The Importance of Banking and Savings

[Bang•king] noun: The business carried on by a bank or banker when a financial institution (banks, credit unions, savings & loans) holds funds on behalf of a depositor. Financial institutions provide various products and services to customers, including checking and savings accounts or loans.

If you’re like most people, you probably aren’t saving as much as you’d like to. (Or worse yet, don’t save at all!) Now is the time to take charge. Saving money only works if you make it a priority. And that means setting goals for yourself. Sit down and decide what you want to save for – a new car or house, retirement, school or a dream vacation – then use the resources below to help you obtain your goals!

[Bang•king] noun: The business carried on by a bank or banker when a financial institution (banks, credit unions, savings & loans) holds funds on behalf of a depositor. Financial institutions provide various products and services to customers, including checking and savings accounts or loans.

If you’re like most people, you probably aren’t saving as much as you’d like to. (Or worse yet, don’t save at all!) Now is the time to take charge. Saving money only works if you make it a priority. And that means setting goals for yourself. Sit down and decide what you want to save for – a new car or house, retirement, school or a dream vacation – then use the resources below to help you obtain your goals!

Banking & Savings Resources

TIP: Rank your nonessential expenses. Keep the ones you like the most and then cut some of the items toward the bottom of your list.

SaveNow (Banking Savings)

Many Ohioans lack a savings safety net for life’s unexpected events and expenses. The SaveNOW program is an easy and rewarding way to start building your savings and gain financial education.

AmericaSaves.org (Banking Savings)

One of the most important things you can learn in life is how to save money. It’s the first step to getting where you want to be. Anyone can do it. You just have to put your mind to it. Once you start, it gets easier and easier and before you know it, you’re on your way to making your dreams a reality. America Saves’ helpful links include “What to Save For,” “How to Save Money,” and “Savings Tips.”

MyMoney.gov (Banking Savings)

Saving is a key principle. People who make a habit of saving regularly, even saving small amounts, are well on their way to success. It’s important to open a bank or credit union account so it will be simple and easy for you to save regularly. Then, use your savings to plan for life events and to be ready for unplanned or emergency needs. For helpful lists of Actions You Can Take and Hints and Tips, visit MyMoney.gov to get you started.

Consumer Financial Protection Bureau (CFPB) (Banking Savings)

The CFPB was established to protect consumers by carrying out Federal consumer financial laws. Individuals may file a complaint regarding a financial service or company including home, auto, student loans, credit card or other bank products. Their website has a variety of financial information and educational resources.

FINRA (The Financial Industry Regulatory Authority, Inc.) (Banking Savings)

FINRA is the largest independent regulator of securities firms doing business in the United States. FINRA works to ensure fair financial markets and make sure investors receive the basic protections they should receive. They can help you learn about investing and how to build your financial knowledge with articles, interactive tools, and other resources.

GoDirect (Banking Savings)

If you still receive a paper check for your Social Security or other federal benefit payments, you are out of compliance with the law. The Treasury Department requires federal benefit payments to be made electronically. You can get your payments by direct deposit to a bank or credit union account or to a Direct Express® Debit MasterCard® card.

FDIC (Banking Savings)

The Federal Deposit Insurance Corporation (FDIC) offers tips for protecting your bank accounts and money. Check with your financial institution to make sure it is FDIC-approved (The Federal Deposit Insurance Corporation), which guarantees the safety of your accounts/money.

Brighton Center/IDA Program (Banking Savings)

Brighton Center’s IDA Program allows families to increase assets through providing matching funds toward homeownership, post-secondary education, rehab of an owner occupied home, and vehicle purchase. A 1:1 match is provided, with a total savings of $4,000.

Supports to Encourage Low-Income Families (SELF)/IDA Program (Banking Savings)

SELF offers its IDA Program to Butler County residents. The program offers a 2:1 match up to $1,000. Participants are qualified based on poverty income guidelines. Savings must be used toward: 1) purchasing a home, 2) continuing education, or 3) starting a small business.