Bank Accounts & Services

• A bank is a for-profit financial business that provides customers with products and services to help them save, spend, and store money safely.
• Banks are owned by shareholders who invest their money in the bank in order to make a profit, and who are paid to serve as board directors to decide how the bank is run.
• Money deposited in a bank displaying the FDIC logo is insured up to $250,000 per account, which means you are guaranteed to get your money back if the bank goes out of business. Use the FDIC’s BankFind tool to find out if your bank is federally insured.
• Most banks have ATMs and branch offices for you to visit, open accounts, and ask questions. Online banks do not physical branch offices so everything they do is online.
• Some bank accounts and services may cost money; others may be free of charge under certain conditions, like if you set up direct deposit of your paycheck or keep a certain amount of money in your accounts.
• Large, national banks invest in fossil fuel companies and projects. Find out if your bank invests in coal, oal, and gas companies here.

• A credit union is a not-for-profit financial business that, like a bank, provides customers with products and services to save, spend, and store cash (money).
• Credit union members (you, if you have an account) democratically choose how the credit union is run by electing a small group of members to serve as unpaid, volunteer board directors.
• Money deposited in federal credit unions and most state credit unions is insured up to $250,000 per account by the NCUA, so you are guaranteed to get your money if the bank goes out of business. To find out how money in your credit union account is insured, use the NCUA’s searchable database.
• Many credit unions have ATMs and branch offices for you to visit, open accounts, and ask questions; many allow you to use other credit union branches and ATMs for free. Use the CO-OP locator to find a nearby shared branch or ATM for your credit union accounts.
• Some credit union accounts and services cost money; others may be free of charge under certain conditions, like if you set up direct deposit of your paycheck or keep a certain amount of money in your accounts.

• Neobanks – virtual banks that operate with very little overhead costs, so they can afford to offer high savings rates
• Cashless payment apps like Venmo
• Investing and wealth management that offer investment trading plus investment and financial advice resources
• Embedded finance apps that allow non-banks to offer financial services through non-financial products and websites; these fintechs tempt customers with high savings interest rates, which they offer through brokered accounts with banks.

• Look for convenience: If you do everything digitally, find a credit union or bank with an app that lets you pay bills and deposit checks on your phone, or look for a local branch office if you prefer in-person service
• Ask family and friends for their recommendations
• Call a few places to ask questions about their accounts; if you have it may be hard to get help when you need it
• Find out if you can get a student account or “basic” account without fees or with easy ways to avoid fees, and watch for expiration dates when an account can automatically change to one that charges fees
• If you are concerned about climate change, consider choosing a financial institution that does not invest in the fossil fuel industry – find out if your bank invests in coal, oal, and gas companies here.

• No monthly maintenance fees if your account balance drops below a certain dollar amount
• No ATM fees when you use free in‑network ATMs for cash withdrawals, or fee reimbursement for use of out-of-network ATMs
• Mobile app for easy access to your accounts so you can check balances, pay bills, and deposit checks from your phone
• Mobile and online budgeting tools to help you track spending and meet savings goals
• Cashless payment option like Zelle that allows you to pay people and businesses with money from your account; this makes it easy to have an account anywhere you choose!

• Monthly maintenance fees: Find student accounts with no minimum account balance requirement OR options to help you waive fees, like setting up direct deposit of your paycheck
• Overdraft/NSF fees: Opt-out of overdraft protection services or you could pay $30–$35 or more if you don’t have enough money in your account to pay a debit card charge or bill payment
• ATM fees: Get cash at in‑network ATMs or use accounts that reimburse ATM fees

1. Choose accounts that meet your needs at a credit union or bank
2. Make sure you have a government issued photo ID, your Social Security number or ITIN ready
3. Go to the credit union or bank’s website and complete an application, and be prepared to provide additional information to verify your identity (you may need to visit a branch office)
4. Make a deposit to open the account
5. Read the account disclosures to make sure you understand all the rules of the account
6. Activate your online and mobile access