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The Basics of Banking: Home

Free Financial Coaching at Brooklyn Public Library

Take steps towards financial stability by meeting with a financial coach from the Financial Coaching Corps of The Community Service Society, free at the Business & Career Center at Central Library.

Make an appointment via Eventbrite at bklynlib.org/2ArMMFA

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Brooklyn, NY 11238
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The Center is open all regular Central Library hours.

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What is a Bank?

     A bank is a financial institution that accepts deposits from customers, and holds that money for them. The benefit of using a bank is that it will protect your money (up to a certain amount) and offer conveniences for you, such as an interest on your savings, or ways to pay your bills quickly (usually through electronic transfer).

     Banks offer their customers two main products: checking accounts and savings accounts. A checking account allows you to transfer money in order to pay bills or other forms of debt that you owe. A savings account allows you to save money over time, while paying you a (very modest) amount of interest on the money you have saved. Most banks will link your checking and savings account, if you open both, and allow you to transfer money from one to the other.

 

 Photo by Joshua Hoehne on Unsplash