Member FDIC. Checking Account Guide

Transcription

1 Member FDIC Checking Account Guide

2 Table of Contents o Introduction. 3 o Checking Account Management.. 4 o Documents. o Check Register o Checks o Debit Card o o o Making a Purchase 4 Writing a Check..5 Using a Debit Card.6 o Overdrafts..7 o Glossary...10

3 Introduction At The State Bank of Faribault, we want to take this time to thank you for your business. We value your relationship with us. We have put this helpful guide together to help our customer have a tool to help them better manage their accounts with The State Bank of Faribault. This guide will help to avoid overdraft fees. We offer a number of products and services that can help you manage your money including: Online Banking Online Bill Pay Transfers Overdraft Lines of Credit Throughout the guide you will see words or definitions that is used in banking. Terms may be used on your statement or notices provided to you. A glossary of terms is provided in this guide. If you have any questions about information in this guide please feel free to contact us, we will be happy to help you.

4 Checking Account Management When you opened your checking account with The State Bank of Faribault you may have ordered checks that day. You would have been provided a check register with your check order. A check register is the place to document all of your transactions as they happen. Below is an example of one type of check register. You should make sure to use your register for each transaction whether a deposit or check. You should also record any ATM, Debit Card or electronic withdrawals coming out of your account. Record any fees assessed by the bank for service charges.

5 Checking Account Management Checks and deposit slips are ordered at the time the account is opened. Checks should be written in your register at the time you write the check. You should record the date you wrote the check, the payee (this is who you wrote the check to), the dollar amount in numerals, the written dollar amount, and your signature. Deposit slips should be filled out completely with the items being deposited. This could be checks, cash or a combination of the two. List the items, adding all items for a subtotal. If you want to receive any cash back from your deposit put the dollar amount on the line for cash back, subtract any cash back from the listed items for an overall total to be deposited in your account.

6 Checking Account Management Debit cards or Check Cards are also offered when opening a checking account. These types of cards can be used instead of writing a check to have money taken from your account to pay for products or services you are purchasing. Recording your purchases when using your debit card is very important. Like a check you should record the date, place you made the purchase and the dollar amount.

7 Overdrafts What is an overdraft? An overdraft happens when there is not enough money in the account to cover a transaction that has taken place. o At The State Bank of Faribault we realize overdrawing your account can be embarrassing and cause your checks to be returned. Returned checks can also create an overdraft fee and merchant return check fees. ohow to avoid overdraft fees? oconsider using an Overdraft Protection Service ousing the suggestions in this guide

8 Overdrafts What other alternative services are there for overdrafts? (Below are other alternatives). OVERDRAFT PROTECTION SERVICES Check Plus Line of Credit- this is a loan that is tied to your checking account to cover overdrafts up to a predetermined amount. Funds will transfer automatically in increments of $ to cover the overdraft. There may be fees associated with having a line of credit. Overdraft Transfer- this is an automated transfer from another account you have at the State Bank of Faribault. This will transfer in increments of $ Bounce Guard- This is an optional service that pays overdrafts and assesses a fee up to a pre-set limit.

9 Overdrafts Opt in Opt out. What is it and how does it work? Your account may provide Bounce Guard for checks, ACH and any recurring debit card transactions you need to request us to cover ATM and everyday debit card transactions. contact us on how you can opt in to Bounce Guard for these transactions. Please If you opt in to this service you will receive confirmation from us. You can change your opt in status at any time by contacting the bank at

10 Glossary ACH The system that allows electronic transactions to be completed across banks and credit unions Available Balance The maximum amount of money you could withdrawal from your account. This balance may include pending transactions. This balance may also include Sweeps, Line of Credit. ATM Fee An ATM Fee can be charged to your account by a bank for using the ATM. Most banks will charge you a fee if you are not their customer. Bounce Check A bounce check is a check that has been returned to the person or business where the item was written due to not having enough funds in the account. Current Balance This balance is currently what is in your account including any pending transactions. Debit A debit to your checking account is a withdrawal of any kind. This could include electronic entries, checks, ATM withdrawals, debit card transactions. Debit Card A card, typically with the Visa or MasterCard logo on the front which is tied to your checking account to make withdrawals as POS or ATM. When the card is used the funds are deducted from your account right away. Deposit Direct Deposit Overdraft Fee Pending Transaction POS Posting Transfer A deposit into your checking account can be made various ways to include electronic (direct deposit), over the teller window A direct deposit is an electronic item (no physical check) coming into your checking account. These types of transactions usually will be from an employer, Social Security, Retirement Checks A fee that is charged to your account any time you do not have sufficient funds to cover items coming through your account including checks. A pending or Pre-authorized transaction is a transaction that will be posting (this could be a debit card transaction) in the near future. A POS transaction is a transaction that happens at any merchant with your debit card The process of clearing a transaction on your account The movement of money from one account to another account. This could include electronic or manual transfers between accounts.

11 The State Bank of Faribault would like to take this time to thank you for your business. We appreciate each and every customer we have. SBF Mission Statement Creating customers for life by offering excellence in service and products to serve you today and into the future. Please feel free to contact anyone in our Customer Service Department if you have any questions. Please feel free to print this guide for your own use. The State Bank of Faribault 428 Central Ave. Faribault, MN Member FDIC