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You probably don't want to carry all your cash around with you- and it's not safe to, either! If you open a Checking Account at Dover Federal, you'll be able to write a check or use your debit card for purchases or to get cash.
The great benefit of having a Checking Account at the Credit Union is that you have low or no service charges. Ask your Credit Union representative about the variety of other benefits the account offers.
Having a Checking Account does not mean that if your monthly statement has a balance, you still have money in the account. You have to keep records, good records, of what you deposit, what checks you write, and other withdrawals you've made (like ATM and debit transactions.) Then, when your statement does come, check your records in the register with the checks and deposits listed on the statement. You must remember to subtract any checks you've written that aren't included on your statement. Sounds simple, right? It is! There are even directions on the back of your monthly statement to help guide you. But, you'll be surprised at the number of people who never balance their checkbooks and get overdrawn notices. Balancing your account each month is a critical part of managing your money.
If you write a check and the money isn’t in your account to cover the check, it bounces. Bounces? Yes, the Credit Union will not honor it and sends it back. Plus, you get charged for bouncing the check.
Be aware that if you repeatedly bounce checks, it will be hard to get good credit or to establish a new checking account at another financial institution.
Also, look for other charges on your statement that you may not realize have to be deducted. One such item is the payment for printing your checks.
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