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How to Manage Your First Bank Account

Watch more Money Advice for Kids videos: Subscribe to Howcast's YouTube Channel - Learn to manage your money smartly and stress-free with these accounting tips. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Choose checking or savings Choose whether to open a checking account, savings account, or both. If you'll be paying bills and making purchases, then you'll need a checking account. Step 2: Study the options Research multiple banks and the accounts they offer until you find one that's right for you. Tip Many checking and savings accounts pay interest on a monthly basis. Choose one of these if it is available. Step 3: Make a deposit Make your first deposit. Your bank may require a minimum amount to open the account or a minimum balance that must be maintained to avoid fees. Step 4: Know your fees Know the fees banks often charge for such items as dipping below a minimum balance, writing too many checks, or using another bank's ATM machine. Don't be caught off guard by extra charges; avoid them when you can. Tip Overdraft protection, while sometimes costly, can protect you from even more costly fees for bouncing a check. Step 5: Maintain privacy Do not share your banking PIN with anyone, or let others use your checkbook. Step 6: Balance your checkbook Balance your checkbook on a regular basis. Save receipts, keep track of transactions, and record them into your checking ledger at the end of each day or week. Tip Spend based on your ledger balance and not on your online account balance. If you've written a check that hasn't cleared yet, it won't be reflected and you might end up spending more than you have. Step 7: Always check your statement Make sure you reconcile your checking ledger and your bank statement each month. Sort out any discrepancies by reviewing your purchases or contacting the bank. Did You Know? Did you know? The largest U.S. dollar amount ever issued as paper currency was the $10,000 bill.
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