BANKTIONARY: Banking terms defined
Overdraft occurs when you do not have enough money in your account to pay for a purchase, resulting in a negative account balance and a fee is charged. The item is paid.
NSF (Non-Sufficient Funds) occurs when you make a purchase that you do not have enough money in your account to pay for. A fee is charged. the item is not paid for and is returned.
Electronic Bill Pay is a service that allows for
Deposit is when funds are electronically credited to a bank account e.g. a paycheck put directly into an employee’s account by the employer.
1 (866) 531-3765
SNAP Financial Access www.snapwa.org (590) 456-7174
BASIC BANKING Make your bank or credit union account work for you
Spokane Valley Partners www.svp.org (509) 927-1153
issued drivers license, state-issued identification card, military ID, or passport. A second piece of ID may be required, this might include: a school ID, utility bill.
Check Register is a place where you record
any ATM not owned or in a partnership with a customer’s personal bank.
Money Management International www.moneymanagment.org
Acceptable Identification includes: state-
ATM out-of-network is considered to be
Habitat for Humanity www.habitat-spokane.org (590) 534-2552
Transitions for Women www.help4women.org (509) 328-1597
YWCA www.ywcaspokane.org (509) 326-1597
(paper or electronic) all withdrawals and deposits from/into a bank account..
Goodwill Services www.discovergoodwill.org (509) 462-0513
check your balance and see what purchases have been made. You may also be able to sign up for electronic bank statements.
Direct
Community Frameworks www.communityframeworks.org (509) 484-6733
Online banking is a service that allows you to
you to setup automatic loan and/or bill payments.
Visit one of Bank On Spokane’s community partners to discover what other resources and financial services are available to you.
The Arc of Spokane www.arc-spokane.org (509) 328-6326
2010 Consumer Protection Amendment Unless approved by the account holder, financial institutions must deny a customer’s ATM/Debit card transaction if the available funds in the account do not cover the purchase (avoiding the overdraft fee.)
www.bankonwashington.org An initiative of the CASH Coalition
www.bankonwashington.org
1. Communicating with your bank or credit union - If there is an issue with your bank, do not wait for them to contact you. - Stay positive, pleasant, and persistent. Banks and Credit Unions want to keep you happy. - Always ask questions, Bank On Spokane partners want to see you succeed and they are eager to help you.
2. Keep your money safe
4. What you need to know about overdraft protection This service may be available when you open your account. If it is, these tips may help you decide if overdraft protection is right for you.
- Never share your debit card or your Personal Identification Number (PIN). - Do not keep your checks out in the open or in your car. - Regularly check your account balance. If there is fraud on your account, alert your bank or credit union right away.
3. Keep track of your money
Use your check register to record every time you write a check or use your ATM card. A check register, like the one shown below, is an easy and convenient way to avoid fees.
Each bank and credit union will have a different overdraft protection service. Don’t think that if you know one you know them all. They are all unique. If you chose not to have overdraft protection you may still be able to over draw your account (resulting in an NSF.) That is why it so important to know how much money you have at all times. Overdraft protection is a fee-based service. You need to know how much you will be charged to have this service.
5. Use local resources and save Contact the community partners listed in this brochure! Let them help you find your path to financial security.