All things Monetary (credit card and bank)

 Haram (Henry) Kweon

Money and Budgeting Stuff, Part 1

Jacob Hall •Apr 26 (Edited Apr 27)

10 points Due Tomorrow, 3:30 PM

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All things Monetary

• “To make your life less complicated check out which banks have ATMs on your college campus”. 

1. Yes I did this. I made a 농협 (NongHyup Bank account). Which is the bank near my town.

What You will Need

• A checking account 

• It is the most fundamental way to manage your money. 

• online baking (I love this so easy and simple to use) 

• It is the best way to keep track of your money. (I am doing this with my phone)

• A debit card (check card)

• Always make sure you have enough funds in your account at the time you are using your debit card to cover any debits, credits or checks you use of your will be subject to overdraft charges. 

• A saving account

• It is a good idea to open a saving account and have it directly linked to your checking account with an overdraft protection program.

• Saving accounts generally have a requirement that you must keep a certain minimum amount of money in them at all times, so check to make sure you will be able to meet that criterion.

Credit Cards

• A credit card

• It is basically a loan from a financial institution.

• Compare the interest rates and conditions for a few different cards before applying for one.

• “ if you are initially offered a high limit on your credit card, you do not have to accept it. It only breeds temptation to spend more. You can ask to have the limit lowered”. (This is so true, I experienced this.) (first time, I could not know how much money I spent with the credit card) (This card is so dangerous!!!) 

Types of Credit cards

• General purpose credit card

• A credit card that allows you to pay generally. You pay this off month by month.

• Store card

• It can only be used in that particular store or chain of sotres.

• Charge cards

• It allows you to charge your purchases on credit cards but then you are expected to pay off the entire balance each month. 

Identity Theft and Identity Fraud

• Those are crimes that take place when someone wrongfully steals your personal information in some way that involves fraud or deception and uses it for their own personal gain. 

{SCAM}

Stingy about giving out your personal information unless you have a reason to trust the person or organization. 

Check your financial information regularly.

 Ask for a copy of your credit report annually from all credit reporting bureaus. 

Maintain careful records of your banking and financial accounts. 

• Be sure you have a trustworthy and effective anti-virus anti spyware program running on your computer at all times. (as well as on your phone)

Check Fraud Scams

• Do not fall prey to check fraud by accepting a check written for more than the intended amount.

• Nothing is free!!!!

• Think Think Think and check check check before do anything with money, checks, or personal information.