Improving financial literacy is a key part of Origin Bank’s ongoing commitment to our communities. With knowledge comes the power to change, to improve and to become more independent.
We believe that it’s never too early to teach financial literacy. When young people understand the basics of money, they stand a much better chance of making the right financial choices that lead to financial security and avoid debt.
To help equip those who are just beginning their financial journey, Origin is launching “The Basics of Banking,” a six-part series designed to educate on financial fundamentals. We’ll touch on foundational topics like learning how to make a budget, the difference between debit and credit cards, balancing a checkbook and the importance of saving.
We encourage kids and parents alike to use this blog series as the start of a conversation that hopefully lasts a lifetime.
Financial Institutions 101: What is a bank and why do I need one?
Banks play an important role in the economy and serve as the main places where people conduct their financial business. They provide services like savings and checking accounts for individuals, small and large businesses, and non-profit organizations. They loan money for buying things like cars and houses, and they help people save for retirement.
Sometimes people find banks intimidating, but the reality is that banks are staffed with friendly, knowledgeable professionals who are driven by a desire to serve their customers. Banks provide essential services designed to help you learn how to best manage your finances and grow your money. At Origin Bank, our team of trusted advisors is available to answer your questions and help you make a plan to reach our financial goals.
Banks offer convenient options for handling your financial needs. In-person banking at your local banking center provides a personal touch, while electronic services like online banking and mobile apps allow customers to bank from anywhere, 24 hours a day. ATMs offer 24/7 access to check your account balances and make cash withdrawals. Some ATMs will also allow you to make deposits.
Banks can also help you learn the pitfalls of not managing your money wisely. For example, writing a check for more money than is in your account can result in what’s called an overdraft. You may have to pay a fee each time you make an overdraft in addition to the amount you owe. Those fees can add up fast, so talk to a personal banker to learn how to properly track your funds and build a budget that works for you.
Remember that bankers are here to serve as a resource for you and your money. Get to know the people who work at your local banking center and ask them for help in understanding your financial needs. They are available to help you, and want to see you achieve financial success.
Origin Bank believes it’s never too early to build good money management skills. With a solid foundation, kids and young adults develop the knowledge and financial habits that help them become independent adults and avoid common mistakes that can lead to long-term struggles.
Next, we’ll take a closer look at the importance of creating and following a realistic budget within our Basics of Banking series. Explore our blog for more financial resources.