When you get money, whether it’s from grants or scholarships paid directly to you, your Work-Study job, or your parents or guardians, it's best to deposit the money into a bank checking or savings account. Keeping your money in the bank is safer than cashing checks—and much safer than keeping cash in your room or in your wallet.
In addition, while you don't absolutely need a checking account (you can pay bills with money orders) it's less expensive to write checks from your checking account and helps develop skills you'll use the rest of your life. Furthermore, ATM and debit cards are linked to bank accounts, and these cards are almost necessities in our electronic world.
What should you know about banks and banking? How do you choose the right bank, find the account that meets your needs, and then manage your account wisely? Read on for banking basics, tips, and more.