News

Young Adult Banking 101

Posted on: August 20, 2018

By: Kenneth Hughes & Ariel Jones

What’s so great about banking? Why do I need to know about banking? Most young adults start working at the age of 15. Young adults will start making their own money and will need to get a bank account and a debit card. Do young adults know what they need to know about banking?

A lot of young adults lack financial literacy due to the fact that having a consistent income is new to them.  Some of the things young adults should know about banking are debit cards, checking/savings accounts, identity theft, bank statements and loans. One thing that a lot of young adults are naïve about are the various scams involving bank accounts. There is a lot of fraud that takes place and predators are more likely to go after new account owners.

As a young adult, you want to make sure you pick the right bank when ready to open a bank account. Preferably when opening your first bank account it should be at a bank that takes the time to get to know you. Those banks are normally smaller banks. With smaller banks you get no automated system to talk to over the phone, you talk to real employees. Dealing with people who listen and are eager to know your situation is the best thing to do. They can provide the best advice and have your best interest in mind when learning how to deal with your money.

Opening a checking account allows you to put your own money in your bank account. You may want to set up direct deposit. You will eventually start receiving bank statements that will show you everything you have spent your money on for that period of time. The advantage of direct deposit is when it’s sent, it goes straight to your account. It is up to you to be financially responsible because receiving a nice sized lump sum creates the temptation to spend it. Opening up a Savings account is a viable option as well. It will allow you to save money and you’ll still have access to it if needed.

If you would like to learn more about our student checking and savings accounts, visit a branch and we will be happy to spend all the time you need answering questions.