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Banking 101

Banking Basics

Banks and credit unitions offer financial services to individuals. Choose what fits your needs. Banks have larger footprints while credit unions are member-owned.  

Understanding the purpose of each account can help you choose the right place to manage your money, save for future goals, and maximize your earnings. 

  • Checking Accounts: For daily transactions, unlimited deposits and withdrawals
  • Savings Accounts: Earn interest, limited withdrawals
  • High Yield Savings Accounts: Offer higher interest rates than regular savings accounts, helping your money grow faster

Students should consider savings or high yield savings for their student loan refund and transfer their monthly expenses to a checking account to ensure the refund lasts all semester. 

FDIC (banks) and NCUA (credit unions) insurance insures deposits up to $250,000. 

Outdoor MUSC sign with black lettering on a white wall and small blue glass objects on top.

Contact the Office of Student Financial Literacy

MSC 203
Harper Student Center
45 Courtenay Dr, Fl 3
Charleston, SC 29425-8917

Hours of Operation: Monday-Friday, 8:00 am-4:30 pm

Phone: 843-792-7744

Email: financialliteracy@musc.edu

Book an Appointment

Understanding common banking fees and taking simple preventative steps can help you keep more of your money and avoid unnecessary charges.

Commons fees include:

  • Monthly Maintenance Fee: Choose fee-free accounts or meet the account requirements to avoid monthly fees.
  • Overdraft of Non-Sufficient Funds (NSF) Fees: Track your account balance regularly and set up low-balance alerts to help prevent overspending.
  • Out of Network ATM fees: Use your bank's in-network ATMs to avoid additional withdrawal charges. 

Developing smart banking habits help you manage your money effectively, avoid fees, and stay on track toward your financial goals. 

Educate Yourself: Understand the fees your institution charges to keep more money in your pocket.

Utilize Online and Mobile Banking: Take advantage of mobile apps and online banking services to monitor your account, transfer funds, and pay bills conveniently.

Set Up Direct Deposit: Have your paycheck or financial aid deposited directly into your account to save time and access funds quickly.

Create a Budget: Use banking tools or apps to track your spending, establish a spending plan, and avoid overdraft fees.