Bank accounts provide essential services for managing money. There are several types of accounts like checking, savings, and money market accounts. Checking accounts allow writing checks and debit card use, while savings accounts earn interest but have limits on transactions. It's important to choose a bank based on location, fees, and account features. Maintaining good records and being aware of fraud prevention helps manage accounts responsibly.
Accepting card payments means never turning away a customer again. However, too many small business owners are missing out because they don't know where to get started. This free guide explains all you need to know to get going with card payments for your business.
Accepting card payments means never turning away a customer again. However, too many small business owners are missing out because they don't know where to get started. This free guide explains all you need to know to get going with card payments for your business.
Everything You Need to Know About ChargebacksEran Feinstein
In the world of online and mobile payments, credit card fraud and chargebacks are a common concern among merchants. Business owners can protect themselves by understanding what chargebacks are, how the chargeback process works, and what measures can be taken to prevent them. Merchants can also avoid chargebacks by working with a PCI DSS Level 1 certified payment processing company, like 3G Direct Pay (http://www.3gdirectpay.com/)
Everything You Need to Know About ChargebacksEran Feinstein
In the world of online and mobile payments, credit card fraud and chargebacks are a common concern among merchants. Business owners can protect themselves by understanding what chargebacks are, how the chargeback process works, and what measures can be taken to prevent them. Merchants can also avoid chargebacks by working with a PCI DSS Level 1 certified payment processing company, like 3G Direct Pay (http://www.3gdirectpay.com/)
Name of the program: - Kena
Meaning in English: - Kena (Straight Up)- to start doing what needs to be done by uplifting the entrepreneurs on the right direction with the right mindset and support.
Meaning in Amharic: - (ቀና)፡-ወጣት ስራ ፈጣሪዎችን ቀና እንዲሉ የሚያግዝ ማለትም ካሉበት ነባራዊ ሁኔታ ቀና በማለት ወደ ተሻለ ተስፋ የሚያመሩበትን እድል ያመቻቻል፣ ቀና እድል (መልካም እድል) ለወጣት ስራ ፈጣሪዎች፡፡
About Kena
Kena is a program designed by EYEA to understand, support and empower the young entrepreneurs in their entrepreneurship journey. Kena; capacitate young entrepreneurs on the required skills and make their business ideas/products ready for financing. Kena will address on the existing entrepreneurship course problem that it is more of theory which has little to no contribution in preparing the young entrepreneurs to understand there potential and realize their vision. To achieve this there is a need to prepare contextualized training, coaching and mentoring program. The overall aim of Kena program is to make the selected potential entrepreneurs to make their business ideas investment ready and network for accessing finance and related exposure at Zelela monthly policy advocacy and networking platform.
Intervention of Kena schemes
1. Developing lab for entrepreneurial capacity assessment, Profiling selected potential entrepreneurs and develop Competency based model.
2. Capacitate Selected Young Entrepreneurs through Training, Coaching and Mentoring Program and business information.
3. Conduct pitch competition.
4. Prepare them for Show case event (Expose the young entrepreneurs to Zelela platform which advocate towards a better business ecosystem for Job and Wealth creation “Beyond Being Employee Program” BBEP and expose them to network on Zelela.
5. Recommend the entrepreneurs to access finance by facilitating digital ID and Ip in addition to bankable business proposal.
Objective of Kena
- EYEA- aims to provide service packages that enhance trusts between entrepreneurs and financial institutions the “Trust- Startup (IDEs) Incubation & Acceleration Program”- (TSIAP) and to promote them to Zelela platform.
- EYEA has designed a program called Kena to empower young entrepreneurs by providing contextualized training, coaching and mentoring to make their business ideas investment ready and network for accessing finance. The objective of Kena is to provide service packages that enhance trusts between entrepreneurs and financial institutions the “Trust- Startup (IDEs) Incubation & Acceleration.
- EYEA has designed a program called Kena aims to build trust between entrepreneurs and financial institutions through IDEs Incubation & Acceleration.
EYEA's Kena program provides training, coaching and mentoring to empower young entrepreneurs to access finance.
Target of Kena
- On young entrepreneurs from different areas like university students and others whose age is 18-35.
- On the sectors demanded by entrepreneurs. The priority sectors are Agriculture, Health, Tourism, Manufacturing, Education and ICT.
Finding the right bank account, understanding options and fees are covered in Part 3 of the 6-part Money Matters series created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your library®, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.
2. Overview
Banking Terminology
How to Choose the Right Bank
Types of Bank Accounts
Features of Checking Accounts
How to Write a Check
Credit Cards, Debit Cards & ATM Cards
How to Maintain a Good Credit History
& Prevent Fraud
3. Banking Terminology
Deposit: to put money in the bank
Bank deposit (noun) (also called “credit”)
Withdraw: to take money out of the
bank
Withdrawal (noun) (also called “debit”)
Overdraw: to take more money out of your
account than is available
PIN: Personal Identification Number
4. More Banking Terminology
Interest: money which your bank
account earns
Fixed interest rate: unchanging rate of
interest
Variable interest rate: rate of interest
which changes regularly
Note: Interest rates change over time and
vary greatly. There are many factors that
influence them.
5. Questions to Ask
Yourself
What will you need to do when you use
your bank account?
Save money and earn interest?
Withdraw money frequently?
Write checks?
Wire money home and receive wire
transfers?
6. Questions to Ask
Yourself (cont.)
How do you want to carry out those
banking transactions?
Atthe bank?
Online?
Using an Automated Teller Machine
(ATM)?
7. How to Choose the
Right Bank
Location
Isit close to home or campus?
Can I easily walk there?
Will I have easy access to an ATM?
Costs
How much are the fees? (ATM,
wire transfers, etc.)
8. Types of Bank Accounts
Checking Accounts
Permit
you to write checks up to the
amount of money in the account
Savings Accounts
Earn interest on the money in the account
May not have check-writing or ATM
privileges
May have limits on the number of monthly
transactions
9. Types of Banking
Accounts
Money Market accounts
Permit limited check writing
Pay variable interest
Limits on the number of monthly transactions
Certificates of Deposit (CD’s)
Exist for specified time periods (30 days - 10 years)
Pay fixed or variable interest
Generally, have higher interest rates than savings
accounts
Charge a penalty if the money is withdrawn early
10. Features of Checking
Accounts
Minimum deposit
Minimum amount of money required to open account
Service fees
Monthly fees
Per check fee
Debit card (ATM) fee
Minimum balance
Required amount of money in the account (not always
required)
You must pay a fee if the amount falls below the
minimum balance (called an “overdraft fee”)
11. More Features of
Checking Accounts
Interest
Interest-bearing accounts pay interest
Interest-free accounts do not pay interest
Other Fees
Nonsufficient Funds (NSF) fee
Fee for “bouncing a check” (writing it for more money than is in
your account)
Fee for overdrawing when using a debit card
Wire transfer fee
Fee for sending money electronically to another bank or
receiving money from another bank (incoming or outgoing)
Foreign ATM fee
Fee for using another bank’s ATM
12. More Features of
Checking Accounts
Overdraft protection
Protects you from overdrawing your account
Money is automatically taken from your account if
you write a check or make an ATM withdrawal for
too much money.
FDIC protection
Federal Deposit Insurance Corporation
U.S. government agency which insures your bank
account up to $100,000 (temporarily changed to
$250,000 until December 31, 2013)
13. What You Need to
Open a Bank Account
Passport or other official government I.D.
Copies of immigration documents
UB Card (may be optional)
Address in U.S. (not a University office)
Address in your home country
U.S. Phone Number (required by Bank of
America)
Minimum required deposit
Proof of enrollment (may be optional)
15. How to Write a Check
Write in
numbers:
Joe Student
How
123 Main Street
MM/DD/YYYY much is
Amherst, NY 14226
the check
for?
University at Buffalo 100.00
One hundred and
00/100------------------------------
Person #: 3555-5555 Joe Student
Write in letters: Who is Write in letters: How Write today’s date here
the check for? much is the check in this format:
for? Month/Day/Year
Write your UB Person
Sign YOUR name here
number here
18. ATM Cards
Issued by the bank when you open a
checking or savings account
ATM = Automated Teller Machine
Provides 24-hour access to your money
Used to deposit money into or withdraw it
from your account
Access to your money is free if you use your
bank’s ATM
If you use another bank’s ATM, you may be
charged a fee by the other bank and your bank.
19. Important ATM
Card Tips
Keep your card in a secure place
Do not write your PIN on your ATM card or
keep it with your card.
Do not choose an easy PIN to guess (Ex.
“1234” or your birthdate)
Do not share your PIN with anyone else!
Keep your ATM receipts and write them in
your checkbook register.
20. Important ATM
Card Tips
Put your cash in an envelope before
depositing it in an ATM, if necessary.
(Note: Bank of America and HSBC do not use
envelopes.)
Review your monthly bank statement for
accuracy.
21. Debit Cards
An ATM card is sometimes also a debit
card
Used to make purchases
Must use a PIN to access your money
Amount of purchase is withdrawn directly
from your bank account
Some banks charge a fee each time you
use a debit card
22. Credit Cards
Used to make purchases
You will be billed for the amount of the
purchase.
If you don’t pay your bill each month,
you will be charged interest.
It might be possible to withdraw money,
but you will be charged a fee.
23. Types of Credit Cards
Private Label
Can only be used in one place
Ex: department stores, gasoline
companies
General Label
Can be used in many places
Ex: Bank Card, Major Credit Card (VISA,
American Express, MasterCard, Discover)
24. Choosing a Credit Card
Annual Fee?
Yearly fee charged to use a credit card
Finance Charge (Interest Rate)?
Interest
rates vary greatly (8%-32%,
sometimes even higher)
Annual Percentage Rate?
Yearly cost of borrowing
25. Choosing a Credit Card
Computation Method?
How finance charges are calculated
Grace Period?
Allowsyou avoid finance charges if you
pay your balance in full before a certain
date
Credit Limit?
Amount of money you are allowed to
borrow
26. Choosing a Credit Card
(cont.)
Late Fee?
Fee you will be charged if you do not pay
the amount due by a certain date
Card Incentives?
Benefits to using a particular credit card
Airline miles, cash back, reward points, etc.
27. Maintaining Good Credit
Credit Agencies
Equifax
Experian
TransUnion
The Credit Process
Credit Report
Annualcreditreport.com
Credit Rating
Credit Score
Establishing a Credit History
28. Things to Do to Establish
and Maintain Good Credit
What can everyone do to establish and
maintain good credit?
1. Know your budgetary limits
2. Prioritize your needs and wants
3. Pay all bills on time
4. Avoid late fees
5. Monitor your credit card balances
6. Have both a checking and savings account at a
local bank
7. Use your credit card through secure channels
8. Request a copy of your credit report each year
29. Managing Credit Issues
and Concerns
Resources and Assistance
Be proactive
Communicate with your bank or creditor
Explore debt consolidation
Consider credit counseling
30. Consumer Credit Counseling Service of
Buffalo, Inc.
40 Gardenville Pkwy. Suite 300
West Seneca, NY 14224
Tel. (716) 712-2062
31. Preventing Fraud
Keep your ATM, debit and credit cards
and your checkbook in a safe place.
If your card is lost or stolen, call your
bank or credit card company
immediately!
Never respond to an e-mail request
for your bank account information!
Visit www.ftc.gov for advice about what to do.
32. Preventing Fraud (cont.)
Check your monthly bank statements to
be sure they are correct.
Do not accept a personal check from
someone you don’t know well.
Beware of scams that ask you to
deposit a check!
33. Important Reminders
If you move or change your phone
number, be sure to give your bank
your new address and phone
number!
Be sure to keep your PIN number in a
place where no one can find it!
35. Bank of America
Bank When You Want, Where You Want
Checking Accounts That Fit Your Schedule
ElectronicBanking
Debit Card – Keep the change
Deposit Image ATMs
Text Banking
Online Banking
Optional Bill Pay
Online Paperless Statements
36. Bank of America
1 Full Service ATM on UB’s North Campus
1 Full Service ATM on UB’s South Campus
1 Full Service ATM across the street from the
South Campus (next to Tim Horton’s)
Full-service Bank of America banking center,
drive-in & ATM ten minutes by foot from UB’s
North Campus
Wire transfers
37. HSBC Bank
Student / Choice Checking
No monthly or per-check fee for prospective students for 4
years
No minimum balance requirement for prospective students
for 4 years
Unlimited check writing
Free online banking & bill payment
Free online bank statements
Free 24-hour telephone banking
Bank at Work
Premium banking packages for students who work at UB
and have direct deposit
No-fee MasterCard debit card with unlimited use
38. HSBC Bank
1 ATM on UB’s North Campus
1 ATM on UB’s South Campus
Full-service HSBC branch, drive-
through & ATM ten minutes by foot from
UB’s South Campus
39. M&T Bank
M&T @ College Checking
No monthly service charge or minimum balance
Unlimited check writing
Free M&T Web Banking and Web Bill Pay
Free M&T Visa Check Card (debit card)
4 Free non-M&T ATM transactions per month
4 Surcharge rebates per month
Free first order of 50 checks
Free incoming international and domestic wire transfers
Free PIN/POS (Point of Sale) transactions
Overdraft protection available with free Savings account
40. M&T Bank
No ATM’s on campus currently, but that
may change
Full service M&T branch, drive-in & 2
ATM’s across from UB’s South Campus
41. Interested in learning more?
“Living on a Shoestring:
How to Live Cheaply as a Student”
Thursday, September 16
3:30-4:30
Capen Hall 31, North Campus
ISSS semester workshops:
www.buffalo.edu/intlservices/workdesc.html