Banking
Bank accounts, fees, and cheaper options than check cashing.
New to money stuff? Start with Money basics, a 10-minute guide.Why this matters
A safe, low-cost bank or credit union account protects your money and can save you hundreds of dollars a year in check-cashing and overdraft fees. If you've had trouble with banks before, there are still good options.
Lessons
- Checking and savings accountsWhat each kind of account is for, and what to ask before you open one.1 minute read
- Overdraft fees and how to avoid themWhat overdrafts are, why they cost so much, and how to turn off overdraft coverage.2 minute read
- Better options than check cashingHow to get a low-cost account, even if you've had trouble with banks before.2 minute read
Tools
Common mistakes
Paying to cash every paycheck.
Instead: Open an account and set up Direct depositWhen your paycheck goes straight into your bank or credit union account, with no paper check.More in the glossary, so your pay goes straight in.
Leaving overdraft coverage turned on without knowing it.
Instead: Ask your bank to turn off overdraft coverage for debit card purchases and ATM withdrawals.
Thinking you can't get a bank account after past problems.
Instead: Ask about second chance accounts, or look for a Bank On certified account.
Where to get free help
- Bank On certified accounts
Find a safe, low-cost bank or credit union account with no overdraft fees. Search by ZIP code or state.
- Submit a complaint to the CFPB
Having a problem with a bank, lender, credit card, or debt collector? The Consumer Financial Protection Bureau sends your complaint to the company for a response.