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The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all ...


Are you stuck and can't get out of a hole?  Do you often find yourself saying, "I wish I could, but I can't afford it."

Photo_2_JoeIf this is you, we have a SOLUTION! We're offering four FREE personal finance video lessons for a limited time that will give you the steps to take to fund the dreams you have for things you want for yourself and your family. First Reliance Bank's purpose is "To make the lives of our customers BETTER."   To fulfill our promise, we've partnered with JOSEPH SANGL, a leading teacher of personal finance.  He is the founder of I Was Broke Now I'm Not, an organization that provides financial teaching.  It is his passion and mission "to help people accomplish far more than they ever thought possible with their personal finances."  Additional tools and information can be found on their website:  IWBNIN.com

DIG ...


The following information will help you manage your account wisely.

Know Your Balance

  • If you have a joint account, designate one person as the account manager
  • Consider direct deposit of your payroll checks and other benefit payments
  • Record all checks, ATM transactions, debit transactions, account fees, and deposits in your checkbook and keep a running balance
  • Never write a check or make a charge on your debit card for more than you have in your account
  • Make sure deposits to your account clear before withdrawing cash or making charges against those deposits
  • Balance your checkbook against your bank statement every month

Keep Your Account Safe

  • Report stolen checks or debit cards immediately
  • Update your personal information when moving or changing names
  • Don’t use other people’s checks or debit cards, or let them use yours
  • Keep your checks and debit cards in a safe place
 

Check Writing Basics

  • Always use ...


Balancing your checkbook is one of the most basic habits for good money management. This is a simple method of verifying that your records (your checkbook register) match the bank’s records, as shown on your monthly statement. Balancing your checkbook can be done in six easy steps, as outlined in the worksheet below.

Checkbook GraphicsStep 1: Compare your account register to your account statement for unrecorded transactions (such as ATM, Check Card, Interest earned, fees, etc.). Your new account register total should match the adjusted balance in step 6 below.
 
Step 2: Write in the closing balance shown on the front of your account statement.
 
Step 3: Write in any deposits you have made since the date of your account statement.
 
Step 4: Add together amounts listed above in steps 2 and 3.
 
Step 5: List and total all checks and withdrawals that you have made that ...


Plan

Assess your needs for the future, major purchases, and periodic expenses.

Set Financial Goals


Determine your short, mid- and long-range money management goals.

Know Your Financial Situation


Determine your monthly living expenses, periodic expenses and monthly debt payments.

Make A Budget


Follow it closely and evaluate it regularly, comparing actual expenses with planned expenses. See our financial tools.

Don’t Exceed Your Income


Pay down on credit cards, pay more than the minimum amount and don’t charge more on the card than you are paying to your creditors.

Save


For periodic future expenses, try:


  • Saving 10% of your net income.

  • Accumulate 3 to 6 months salary in an emergency fund.

  • Put money in an Individual Retirement Account (IRA)

Pay Bills on Time


If you’re going to be late making a payment, contact the company and work out a payment schedule.

Distinguish Between Needs and Wants


Take care of needs ...


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