Students

Parents, Teens, and Money:3. Understanding Banking Services

  • Let's step back and discuss the basic banking services that form the foundation for most people's finances. You may have opened savings accounts for your teens so they could learn to save for a rainy day. They'll need their own checking account before heading off to college or going out on their own to pay for rent, utilities and other financial obligations.

    Here is a basic primer on common banking services and terminology you should discuss with your young adults:

  • Different kinds of financial institutions

    Among the types of institutions where you can deposit your money are banks, savings and loans, credit unions, and Internet banks.

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  • Banking products and services

    Banks are financial institutions that allow customers to borrow and lend money.

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KEY Message - Always keep track of your account balances to help prevent costly fees and service charges caused by overdrawing your account.