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Maybe you (or your children) already have a savings account at Young Americans Bank. Did you know that children as young as 10 are eligible to open a checking account as well?
If you’re wondering, “What is a checking account, anyway?” or “Why should I open a checking account?” we’re here to help! Read on to see if a checking account is right for you!
Before we talk about checking accounts, let’s review some basics. A savings account is a special type of account that encourages saving your money with incentives like gaining interest. Interest is money earned by keeping your money at the bank. At Young Americans Bank, we like to call it FREE money! The purpose of a Savings account is to SAVE your money for the future, it’s always best to allow money in your savings account to build rather than spending it.
Now a checking account, on the other hand, is a safe place to keep your SPENDING money so that you don’t always have to carry cash with you. For example, if you lose a twenty dollar bill in public, the odds of that $20 being returned to you are very small. Instead of carrying around physical money, a checking account allows you to use a debit card or a check instead of cash. Your actual money is kept safe at the bank, where it is FDIC-insured. If your debit card is stolen and money is spent without your authorization, Young Americans Bank works diligently to return these funds to you as quickly as possible.
When you open a checking account, Visa provides you with a debit card and Young Americans Bank provides you with three temporary checks to get you started. You can use a debit card just like cash to make purchases anywhere Visa is accepted within the United States. Most stores also accept checks, and checks can be a good way to pay other people for money you owe them. Finally, having a debit card allows you to withdraw cash from your checking account 24-hours a day, seven days a week, using an ATM machine. ATMs are located at our Cherry Creek and Far Northeast Denver branches, or you can use any FirstBank ATM without a fee.
By now, you might be thinking, “This all sounds great! How do I sign up?”
To find out more about checking accounts and to open an account, come on in to anyone of our three Young Americans Bank locations today! Or simply submit your question on our Contact Us page–we’d love to hear from you!