Account Types
Direct Deposits
Checking
Passport or Driver's License
Making a Profit
Yes
Do they want to make a profit?
Not usually
Overdraft Fees
Taking more money out than you have.
Putting Money Away
Savings Account
Social Security
Identification Number
Services they provide
Credit cards, debit cards, mortgages, loans, etc
What Services to they supply?
Same as a bank
Lost Card Fee
Paying to replace a lost or stolen card.
High Interest Rate Account, but you can't take your money out.
CDs
Mortgage Statement
Proof of Address
Are Loan Interest Higher or Lower? Savings?
Higher loans interest and Lower savings interest.
Higher or Lower interest rates for loans? Savings?
Lower loan interest and higher savings
ATM Fees
Being charged for using an ATM outside of your bank or credit union
They'll charge you a fee if you take your money out too much
Savings Account
Starting Money
Initial Deposit
Are you more likely to find ATMs?
Yes
Are Credit Union branches widespread?
Not always
Dormancy Fee
Being charged for not using your account. Usually starts applying after 6 months.
A place to put money you won't need for a while
CDs
Alien Identification Card
Identification Number
Are banks better in a rural or city setting?
Rural
What do you need to do to open an account with a credit union?
Member ships fees and Common Bond
Daily Limits
Your bank limits how much money you can withdraw from your account.