💰 Money Talk – The Basics: What You Need to Know About Banks

Dear Son,

Let’s get something straight: Banks aren’t your friends.

They’ll smile at you while offering a credit card with “attractive rates,” and that same bank won’t blink before repossessing your house if you fall behind.

They are not in this for your well-being. They’re in it for your money. And the sooner you understand that, the better decisions you’ll make.

---

🏦 Why You Do Need a Bank (But On Your Terms)

I’m not saying don’t use banks. You need them.

• You need somewhere to put your money that’s safer than the sock drawer.

• You need access—ATMs, apps, online tools.

• You’ll need a bank to invest, pay bills, and eventually build credit.

Just know: banks exist to profit from your deposits, your debt, and your trust. So be smart. Be selective. Be skeptical.

---

🧠 How to Choose a Bank Without Getting Screwed

Ask these questions:

• Do they offer free checking?

• Can you get a debit card?

• Is there online/mobile banking?

• Are ATMs near you?

• What fees do they charge?

• Do they punish you for dipping below a balance?

👉 Pro tip: Look for banks that calculate fees based on average daily balance, not minimums.

And always—read the fine print. That’s where the traps live.

---

🧾 What Types of Bank Accounts You Might Need

✔️ Checking Account
Your day-to-day workhorse. Money goes in, money goes out. Not meant for saving—just spending.

✔️ Savings Account
Your emergency backup. 3–6 months’ worth of expenses, untouched unless life falls apart. Interest is low, but access is fast.

✔️ Timed Accounts (CDs)
Higher interest, but your money’s locked up. Great if you’ve got your emergency fund handled. Penalties if you pull it out early.

✔️ Brokerage Account
Want to buy stocks, bonds, ETFs? This is the gate. Don’t open it unless you plan to learn what you’re doing.

✔️ Money Market Accounts
Higher interest, higher minimums. Mostly for folks with bigger balances. Good for parking large sums you don’t need to touch often.

✔️ Joint Accounts
Good for couples. But joint means joint—know who you’re sharing it with. If there’s no trust, don’t share the vault.

---

💡 Bank Smarts Most People Miss

• Don’t let your checking go negative → overdraft fees will eat you alive.

• Watch for ATM charges, especially on out-of-network machines.

• Opt for digital statements to skip stupid fees.

• Ask for cash back at checkout instead of paying ATM fees.

• Make sure your bank is federally insured—CDIC in Canada, FDIC in the U.S.

Banks make money when you’re not paying attention. So pay attention.

---

If I had a son, I’d want him to know this:
You’re not supposed to “trust” your bank. You’re supposed to watch it.

They’ve got systems. You need systems too.

Don’t go broke trusting a smiling logo. Be smarter than that.
You're building a life—not just a balance sheet.

—Fred [GeezerWise]

---

⚠️ Disclaimer

This isn’t financial advice—just hard-won insight from someone who’s made the mistakes. Always talk to a qualified professional before making big money moves.