SAFEGUARD YOUR $

"March your money straight to the bank."

There are probably a thousand and one places where people keep their money stashed. However, the coffee can or under the mattress doesn’t help you sleep better at night, and the money may very well disappear faster than you want it to (through spending habits or theft).  Banking your money allows you to not worry about its safety but also use technology to pay bills, start saving, and getting a little bit of interest onto your money.

---

As a UTSA student you may need to cash a check sent to you from home, your employer, or the university. Did you know that UTSA will not cash checks--not even its own check?! So where do you go?

Without a bank account, you would be cashing a check at the local check-cashing store or take it to a pay-day lender.  These places charge fees which may equal as much as 400% Annual Percentage Rate (APR), if you use them over and over again. Plus, you would carry around a wad of cash in your pocket or wallet! Then what do you do with the bills you want to hang onto?

---

Bank for U

Banks offer many different options, some free, some not so you have to consider what's best for you. There is one financial institution on the UTSA Main campus, Frost Bank, located on the Paseo. There are other institutions off-campus yet nearby.

Finding a bank can be like shopping for a car – compare features and costs to find the right one to fit your needs. 
Here are two web sites to get you started “shopping” for the best bank account that fits you:   

• Findabetterbank.com will allow the user to specify a desired location, features, and fees for search function.
• Bankrate.com provides comparisons of rates on savings accounts, various loans, credit cards, and security ratings of financial institutions. (Click on their link to Checking & Savings.)

Once you find a bank, be sure to keep an eye out for changes in bank fees. Things are changing constantly in the banking industry. Due to a recently enacted law capping the fee that banks charge merchants for processing debit card transactions, some banks are starting to charge its customers a monthly debit card usage fee!

A video from bankrate.com:

---

Open an account

Pay attention to your bank account balance. Whether you are paying with checks or with a debit card, write the amount down in the check register and subtract it from the beginning balance. Add in any deposits you make. Get familiar with the bank's online banking services. It's a great way to view your balance and transactions 24/7.

Find out more about Checking Basics and A Guide to Your First Bank Account.

Be sure to establish...

Direct Deposit

You can have your financial aid living expenses electronically put into your bank account, which saves time and allows you to access your funds faster. Most payroll checks, too, can be direct-deposited. (Set this up through the Fiscal Services tab of your UTSA ASAP account.)

Easy Save

Another benefit of banking is setting up automatic transfer of funds from a checking account to a savings account. Even banking online has made life easier through online savings accounts and bill-pay. With automatic transfer, the money goes from one to the other without you ever missing it!

 

---

As I safeguard my money, I must also safeguard my spending. A zero balance in a bank account means I have zilch, nada, 0 in my pocket!