This document provides information about banking for teens. It discusses different money personalities like spenders, hoarders, and avoiders. It describes different types of bank accounts like chequing, savings, certificates of deposit, and their features. Debit cards allow purchases from bank accounts while credit cards allow borrowing. Keeping good records of spending through receipts and bank statements is important for monitoring accounts and detecting fraud. Writing bad cheques has legal consequences.

1. BankingA Teens Guide

2. Figuring Out Who You Are With
Money
Amasser- engage in activites that do not involve money at all
Avoider- Keep track of where you spend your money, don’t avoid
paying debts
Hoarder- You love to save money, and find it hard to spend it on
yourself.
Monk- You view money as dirty or bad, and avoid investing in it
Spender- Look at the name, you love to spend money on wants
and things

3. Types Of Bank Accounts
Chequing- deposit money into account, and you can use cheques to pay for things
Savings Account- Bank may pay you interest depending on how much you have in your account. Types
of saving accounts are:
Passbook Account- Records all of your withdrawals, interests, and deposits in a passbook
Statement Savings Accounts- Once a month a statement is sent to you of all your
withdrawals, interests, and deposits.
Certificate of Deposit- Advantage: Higher interest rate than any other
Disadvantage: Invest your money for certain time period and will be charged if
you want to take that money out

4. Debit Cards & Credit Cards
Debit Cards allow you to make a purchase with your bank account without
having to withdraw money by hand or write a cheque. You can purchase items
with the amount you have in your chequing or savings accounts. If you want to
have a loan or borrow money in the future to spend a large amount, then you
will need a Credit Card and a good line of Credit. Do not forget to pay your Credit
Card bills because if you pay quickly
Enough you can avoid interest fees
Which can become costly

5. Cheques
You can write a cheque for someone instead of handing them money, the money
from your chequing account will transfer to their account as long as you have
sufficient funds. You DO NOT want to write a cheque if you do not have
sufficient funds, or receive one. These cheques are known as “Rubber Cheques”
for they bounce back and will not be deposited. If you write too many Rubber
Cheques you may be charged for fraud or may have to pay a penalty. To avoid
Rubber Cheques do not receive cheques from people you do not know very well
without them endorsing it properly on the back.

6. Record Keeping
Keeping record of what you buy, receipts, deposits, withdrawals, will
benefit you in the future. As you get older Keep folders to file
different things. Make sure you keep a close eye on your statements
because if your record keeping and bank statements do not match
up, someone may have access to your account and is using your
money. Make sure to talk to your bank if you suspect this. Take
pictures of valuable things you own and receipts of when you
bought them in a safe place such as a safe box in your bank or
someone’s house of whom you trust.