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					                              2008         Banking                                                  1-877-825-0750

                                Money Matters!
           A d vo c a t e !
Yo u r Fa i r L e n d i n g

                                 A Publication of the Delaware Community Reinvestment Action Council, Inc .

                                                                                                           Bank your money
                                                                                                     Because you are banking on it!2

                                     We are all about fair and equitable access to mainstream financial services
                                     Our handbooks are also available on!.htm

            Delaware CRA
             Council, Inc.

        601 N. Church St.,

                                                                                                                                                                                           D C R AC | Fo u n d e d i n 1 9 8 7
            DE 19801

       1-877-825-0750 or
                                                                                                                                                     Designed by Christopher Mears for DCRAC, Inc.


                    OUR MISSION: To e n s u re e q u a l a c c e s s t o c re d i t a n d c a p i t a l f o r t h e u n d e r- s e r ve d
                    p o p u l a t i o n s a n d c o m mu n i t i e s t h ro u g h o u t D e l aw a re t h ro u g h E d u c a t i o n , O u t re a c h ,
                    A d vo c a c y, a n d L e g i s l a t i o n .
Ty p e s o f a c c o u n t s          Money Matters!             Banking                           w w w. d c r a c . o r g

                                  Pass Book Savings Account:                                   Certificate of deposit (CD)
                                  *    Easiest to open.                                        •     A CD is a time deposit.
                                  *    Very few banks offer them.                              •     CDs have time term limits (i.e., you lock your money
                                  *    You must take your passbook to the bank                       for 3, 6, 9, 12, or longer months.)
                                       *    to make a deposit.                                 •     You can open a CD with about $500.
                                       *    to make a withdrawal.                              •     The longer you keep your money in the CD the
                                       *    passbook is your bank statement.                         higher is the interest rate you earn.
                                  Statement Savings Account:                                   •     The larger the amount in the CD, the higher is the
                                  *    Easier to open than a checking account.                       interest rate you earn.
                                  *    Generally, you get a quarterly bank statement.          •     If you need the money before the term expires, you
                                  Non-interest bearing Checking accounts:                            pay a penalty. Unless, it is a no-penalty CD.
                                  *    Regular checking accounts.                              •     CD matures when the term expires.
                                  *    Pays you no interest.                                         You cash your 3 month CD when 3 months are over.
                                  Interest bearing Checking accounts:                          Bank Statements:
                                  *    You earn an interest on your money.                     Your periodic statements include:
                                  *    NOW, SUPER NOW, and Interest bearing checking                 *    amount deposited and amount withdrawn.
                                       accounts come with certain limitations.                       *    interest earned, fees paid, and ending balance.

                                You MUST have money in your checking account before you write the check.
     Take with you:                                                                 •   Read disclosures and ask for explanation if you do
     •             Two forms of photograph identification.                              not understand them.
     •             Two forms of address identification.                             •   Statement savings account--you get a receipt
     •             Your social security card.                                           and a register.
     •             Cash/money order to open account.                                •   Passbook account--you get a passbook with
     Decide what kind of bank account you want.                                         the initial deposit entered.
     Forms you will sign.                                                           •   Checking account--you get a starter checkbook

                                                                                                                                                     Opening a bank account
     •             Application.                                                         *   You order a box of new checks (it costs you
     •             Signature card.                                                          extra to purchase fancy checks).
     •             Form W-9. Your interest will not be taxed.                       •   Certificate of deposit--you get the certificate.
                   The bank will send you a form 1099 INT at year-end.
     •             If you ask for a MAC card, you will enter your                   You must balance your register with your bank state-
                   Personal Identification Number (PIN) twice to                    ment--see page 3
                   activate your card.                                              •   Flip your bank statement over and fill out the
                   *            Learn how to use your MAC Card.                         worksheet.
     •             You will make the opening deposit.                               •   Use highlighters!
                   *            Learn how to fill out the deposit slip.             •   Call the customer service representative for help.
                   *            Learn how deposit is made.                          •   Spend some time to balance your statements.

                                “To be controlled in our economic pursuits means to be controlled in everything.”
                               Frederich August von Hayek, (1899-1992), Nobel Laureate of Economic Sciences 1974
Fa m i l i a r i ze yo u r s e l f    Money Matters!                 Banking                         w w w. d c r a c . o r g

                                     Deposit Slip                                                   Check payable to you
                                      Name & Address Cash                $                           Name & Address of             Routing No.
                                      Date             Routing no.       $                           person who has written        Check No.
                                                                                                     the check                     Date
                                      Saving/checking Routing no.        $                           Pay to the order of           Your name
                                      Account no.      Sub total         $                           Amount                        $100.01
                                      Bank Logo        Cash out          $                           Amount in words: One Hundred and 01/100---
                                      MICR             Grand total       $                           Memo                          Signature of person who
                                     Routing no.:      On the check, top right hand corner                                         wrote you the check
                                                       xx-xxx/xxx                                    Bank Logo, MICR, Account no., check no.
                                     MICR:             A Bank Code
                                     Withdrawal Slip                                                Endorsing the check for deposit
                                                                                                      Endorse here
                                     Name & Address            Saving/Checking                        Your Signature_________________________
                                                                                                      Your bank account no. __________________
                                     Date                      Account No.
                                                                                                      Do not write, stamp or sign below this line.....
                                     Your signature
                                                                                                      ....fine print re: security features, etc....
                                     Amount withdrawing        $100.01
                                     Amount in words: One Hundred and 01/100---
                                     Bank Logo                 MICR                                 As soon as you receive a check, get into the habit of
                                                                                                    endorsing it.

      Your register                                                                          have * against them). Enter them on this table at the
        No. Date Description Withdrawal Status Deposit Balance                               back of your statement.

                                                                                        Date             Withdrawn $ Deposit $                Balance $
                                                                                                         -100                                 -100
                                                                                                                           +536               +436

                                                                                                                                                              B a l a n c i n g yo u r c h e c k b o o k
      Status column is where you place the asterisk!                                                     -25                                  +416
      •   On your register place an • against each transaction                                           116                                  +400
          which is also shown on the statement.
      • Enter in your register each transaction listed on your                        Now the reconciliation form
          statement you forgot to enter in your register (a                             Line #    Entry/calculation                          $
          check, MAC withdrawal, deposit).                                              1         Enter your ending balance                  $
      • From the statement, enter fees charged, interest                                2         Enter amount of deposits made              $
          earned.                                                                                 after statement closing date
      Not on your register, but on your statement                                       3         Add lines 1 and 2                          $
      • Record all entries on your register that are not                                4         Balance from the previous table            $ 400
                                                                                        5         Line 3 - Line 4                            $
          marked * and that do not appear on the statement.
                                                                                        6         Balance does not agree with the            Double check
          Record them as deposits or withdrawals.                                                 statement?                                 your math.
      • Find out outstanding withdrawals (those that do not                                                                                  Call the bank.

                                                        “If you owe the bank $100 that's your problem.
                                                 If you owe the bank $100 million, that's the bank's problem.”
                                      Sir John Paul Getty, American born British Philanthropist, of the oil business family
W h e re t o f i l e    Money Matters!              Banking                             w w w. d c r a c . o r g

                       Description                                        Address to:
                       National Banks (National or NA or National         Office of the Comptroller of the Currency
                       Association in the name)                           Customer Assistance Group
                       Tel: 800-613-6743                                  1301 McKinney Street, Suite 3710, Houston, TX 77010

                       State-Chartered Banks, Member of the Federal       Consumer & Community Affairs
                       Reserve System ("Member, Federal Reserve           Board of Governors, Federal Reserve System
                       System" and "FDIC Insurance")                      20th & C Sts, NW, Mail Stop 800, Washington, DC 20551
                       State Non-Member Bank or State-Chartered           Office of Consumer Programs
                       Savings Bank, Federally Insured (FDIC Insurance)   Federal Deposit Insurance Corporation
                                                                          550 Seventeenth St., NW, Washington, DC 20429

                       Federally Insured Savings & Loans, Federal         Consumer Affairs Program
                       Savings Bank, Federally Chartered State            Office of Thrift Supervision
                       Banks (Federal or FA in the name. FSB in the       1700 G Street NW, Washington, DC 20552

                       Federal Credit Unions (Federal credit union in     National Credit Union Administration
                       the name. NCUA Insurance)                          1776 G Street NW, Washington, DC 20456
                       State Chartered Credit Unions (No Federal credit   Consumer Response Center
                       union in the name. NCUA Insurance in the           Federal Trade Commission
                       name) & Other Credit, Debit, or ATM Card           600 Pennsylvania Avenue, NW, Washington, DC 20580
                       Licensed in Delaware/State laws                    Commissioner Robert A. Glen
                       Tel:      302-739-4235 Fax:     302-739-3609       555 E. Loockerman Street, Suite 210, Dover, DE 19901

                                               Please send us a copy of your complaint about a Delaware Bank at
                                                         601 N. Church Street, Wilmington, DE 19801

    It is very important that you know your rights.                         Your complaint should be in writing and should include
    Equally important is that you exercise your rights.                     the following:
    Mail your complaint to the appropriate regulator in                     • Your name, address, telephone number.
    the table above.                                                        • The company's name and address.
    Do not send originals.                                                  • Type of account involved/nature of your
    Filing your complaint                                                        complaint.
    • Contact the company with which you have a                             • Description of your complaint:

                                                                                                                                     H ow t o f i l e a c o m p l a i n t
         problem. Attempt to resolve the complaint                               Including specific dates;
         directly.                                                               company's actions/inactions;
    • If you are unable to resolve the complaint                                 copies of pertinent information/correspondence.
         directly, contact the company's regulator for                      • Date of contact.
         assistance.                                                        • Names of individuals contacted and their
    • The regulator usually acknowledges receipt of a                            responses.
         complaint letter. If the regulator refers your                     • Your signature.
         complaint to another regulator, they will inform                   • Date complaint filed.
    • When the appropriate regulator investigates the                                         Do send us copy of your complaint.
         complaint, they may give your written complaint                                  We would like to know about your issues
         to the company.                                                                                     with Delaware banks.

                                     “A bank is a place where they lend you an umbrella in fair weather
                                                 and ask for it back when it begins to rain.”
                                                                 Robert Frost,

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