Bank Fees
A flat fee simply for keeping the account open, which is often waivable
Monthly Maintenance
This is a bank account designed for everyday transactions. It serves as a secure "central hub" where you can deposit funds, pay bills, and easily access your money using a debit card, online transfers, or checks.
Checking Account
This is a plan used to track spending and saving money.
What is a budget?
To open an account, you must provide a valid photo ID, your Social Security number, and proof of address. This proves you are who you say you are and prevents identity theft
Identity Verification
These are the three main Independent Living programs available for eligible young adults.
What are
Postsecondary Education Services and Support (PESS)
Extended Foster Care (EFC)
Aftercare
Charged when you use an out-of-network machine
ATM Fees
This is an interest-bearing deposit account at a bank or credit union. It is designed to safely store money you don't plan to use for daily expenses, making it the ideal place to hold an emergency fund or save for short-term goals
Saving Account
This type of bank account is commonly used for everyday spending
What is a checking account?
If you trigger a large, unusual transaction, a teller or automated system may ask probing questions. This is done to ensure you aren't falling victim to a scam and that your money remains secure
Fraud Protection
Young adults may enter the Independent Living program once they reach this age and meet eligibility requirements.
What is 18
Assessed if the bank covers a purchase that overdraws your account or if a transaction is declined due to insufficient funds
Overdraft/NSF Fees
This is a hybrid deposit account offered by banks and credit unions that combines the features of a traditional savings account and a checking account. They generally offer higher interest rates and come with check-writing and debit card privileges, while remaining federally insured up to $250,000
Money marketing Account
This is the amount of money left after taxes are taken out of a paycheck.
What is net pay?
You can usually use ATMs at your own bank or credit union at no cost.
Withdraw money
To qualify for Extended Foster Care, a participant must meet requirements related to work, school, job training, or this condition.
What is a documented disability
Costs for moving money electronically to other banks
Wire Transfer Fees
This is a financial institution, you agree to leave the money in the CD for a specified term. CD terms typically range from six months to five years but may be shorter or longer, depending on the length of the term.
In exchange for leaving the money alone for several months or years, a bank will often offer a higher interest rate than is typically available on savings accounts. Often, the longer the CD term, the higher the interest rate.
Certificate of Deposit
Using more money than you have in your bank account may result in one of these fees.
What is an overdraft fee?
The frontline representatives of a financial institution. They process daily transactions, handle cash, and provide customer service. . Their responsibilities also include catching counterfeit currency, preventing fraud, and cross-selling banking products like loans or certificates of deposit.
Bank Teller
To qualify for Postsecondary Education Services and Support (PESS), a young adult must have a high school diploma or GED and be enrolled in this type of educational program.
What is a post-secondary or technical institution with at least 9 credit hours (or equivalent)?
Opting for electronic statements instead of paper statements often avoids a recurring monthly fee
Go paperless
Name a well known bank
Truist
BOA
Third Bank
and much more
This is money set aside for unexpected expenses or emergencies
What is an emergency fund?
I want to get a record of my financial transactions.
What is a bank
The Aftercare program is designed to provide temporary emergency assistance for this amount of time.
What is up to 3 months?