There are so many different aspects of banking. From debit cards to banking fees, we're here to cover the basics of banking for you. Watch our Personal Finance 120 video to learn more!


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Hi, I'm Carly cherry and welcome to personal finance 120: information for managing your financial life in less than two minutes. Today, we're going to be discussing the basics of banking, so that you'll be able to manage your money with confidence. in 2013, forbes.com reported that almost one-third of the entire US population is either unbanked or underbanked, meaning they either don't have a bank account at all or they still make a significant number of different types of transactions in cash. Without a bank account or credit history individuals are left without a credit score. Without a credit score, or even without access to a bank, these consumers would find it extremely difficult to purchase a home or car, start a business or send their children to college. If you’re one of the unbanked or underbanked individuals out there it's time to reconsider your choice. There are several ways you could benefit from having a bank account. You might be surprised the perks you missing out on. For starters, depending on the type of account you open, you could benefit greatly from the interest you earn by keeping your money in the bank. Banking also comes with a number of convenient automated options including the ability to pay your bills, deposit paychecks, and transfer money from your computer or smartphone. The two most common types of bank accounts are checking and savings. A checking account provides you with daily access to your funds and can be attached to a debit card or online bill paying card. You can deposit money into this account and withdraw at your own discretion. interest-bearing checking accounts are harder to find these days and usually come with high minimum deposits .there are playing banks and credit unions that give cash back when you use your debit card and many that will reimburse you if you use an ATM outside of their network. A savings account earns interest while letting you both deposit and withdraw your money. However, you won't have instant access to your money savings account. Interest rates are low right now, but keeping your money in an insured account is a much better place than under a mattress or in the freezer. That’s all we have for you today on banking basic, but there's much more to learn about this critical topic. So, get out there and check out banks and credit unions serving your community to see what they have to offer and don't forget to check us out on social media for more videos articles and tips to help you with your financial needs. Until next time I'm Carly Cherry for Cambridge credit counseling.