Understanding financial institutions and providers
Prioritized what is important to you — savings, low fees or convenience — and make a list.
Review what each institution charge for accounts, including monthly maintenance and overdraft fees.
Many financial institutions allow you to set email and text alerts for predefined balances or transactions. Set alerts to notify you when your account is approaching level that may result in a monthly fee or overdraft.
Evaluating your banking safety in a remote world
From the FDIC:
“Today, the number of consumers taking advantage of digital banking services has increased, and during the pandemic many new checking accounts were opened online or through a mobile device. Some of these accounts were opened by consumers who were eligible to receive federal financial assistance, or economic impact payments (EIPs), and wanted to receive the money faster electronically via direct deposit into an FDIC-insured bank account. The FDIC worked along with bank trade associations and nonprofit partners to help thousands of consumers begin or re-establish a banking relationship.”
Classroom resources from our national partners: