What is your knowledge about how your bank account works?

What exactly is the question here? The rule of thumb is caveat emptor. One always has to be careful. Banks are charging record high fees and have record profits. Some additional regulation is probably in order.

sorry not interested.

It’s important to know how money works.

I think you are confusing banks with business in general. They want to sell you more products just like Apple want to sell you the new iphone.

The other issue here is that it is often perceived as a hassle to change bank accounts and therefore consumers tend to stick with the same account their entire lives getting screwed over. If your current banking product doesn’t suit you change it. Arguing with the teller (who is only doing their job) won’t make any difference, market forces will.

Banks are one of the branches in business.

There are several possible ways to use a bank. One is to deposit your payroll checks and then pay your bills from the account. The bank will explain what their policy and charges are for this type of use.

You can also use the bank to hold money that you want to save for the future. This can be in a savings account or a Certificate of Deposit, or various other products. Notice, I said ‘products’. The bank is in business and will ‘sell’ you whatever products they think you need. There are charges for you to use these products.

For all your banking questions, talk to your account representative at the bank and ask them. Try to cover all your questions. They are happy to tell you what you want to know.

The way I see it, I put my money in the bank. It doesn’t just sit there, the bank uses that money to make loans etc. They make money off my money while I collect interest for having my money in their bank. My money is there when I need it, and I only sign up for services that I will use.

You just have to understand what you can afford and what you can’t. Its like buying a car, you don’t buy a Hummer when you can only afford a GEO Metro, just because the salesperson thinks you look ‘sexier’ in the Hummer. Many of life’s choices are about exercising self control. And talk to the bank rep as YARDLADY suggests, that’s the best way to know what you can expect. Much lurve to YARDLADY for her valuable insight.