Keep your money safe
Where you keep your money matters. The right place keeps it safe and saves you fees.
Cash at home can be lost or stolen. Check-cashing stores charge you a fee every time you cash a check.
An account at a bank or a Credit unionA not-for-profit alternative to a bank that is owned by its members. It often has lower fees and lower loan rates than big banks.More in the glossary is usually safer and cheaper:
- Your paycheck can go straight in with Direct depositWhen your paycheck goes straight into your bank or credit union account, with no paper check.More in the glossary.
- Your money is protected by Deposit insuranceGovernment protection for money in a bank (FDIC) or credit union (NCUA). If an insured bank or credit union fails, you get your money back, up to a limit.More in the glossary, even if the bank closes.
- Many accounts have no monthly fee. Ask before you sign up.
Watch out for overdraft fees
If you spend more than you have, your bank may charge an Overdraft feeA fee your bank may charge when you spend more than what's in your account and the bank covers the difference.More in the glossary. You can ask your bank to turn off overdraft coverage for debit card purchases. Then a purchase that’s too big just gets declined, with no fee.