| Tales have been told of how eccentrics and other | | | | accounts there is a small monthly maintenance fee. In |
| people of an inventive mind have stored up treasures | | | | your checking account you should have little more in |
| in a variety of places - under mattresses, under loose | | | | your account than is necessary to pay your monthly |
| boards in homes, in secret or not-so-secret | | | | expenses. You should also get overdraft loan |
| compartments in cupboards, or simply in a hole in the | | | | protection so you won't bounce any check and have |
| woods. But it seems with each passing year you hear | | | | to pay a large fee plus the humiliation of having a bad |
| fewer such tales. For now, there are few old timers | | | | check. Also with most checking accounts you can |
| around who remember when banks went bust. For | | | | request a debit card for use in automated teller |
| every one who keeps their money in an insured | | | | machines. |
| bank, the Federal Deposit Insurance Corporation | | | | Now you need to put an amount of money able to |
| insures each individual or joint account up to | | | | sustain you for three months in a liquid savings |
| $100,000. A self-directed retirement account is | | | | account. The two types of regular checking accounts |
| insured up to $250,000. With more money you just | | | | are Passbook Savings Account and Statement |
| simply go to other insured banks or credit unions and | | | | Savings Account. You are able to get your money at |
| open new accounts. National Credit Union Share | | | | any time and to avoid paying a monthly fee you |
| Insurance Funds insures accounts in credit unions as | | | | must maintain a minimum amount in your statement |
| F.D.I.C. does you money in the bank. | | | | savings account at all times. |
| Now you are bombarded with advertisements both | | | | If you have more assets you want to allocate, yet |
| online and off of bank, credit unions, savings and loan | | | | keep them fairly liquid you may decide to keep your |
| associations, insurance companies, and investment | | | | money in the bank in a Money Market Savings |
| brokers for a myriad kaleidoscope of accounts. Banks | | | | Account, also known as a Money Market Deposit |
| come in all size for a lone small-town bank at the | | | | Account. Your money in a Money Market Account |
| edge of some piney woods to local or state chains | | | | pays a higher rate of interest than does the |
| to National and International banks willing to make | | | | Passbook or Statement Savings Account, and are |
| you feel at home if you have money in the bank | | | | insured by Federal Deposit Insurance Corporation , or |
| (their bank) whether you are in French Guiana or | | | | by NCUSIF if in a Credit Union. For even higher |
| French Morocco. | | | | interest you can invest in Money Market Mutual |
| Not only can you have different types of checking | | | | Funds, however they are notinsured . |
| and savings accounts, but all types of loans and | | | | A really safe way to invest large amounts of money |
| mortgages used to acquire all types of goods and | | | | at nice rates of return are by purchasing Certificates |
| services. | | | | of Deposit. They come in amounts up to $10,000 and |
| With checking you can have free checking if you | | | | they mature anywhere from six months to five |
| maintain a minimum balance, or at some banks if you | | | | years. So if you manage prudent asset allocation in |
| don't write many checks, then at other banks you | | | | variety of forms, a small amount of money in the |
| just have to be 50 years or older. If you can not | | | | bank becomes a large amount of money in the bank. |
| meet these qualifications, with some checking | | | | |