The views expressed in Economy Matters are not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System.
Editor's note: Throughout Economy Matters, "Southeast" refers to the six states that, in whole or in part, make up the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee.
Financial Tips from the Atlanta Fed: Opening a Bank Account
Nota del editor: Este artículo también está disponible en español.
Whether you are opening a bank account for the first time or considering the various options that may be available to you, having a relationship with a financial institution can be a step toward financial stability.
- Perhaps you want to keep your money safe, have proof of payment, or monitor your money. These may be among the reasons why opening an account at a financial institution (bank or credit union) can help you reach your financial goals.
- Finding the financial institution and account that meets your needs is important. To help evaluate your options, use a checklist or make a list of what is important to you—perhaps location, ATM network, account features, or costs.
- Using direct deposit into a bank account for paychecks or unemployment benefits ensures that you receive money timely and securely. Because the money automatically goes into your account and will be available on a specific date, you don’t have to make a special trip to your employer to pick up the paycheck or go to the bank to deposit or cash the check.
- Report a lost or stolen debit or ATM card to your financial institution as soon as you realize it’s missing. Your liability may range from $0 to $500, depending on how quickly you report the missing card or fraudulent activity.