Banking basics
- Opening your first bank accountBring ID and your Social Security number, choose an account with no monthly fee, and opt out of overdraft coverage.
- Checking vs. savings, and why you want bothChecking is for spending. Savings holds money you don't touch, so keep it separate and move some in each payday.
- Overdrafts and fees, and how to avoid themOverdraft fees can run about $35 a purchase. Opt out of debit-card overdraft coverage and set a low-balance alert.
- Payment app scams (Zelle, Venmo, Cash App)Pay only people you know, check the name before sending, never move money because a caller says so, and report fast. In Tools