Banking can be a daunting task. You wish you had learned how to do it at school because once you’re in the big, wide world, no one can really teach you what to do. It’s a real part of growing up. We’ve decided to give you some pointers about banking, just to make things a little easier. Here are some pointers and warnings to consider when opening and managing a bank account.
Transmission or Credit account?
When opening an account, you might be asked the question above. You must know the difference. When opening a transmission or current account, you are only dealing with your money – not the bank’s money. This means that when you make deposits, this will be the only money you can take out. Most people use this for debit orders, and daily transactions. Credit means that you can also use the bank’s money. A good to know – you can spend the bank’s money and pay it back with interest (a fee on the amount you have spent, charged monthly.)
It is always important to find out what kind of fees you will be charged per transaction, monthly, and if you go into overdraft (when your account goes into negative.)
An important thing to aware of is scammers. A very common scam system is called phishing. Similar to the wonderful hobby, scammers try their luck by sending mass emails (throwing in the line) and seeing if some unlucky recipient (the fish) will take a bite at a story usually involving a Nigerian doctor who urgently needs funds for an emergency operation for a cousin you didn’t know you had (the bait.) The bottom line – do not, under any circumstances, give banking details or credit card numbers to anyone online or via email.
It’s always a good idea to play it safe while online. Make sure that you visit websites that are properly protected, such as online betting and gaming sites where you can try your luck online, and win millions when you play at an online casino with real money. These legitimate websites are safe to with high levels of internet security.
Investments are part of the banking game. If you are able to save a little every month, you’ll want to make sure you know where you put your precious pennies, and if they grow the way you’d like. You can set aside a fixed deposit amount (automatic monthly deposit) that also let’s you not access the money for a set period – this helps with protecting you from buying those new shoes, when you really shouldn’t.
This might be a very broad base for banking, so make sure you speak to some experts, family members or friends who are experienced in life and banking.
Get stuck in, and remember to always pay your credit card bills on time!
