From: Subject: Credit Union Youth Week Date: Thu, 5 Mar 2009 15:53:31 -0500 MIME-Version: 1.0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://finlit.cuna.org/yw_enews_021109.htm X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3350 Credit Union Youth Week

How to Shop for a = Financial=20 Institution
A Guide for = Teenagers

Just like different stores at the mall, banks and credit unions = offer=20 products and services at different rates. Some financial = institutions=20 offer special rates based on your age or if it is your first = account. So,=20 it can pay to shop around! See for yourself: Stop in--or call=97at = least two=20 financial institutions and compare answers to these questions:

Convenience of locations and ATMS=20

  1. Is there a branch within walking or biking distance? Will I = need to=20 drive or take a bus?=20
  2. Do you have evening or Saturday hours? Are you open when I = can get=20 there?=20
  3. Where are ATMs available? Is there an annual charge for an = ATM card=20 or fees for using it?=20
  4. Do you offer online banking? Are there any charges or = restrictions?=20

Account opening and information access=20

  1. What kind of identification is required to open an account?=20
  2. Can I access my account information online?=20
  3. Can I access my account information by phone?=20
  4. Are there any fees or limits for account access?=20
  5. Is a parent or guardian signature required?

Savings accounts=20

  1. What is the minimum amount to open an account?=20
  2. What happens if my balance drops below the minimum?=20
  3. Is there a charge for withdrawals or transfers?=20
  4. What is the current interest rate? Is there a minimum = balance to=20 earn interest?

Checking accounts=20

  1. What is the charge for a box of checks? Are =93designer = checks=94 more=20 expensive? (Remember to ask how many are in a box.)=20
  2. What is the minimum amount to open an account? What happens = if my=20 balance drops below the minimum?=20
  3. What happens if my account is overdrawn? Do you have = overdraft=20 protection?=20
  4. What fees are charged for overdrafts? What happens to my NSF = (non=20 sufficient funds) checks?=20
  5. How much money do I have to have in my account to earn = interest and=20 what is the interest rate?=20
  6. Is there a monthly service fee? Fees for number of checks = written=20 per month?=20
  7. Do you keep my cancelled checks for free? Or, return them to = me for=20 a fee?=20
  8. Can I get a debit card and what are the fees?=20
  9. Can I get personal money orders and what are the fees? =

Credit card=20

  1. What are the age and credit history requirements to receive = a credit=20 card?=20
  2. Does a parent or guardian need to give permission or be a = co-signer=20 on the card?=20
  3. What would my credit limit be?=20
  4. What interest rate (APR) would I be charged?=20
  5. What types of credit card fees are charged? (i.e. cash = advance, over=20 limit, late charge)

Loans=20

  1. What types of loans do you offer to someone my age?=20
  2. Do my parents or guardian need to give permission or be a = co-signer=20 on the loan?=20
  3. Is the interest rate I will pay based on my individual = credit score=20 or is it one rate or everyone?=20
  4. Do you have flexible term limits?=20
  5. What are your requirements for co-signers?=20
  6. Do I have to do all of my business with you in order to = receive the=20 best rate?

Online bill pay=20

  1. Do you offer online bill pay? What is the fee?=20
  2. What are the minimum account requirements to be eligible? =

Personal preferences=20

  1. Does the staff speak my language?=20
  2. Does the staff treat me with courtesy and respect?=20
  3. Does the staff provide me with helpful information or do = they try to=20 sell me products and services I don=92t want or need?=20
  4. Do they have specific products and services for people my = age?=20
  5. Do I like doing business with them?

Philosophy and community involvement=20

  1. How do you support the communities where you operate?=20
  2. How are profits spent? Who determines this?=20
  3. Do you have any ways for me to become involved such as a = youth=20 advisory committee?=20
  4. Do you offer other services for people my age such as = student loans,=20 scholarships, or financial education?

How to find a credit union:
Visit http://finlit.cuna.o= rg/www.creditunion.coop=20 and click on =93locate a credit union.=94

How to find a bank:
Visit http://www.fdic.go= v/quicklinks/consumers.html=20 and click on =93bank find.=94

=A9 2004. Credit Union National Association, Inc. May be reprinted = for=20 educational, non-commercial purposes. All other rights=20 reserved.