Banking
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Whether you’re preparing to open your first solo bank account or thinking about making a financial change, this guide provides a snapshot of the banking services and opportunities that are available to you. This guide will help you understand and choose between the variety of account and institution options.
New to Banking?
Still storing your money in a piggy bank or a shoe box under your bed? Consider placing it in a financial institution, instead, for the following reasons:
Safety
Keeping your money in a financial institution will prevent it from being destroyed, lost, or stolen. Depending on the institution you select, your funds may be insured for up to $250,000. Many banks are backed by the Federal Deposit Insurance Corporation (FDIC), which insures each client’s funds in the unlikely event the bank fails for some reason. Similarly, many credit unions are backed by the National Credit Union Administration (NCUA).
Convenience
Storing your funds in a financial institution makes managing your finances much simpler. With a bank account, you can withdraw cash from an ATM or make purchases using checks or a debit card. You may be able to set up automatic bill pay to make sure your payments are always on time. Using a bank or credit union can also simplify your paychecks by allowing your employer to pay you through direct deposit.
Added benefits
Some accounts allow you to earn interest or reward points for the purchases you make through your account. You will also have access to a network of finance professionals who can provide specialized services depending on your finance goals.
Banking Resources
Whether you're looking for your first bank account or trying to find better banking services, these resources may be helpful in your decision-making process.
Banks Near Penn
SRFS has collected a list of banks on or near Penn's campus for your convenience.
Compare Accounts
When it comes to choosing an account, there are many factors to take into consideration. Luckily, we've found a resource that could be helpful: NerdWallet.
NerdWallet is a website that provides personal finance education, comparison tools, and product reviews. Their goal is to help people make informed financial decisions. Below are links to some of the bank account comparison tools that they offer.
Financial Wellness @ Penn is not affiliated with NerdWallet—we simply like the services they offer.
Banks Near Penn
SRFS has collected a list of banks on or near Penn's campus for your convenience.
Compare Accounts
When it comes to choosing an account, there are many factors to take into consideration. Luckily, we've found a resource that could be helpful: NerdWallet.
NerdWallet is a website that provides personal finance education, comparison tools, and product reviews. Their goal is to help people make informed financial decisions. Below are links to some of the bank account comparison tools that they offer.
