Financial Services and Your Needs

Before opening an account at a bank or credit union, think about what you need.

Checking Accounts

You need a secure place to put your paycheck or other income and a way to make purchases and payments that provides a record of those payments.

Savings Accounts

You want an account to house your emergency fund or one that you can add to while saving for a large purchase or a goal.

Money Market Accounts

Once your savings account grows in size, a money market account will give you a higher interest rate in return for a higher balance.

Certificates of Deposit

For savings that you do not plan to use in the short-term, a certificate of deposit will pay you higher interest rates in exchange for leaving your money in the account for a specified period of time.

Mortgages

When buying a home, a mortgage allows you to borrow the money so you can take possession of the home and stretch your payments over a long number of years.

Home Equity Loans

Once you own a home and have equity in it, a home equity loan allows you to borrow against that equity and pay it back over time.

Auto Loans

When you need to purchase a vehicle and do not have the cash to pay for it outright, an auto loan allows to borrow the money for the purchase. You pay the loan off over time.

Personal Loans

If you need to make a big purchase for something that would not act as collateral then you may need a personal loan, which is unsecured.

Credit Cards

Credit cards give you the convenience of making purchases now and paying for them at a later date.

Debit Cards

Debit cards allow you to make purchases without cash while the payment is taken directly from your bank account.

ATM Cards

ATM cards allow you to get cash and perform other basic banking transactions from an Automated Teller Machine (ATM).

Cashier’s Checks

When making a large purchase where the seller needs proof of funds, your bank can verify that you have the necessary funds in your account and then write a cashier's check on your behalf.

Money Orders

You want to make a payment in lieu of cash and want a receipt for it.

Traveler's Checks

Traveler’s checks allow you to make purchases while traveling.  They are generally insured against loss or theft, which makes them safer than carrying cash.  They were more commonly used before people had debit and credit cards.

Wire Transfers

If you need to send or receive money to an individual or other entity in a specific time with proof of transfer.

Foreign Currency Exchange

If you are traveling to another country you may want to convert your dollars to the local currency before you arrive.

Safe Deposit Boxes

If you have important documents or precious items that you want to remain safe you can rent a safe deposit box to keep them in.