ABA ASKS, HAVE YOU PUT YOUR BANK TO WORK FOR YOU?
How to Get the Most from Your Bank
WASHINGTON, May 8—Banks have a lot more to offer than loans, explains the American Bankers Association Education Foundation, which encourages consumers to familiarize themselves with their bank's services as they gain control over their finances.
"Banks do so much more than hold money in the vault," explained Laura Fisher, ABA Education Foundation director. "They are there to serve, with products to help consumers keep their finances on track."
Fisher emphasized that many consumers do not realize all of the services their bank provides, from offering safe deposit boxes and notary services to direct deposit and online bill pay.
The ABA Education Foundation and ABA member banks remind consumers of the many services that banks have to offer with the following:
Online Banking
Consumers can use online banking to do things that typically involved a trip to the bank. Online banking allows customers to transfer funds between accounts, view account activity and statements, complete online loan applications and reorder checks. Reviewing your bank account regularly, allows you to check for fraudulent charges and to make sure that your account is in balance.
Balance Alerts
These alerts keep you informed of activity on your bank account. Balance alerts are generally delivered through e-mail or text message alerting you to information to help you manage your finances. Avoid overdrawing your account by setting an alert that tells you your balance exceeds the amount you set or the available balance.
Direct Deposit
Employers deposit employees' paychecks into their personal banking account instead of issuing a personal check. Direct deposit saves employees from having to go to the bank to cash checks and conserves paper. Customers can also have a portion of their check deposited directly into a savings account.
Online Bill Pay
Online bill pay allows you to set up automatic payments from your checking account. Paying your bills this way saves time and money. The number one reason why bills are paid late is because someone forgot. With online bill pay, once set up your bills are paid automatically, and you avoid late fees or penalties.
Financial Education
Many banks offer kids accounts that put youngsters on the path of saving while helping them to understand the banking process. Banks are also useful in learning to manage money, budget or plan for the future.
"The key to financial management is to keep your finances organized," added Fisher. "With banks taking advantage of technological innovations offering online services, its now easier than ever to do."
For more information on bank services, stop buy your local bank or visit www.aba.com/abaef.
The ABA Education Foundation, a non profit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy. For more than 80 years, we have supported the banking industry's efforts to teach personal finance skills in schools and communities across the country. The programs we provide are specifically and uniquely created for young children, teenagers and adults to provide them with the skills they need to budget, save, and manage credit. For more information, visit http://www.abaef.com or call 1-800-BANKERS.
# # #
