot of personal financial information from you, therefore they are required to give you or mail to you a privacy notice.
A policy notice explains how they handle the personal information you gave to them. It will tell you whether they share it with other parties or not. You need to be assured that your information is being kept secret.
Read here to learn more about Privacy Notices.
Here’s what you can do to safeguard your private personal financial information
Call the bank and tell them you want to opt out ( meaning you want them to stop giving your personal financial information to others)
Step 9: Protect Your Banking Deposits
Yes that’s right. You need to secure your own money while it is in the bank. You are probably saying you put your money in the bank so it would be safe. Wrong! They only give your money limited security.
It is up to you to provide the most protection for your accounts and you need to do it. Long past the days when robbers had to go to a bank to rob it. Nowadays they can get a hold of your personal information and rob your banking accounts.
Here’s how you can protect yourself
Do not give out your banking information such as your account number and routing numbers
Don’t carry your debit cards and ATM cards around. Take them with you only when you are going to use it.
Keep all your blank checks as well as your returned checks in a safe secured location in your home.
When you give your bank card to pay for something don’t let them take it out of your eye sight. You don’t want them to be able to steal information from it.
Read your monthly statement very carefully. Check to see that you authorize every transaction on there.
Check your accounts often. The best way to do this is to sign up for online banking. You will be able to see any unusual activities.
Contact your bank immediately if you suspect your account is being compromised.
Don’t carry around personal information such as your social security card and birth certificates.
Don’t check your accounts on other people computers or public computers. If you do make sure to log out and clear your history browsing.
How to find out if your deposits are insured
Step 10: Learn Consumers Protection Laws
When you start doing business with banking institution you are setting yourself up for many disappointments. The good thing is there are laws that can protect you.
You do have banking rights. If you are faced with issues from any banks, call the Federal Reserve Consumers Help @ 888-851-1920 or you can go to their website www.federalconsumerhelp.gov and learn what you need to do.
Step 11: Use Common Sense
If you gonna deal with banks use what you got. Your Common Sense. It will take you a long way.
Step 12: Consider Doing Online Banking
Online banking is very popular nowadays. With online banking you can check you account anytime you want to. All you need to do is tell you bank you want to bank online and they will set it up for you.
Step 13: Take This Banking Tutorial Again
More Banking Tips
How to open a bank account
How to open a checking account
How to open a savings account
Avoid Banking fees
How do banks make money
how do banks work
Helpful Online Banking Links
Need to find a bank. Click on http://research.fdic.gov/bankfind/ this link
Note: Enjoyed this tutorial, then consider taking the entire financial education program. Click here for financial education information.
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