Basic, Savings and Checking Account Guidance: for Teens and Young Adults
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About this ebook
The book Basic Savings and Checking Account Guidance (For Teens and Young Adults) is designed specifically for the younger generation that grew up in households with parents that did not set good financial management lifestyles for them. The practical knowledge provided here is a realistic tool for understanding money management that points independent young people in the right financial direction. This targeted financial advice explains savings and checking accounts in clear, logical sequence with a simple emphasis on truly understanding needed financial decisions. It outlines the outcomes that could result if someone continues exercising misdirected, impulsive, or uneducated monetary decisions. This book provides a common sense, intuitive roadmap for putting together a sound financial future.
Teens and Young Adults will learn how checking and savings accounts are established, maintained and factor into financial decisions. They will understand the differences between various financial institutions and the multiple financial instruments banks and credit unions have available to them. They will be taught how to manage and protect their debit cards, checks, savings accounts and ATM transactions. They will be guided down the path that will allow them to live virtually debt free and survive comfortably in a financial world they presently have little or no experience in.
If you recently left home or are about to be out on your own; there is a need for this sound, reliable and tested financial advice on how to establish and maintain your basic banking needs. When you face and need to make sound financial savings and checking choices in the real world, this book is the tool needed for your basic monetary transition into adult life.
Ronald E. Hudkins
Ronald E. Hudkins (1951-Present) was born in Canton, Ohio and grew up in Massillon, Ohio. He was drafted into military service in 1970 where he remained up until 1993 when he retired honorably from the U.S. Army, Military Police Corps. During his service and after, he attended many universities that include Kent State University, Maryland University, Central Texas College (European Branch), Blair Junior College, Hagerstown Junior College and Phoenix University. He mostly completed general studies but declared two majors in the areas of Business Administration and a Bachelor of Science in Information Technology. Although he was an intelligent student he was never on the Dean's List, or voted a most likely to succeed candidate. He did not graduate with any specific degree however if you were to consider all his credits and self-study he could reasonably be considered a Rogue Scholar.
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Basic, Savings and Checking Account Guidance - Ronald E. Hudkins
Basic, Savings and Checking Account Guidance
for Teens and Young Adults
~~~
Smashwords Edition
Copyright © Ronald E. Hudkins
All Rights Reserved
ISBN-13: 978-1496198273
ISBN-10: 1496198271
In accordance with the U.S. Copyright Act of 1976, the scanning, uploading and electronic sharing of any part of this book without the permission of the publisher constitute unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than review purposes) prior written permission must be obtained by contacting the publisher in writing @ Ronald E. Hudkins, 169 Countrymens Way, Durango, CO 81303-7882.
Thank you for your support of the author’s rights.
In accordance with the U.S. Copyright Act of 1976, the scanning, uploading and electronic sharing of any part of this book without the permission of the publisher constitute unlawful piracy and theft of the author’s intellectual property. If you would like to use material from the book (other than review purposes) prior written permission must be obtained by contacting the publisher in writing @ Ronald E. Hudkins, 169 Countrymens Way, Durango, CO 81303-7882.
Smashwords Edition, License Notes
This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite ebook retailer and purchase your own copy. Thank you for respecting the hard work of this author.
DEDICATION
I dedicate this book to teens and young adults looking for sound advice on how to make smart financial choices needed to establish a firm footing as you work your way through school and the post-graduation years.
Just remember as your speeding down that new found road of freedom that how you spend your 20’s financially will ultimately define you.
After all is said and done you should also know; after you get married, you both should know how to write a check and balance the savings ledger correctly. Because, even if you have endless and eternal love and affection, there’s still going to be a basket full of bills to test your emotional tolerances!
Table of Contents
Dedication
Ackowledgements
Chapter One – Opening a Financial Account
Chapter Two - Checking Accounts
Chapter Three – Savings Accounts
Chapter Four – Checking Account Ledgers
Chapter Five - Check Processing
Chapter Six – Miscellaneous Check Procedures
Chapter Seven – ATM and Other Types of Deposits
Chapter Eight - Personal Finances
Appendix One - Common Banking Fees Overview
Financial Glossary
Book Review
About the Author
Internet Presence Ronald Hudkins
Citation Page
ACKOWLEDGEMENTS
No one walks alone on the journey of life. With all that I have shared my life with just where you start to thank those that joined you, walked beside you, and helped you along the way. Many have continuously urged me to write a book, to put my thoughts down on paper. Over the years, those that I have met and worked with have encouraged me to share my insights together with the secrets to my continual, positive approach to life and all that life throws at us. So at last, here it is. So, perhaps this book, other books I wrote and all their pages will be seen as thanks
to the many of you who have both tolerated me and helped make my life what is today; happy, fulfilled, rich and content.
I also need to thank a wonderful lady who changed me completely, and that is my wife. I thank Ginny, with whom I have had the pleasure of sharing a warm, wonderful and loving relationship with and whose words, over the years has taught me much about myself and the mysterious ways of life. She taught me humility and how to value the lives, thoughts and expressions of others, how to care for and understand their needs.
Book Graphics
I would like to thank webmark as listed on Fiverr for the eye catching Paperback and ebook covers he imagined and graphically designed
Chapter One – Opening a Financial Account
You might be planning to open a new bank account for several reasons. This could be your first checking account or you could be migrating to a new area so you are looking to join a new bank. Whatever your reason following are four main considerations you should consider before establishing your new financial account.
Which is the Best a Credit Union or Bank?
Are you looking for a loan and do not know where to start? Well, it is good to know that both the credit union and bank can help you secure a loan. However, you need to expect different rules between a credit union and bank.
The main difference between a credit union and bank is their state of ownership. To explain, credit unions are non-organizations owned by their customers who are known as members. This means that a credit union usually has many advantages since you will not be demanded to pay the higher bottom line (as a result of user fees, advertising, interest, checking fees, etc.) banks demand to achieve their high profit margins. These are a few reasons why there are so many people choosing to tender loans from credit unions as compared to banks. However, you need to be careful which credit union you are approaching since now days some act just like banks. Thus you will be expected to pay higher fees for offered services.
Before using any credit union, you should take time to learn more about the specific union and how it works, so as to avoid any unseen surprises. We will go into more detail about service fees later okay?
Well, of course it is good to know that both the bank and credit union keep your money safe. Though it is important to be sure your union or bank has insurance so as to be assured your money is safe in case of natural disasters, criminal activity fire or some other trauma. Remember, now is not the time to be shy.
Compare the products (service fees, interest rates and so forth) being offered among the many financial institutions available to you. Many times, the products that banks and credit unions offer are very much alike. The primary difference usually is their rates and interest when you negotiate a loan. Just make sure you choose the one that has what you are really looking for.
Customer service is an amenity in both the credit union and banks. Customer service is usually very different in both credit union and bank environments. In a credit union, customer service is usually more personalized as the staff know their customers very well. The employees are also fewer compared to the bank. On the other hand, banks usually offer 24/7 customer support despite not knowing their customers personally. Most of the time, they will attend to your problem online or via call centers without necessarily knowing who you are as long as you are a patron of their bank.
Whether you choose to do business with a credit union or bank to facilitate a loan, you need to undertake enough research (due diligence) carefully before making your informed final decision. It is a great idea to consider having a savings account in both platforms. Make sure you borrow a loan from the one that provides adequate time for paying off the loan and has the most reasonable interest rate. Today, banks and credit unions have so many different services and products to offer and you should make prudent use of them both perhaps to better your life.
Considerations When Choosing a Bank
You need to consider many alternatives before settling on the most appropriate bank. If you are always on the move because of leisure or job related activities, it’s a wise idea to have an account with huge banks located around the United States. Doing this can enable you to substantially cut down on ATM fees. If you don’t plan on moving around, a smaller bank could be a better fit as there is also a wide variety of products and services perhaps less expensive.
If you qualify for a credit union, you need to maximize that opportunity. Credit unions provide higher interest rates on savings accounts and reduced rates on their loan interest. The various user fees are often much more reduced at credit unions as well.
Choosing the Most Suited Account
There is a lot of information on the Internet where you can check minimum requirements and fee provisions for several accounts given through different