Personal Finance 101 Articles

Gain a better understanding of financial basics so you can manage your money with confidence.

Learn About Personal Finance Basics

Use the articles below for tips on budgeting, saving, investing basics, paying off debt, and understanding your credit.

All Budgeting and Goals Credit: Score and More Family Finances Fending Off Fraud Invest, Invest, Invest Paying Off Debt Personal Finance 101 Homeownership Retirement Filing Your Taxes Student Loans For Teens

What Do I Need to Open a Checking Account? What do you need to open a checking account? It can vary a little from bank to bank but there are typically some fundamental necessities needed to open a checking account. First Bank has five levels of checking accounts, each with varying conditions and capabilities. But let’s start with the basics that hold true for any checking account: What You Need to Open a Checking Account Identification. You will be required to show a picture ID in order to open a checking account such as a driver’s license, passport or military ID card. Personal information. Basic information such as name, address, telephone number, date of birth and social security number. Deposit. You’ll need a small minimum amount of money to make the initial deposit into the account. Clean record. Before opening a new checking account, a most banks will run a consumer report of your previous banking relationships to make sure you don’t have a record of charged-off accounts or fraudulent activity. A bank will sometimes allow you to still open a new account provided you repay the charged off account. Types of Checking Accounts Let’s take a look at First Bank’s five personal checking account options. Everywhere Checking. This is our most fundamental checking account. Everywhere Plus. This option allows you to earn interest on your balance. Everywhere Premium. Earn interest plus enjoy some additional perks such as an unlimited number of out-of-network ATM transactions with no First Bank fee. Campus Checking. Students under the age of 25 get the benefit of a checking account free of a minimum balance requirement and monthly maintenance fees. Senior Checking. Customers age 55 and older can be fee-free with direct deposit and get free checks. Contact First Bank Today Visit your local First Bank and one of our friendly associates will help you with what you need to open a checking account. Or use our Compare Accounts feature to see which checking account is right for you. Read more about this topic: What Is Required to Open a Business Checking Account?, Finance 101: Banking Basics. ——— Sources: Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp 2 min read

The Best Personal Banking Services for You Finding the best personal banking services for your financial needs doesn’t need to be difficult. The factors that go into evaluating available options can include convenience, fees, and interest rates. It’s essential for you to consider how important each of these items is to you, or if there are other factors you need to consider. When thinking through your needs, know that your local First Bank* personal banking services can provide you with plenty of convenience and even more peace of mind. What is Personal Banking? Personal banking refers to all the services banks design and offer to individual consumers rather than businesses. These services include checking and savings accounts, credit and debit cards, certificates of deposit (CDs), loans, and more. You should consider these top 5 factors for your personal banking needs: Fees and Minimum Balance — Before opening an account at any bank, it’s critical to be fully aware of fees (e.g. monthly, transaction, annual). Some banks have hidden fees that could creep up on you when you least expect it. If a bank doesn’t reimburse ATM fees, make sure there are enough no-fee ATMS in your area. Learn how to Keep It Fee Free** at First Bank. Interest Rate — Keep an eye out for banks that offer high-yield checking accounts. These kind of accounts provide you with higher interest rates so you have the option to earn interest on both savings and checking accounts. Convenience — Online banking is the most convenient with its 24/7 web-based access to your finances. But if you prefer to visit the bank, you’ll want to find one with nearby locations and convenient hours too. First Bank has locations in North Carolina and South Carolina and it’s easy to find your closest branch location. Service and Perks — Customer service can make or break your experience with a bank. It’s important for you to feel like calling your bank will be productive and pleasant. Find out if a bank offers extra services that could be beneficial for you, including free checks, a rewards program, or special accounts for kids. Easy Online and Mobile Banking — Online and mobile banking are great for managing your finances wherever and whenever you need to. This 4 min read

Your Community Bank in North Carolina Are you wondering how your community bank stacks up against some of the national banks in North Carolina? Well, don’t believe that community banks versus big banks comparisons are always infallible. First Bank debunks many of these proposed theories. Let’s first take a look at the pros of big banks and how First Bank, despite being a local bank, fits right in: Plenty of ATMs and branches. There’s this notion that local banks don’t have enough branches to meet the convenience level of their national competitors. But First Bank has more than 90 locations throughout North Carolina, from Kill Devil Hills in the east to Asheville in the west. Deep menu of financial services. The other misconception about your community banks is that they only offer very basic services. But in addition to checking and savings accounts, First Bank proudly offers personal and business loans, mortgages, investment options, credit cards and more. Cutting-edge tech tools. Where did this idea that only big banks can offer the latest in technology come from? First Bank customers enjoy digital banking from their home computers or wireless devices, remote and mobile check deposit, text message account alerts, and more. The Pros of Your Community Bank Now that we’ve debunked the most popular “negatives” of local banks, let’s examine the pros of community banks as listed in the article just to make sure First Bank accomplishes those as well. Trademark personal service. This is the backbone of First Bank. We take the time to get to know you personally, so we can cater to your every financial need. More checking options*. First Bank’s checking and savings accounts have ways of avoiding First Bank monthly maintenance fees by meeting certain requirements. As you can see, your community First Bank is small enough to capture all the advantages of local banks but capable of serving customers just like a big bank. Find your nearest community First Bank in North Carolina and experience the best of both worlds. __________________________________________________________________________ Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described 2 min read

Best Personal Checking Account Near Me If you’re looking to open a checking account near you, visit your local First Bank today. Whether you want a basic checking account or a premium checking account with benefits, First Bank has a variety of options for you to choose from. First Bank’s checking accounts come with features like free online and mobile banking*, and mobile check deposit*. Visit our Account Comparison chart to figure out which account fits your financial needs best. Checking Accounts at First Bank Learn more about the different checking account options offered at First Bank: Everywhere Checking—our basic checking account with free online banking Everywhere Plus—this account includes all the benefits of Everywhere Checking plus you earn interest on your balances Everywhere Premium—this account includes all the benefits of Everywhere Plus in addition to complimentary services Campus Checking—our checking account for students is fee-free and offers free online banking Senior Checking—for seniors 55 years or older, this account is fee-free with a minimum monthly deposit and free online banking Switching To First Bank Switching banks can be a hassle, but with First Bank, it doesn’t have to be. All you have to do is stop by a branch near you and sign up for an account. We’ll guide you through switching your account step by step. All you need is: Your new First Bank account information. Your previous account information. List of any automated debits (ACH) and/or direct deposits. If you’ve recently moved to North Carolina or South Carolina, you won’t have to worry about where to find the best bank for a checking account near you anymore. Visit Your Local First Bank Today For the best checking account near you, visit your local First Bank today. For more information, visit us online. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2 min read

High Interest Checking Accounts – North Carolina A high interest checking account in North Carolina can offer a safe, steady solution for those who want to grow their money without much risk. At First Bank, we have several branches conveniently located across the state to help make high-interest checking accounts more accessible. Our Everywhere Plus account allows you to build interest on a minimal balance requirement and comes complete with: Free online and mobile banking. Free automated online bill payments. Free monthly statements delivered by paper or electronically. Free email, phone call or text message alerts to notify you of any account activity. The ability to avoid monthly maintenance fees by keeping a minimum or average collected balance. Looking for a High Interest Account with Benefits in North Carolina? If you’re looking for a high-interest checking account that offers even a little bit more, our Everywhere Premium account might be for you. With Everywhere Premium you’ll earn interest with a minimum balance requirement and benefit from all the perks of Everywhere Plus in addition to: No First Bank transaction fees at non-First Bank ATMs. Free member checks or 50% off of alternate designs and four free official checks per month. The ability to avoid monthly maintenance fees by maintaining certain monthly requirements. If you run a North Carolina business and you’re looking to build interest on your business funds, First Bank also has an interest-bearing business checking account. The account comes with all the features of Everywhere Plus and includes such business-friendly benefits as 250 free transactions per month and up to $10,000 in cash or coin deposits per month at no charge. High Interest Checking Accounts for NC Businesses First Bank also offers high-interest checking accounts for businesses. With our Business Interest account, you can make 250 transactions per month, earn rewards benefits with a First Bank credit card and enjoy free 24-hour telephone banking. With our Business Advantage Plus account, you get all of the benefits of Business Interest, as well as 500 free transactions per month and cash or coin deposits of up to $25,000 every month at no charge. Open a First Bank Checking Account Today To open a high interest checking account at First Bank, all you have to do is visit your nearest North 3 min read

The Benefits of Checking Accounts with Online Access Out of all the factors that tend to influence our decisions regarding financial management, levels of convenience tend to play a heavier role than others. For that reason, online tools, such as access to checking accounts online, have increased in popularity since they were first introduced. First Bank offers online personal banking, including access to checking accounts* to fit your wants and needs. How Do Access My Checking Account Online? In the past, checking accounts didn’t come with many extra benefits or features. They were simply used to deposit and withdraw your money. However, that is now changing thanks to online banking. Access to your checking account online can come in two forms: Through an established bank with a physical presence Through online-only banks with no physical branches Benefits of Checking Accounts with Online Access Flexible access — Convenient banking services can’t be emphasized enough. Online banking means access to services 24/7 from any location and on any web-enabled device. First Bank checking accounts offer online and mobile app** access with all checking accounts. Tracking and monitoring — Keep track of how much you’re spending and saving easily. Set alerts to stay on top of all activities related to your account. Streamlined financial management — View your account transactions online Transfer funds between accounts Monitor your budget Pay bills online Deposit checks remotely from any web-enabled device While online banks usually have fewer fees, they also tend to have more basic account offerings. If you do decide to open an account with an online bank, it’s also important to consider these two questions. How good is their customer service? Is a call-center your only option? Or can you speak with someone in-person? Having the option of speaking with a representative in-person can be a real advantage, especially if an issue is particularly complex. Is your account really secure? Security issues in online banking aren’t generally from the secure bank sites, but from the clients themselves. Clients have to be extra cautious when it comes to their web browsers or phone apps. If they aren’t properly password-protected or encrypted, they could potentially be hacked or infected by malware. Still, check the bank’s online privacy and fraud policy for your own peace 3 min read

Checking Account Comparison – South Carolina With over 75 banks located in the state of South Carolina, checking account comparison can be overwhelming. If you live in South Carolina and are looking at opening a checking account, consider stopping in at First Bank. First Bank Checking Account Options First Bank aims to make the process of comparing checking accounts as easy as possible. That is why we offer five different checking accounts, ranging from basic accounts for individuals to specialized accounts for college students and senior citizens. Everywhere Checking Free online and mobile banking, free online bill pay, and free eStatements or paper statements.* Earn rewards when you use your eligible First Bank credit card*** Everywhere Plus Includes all the great features and benefits of Everywhere Checking Earn interest at a minimal balance requirement. Everywhere Premium Includes all the same benefits and features of Everywhere Plus Free member checks or 50% off other check designs 4 free official checks per statement cycle Unlimited out-of-network ATM transactions with no First Bank fee Campus Checking For students under 25 Includes all the benefits of Everywhere Checking No monthly maintenance fees Senior Checking Monthly direct deposit of $250 a month can qualify Seniors (55+) for no monthly maintenance fees**** Includes all the benefits of Everywhere Checking Free basic checks or 50% off other check designs You can also use the checking account comparison chart on our website to find the best checking account for you. Visit First Bank Today Call or visit the First Bank location nearest you. We can help with checking account comparisons and show you why First Bank is the best bank in South Carolina to open a checking account. *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. ***Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ****Direct deposit defined as external ACH credit. Transfers from other First Bank accounts or deposits made at a branch do not apply. ——— Sources: Investopedia: http://www.investopedia.com/terms/d/directdeposit.asp Investopedia: http://www.investopedia.com/terms/m/minimum-balance.asp 2 min read

Find the Best Bank for a Student Checking Account Student checking accounts are a great way for college students to get their finances in order and prepare for the future. But finding the right checking account at the best bank takes some research. Deciding which bank offers the best student checking account comes down to finding one that offers the best benefits and features. Use this guide to determine what features are important to you, then learn how to open a student checking account online today. Guide to Choosing a Student Checking Account When comparing student bank accounts, the Simple Dollar suggests making these four factors top priority: Fees — Checking accounts often have monthly fees, but a lot of banks offer accounts without them. As a college student, you shouldn’t have to worry about wasting your money on monthly maintenance fees. When choosing a checking account, go for the bank that offers no monthly fees for students. Location — When it comes to student banking, location is important. You probably don’t want to travel too far off campus to find an ATM or local branch, so look for banks with locations near you. If you like a bank, but their ATMs are located too far away, ask about their fees on out-of-network ATM transactions. A lot of banks will allow you to make a certain number of ATM transactions per month, fee free. But be careful, although your bank might not charge you a fee, the ATM itself could. Linked savings account — College is a great time to start putting money away for your future. When choosing a bank to open a student checking account, consider a bank that offers a linked savings account. With a linked account you will be able to transfer money easily between accounts, allowing you to save as much or as little as you want each month, and withdraw from your savings whenever you want. Perks — Any good student bank account should come with perks. Decide what features and benefits are important to you, such as mobile banking, mobile check deposit and online bill pay, then look for a bank that offers those perks. Campus Checking from First Bank You know that fees, location, savings and perks are all important in a student checking account, but where can you find 3 min read

Learn Where to Get Short-Term Personal Loans Today Wondering where to get a short-term personal loan? At First Bank, we offer a selection of loan products that can help you conveniently pay off unexpected expenses or large investments in a shorter period of time. Visit your nearest First Bank branch today to get started. Personal Lending Options at First Bank First Bank offers several personal lending options and lines of credit to help customers pay off big expenses, such as car repairs, doctor’s bills, or unexpected expenses. There are loan officers available at all our branch locations to help you find the right option for your financing needs. In addition, the First Bank Platinum Credit Card with Rewards not only helps you finance your large expenses, but you can also earn rewards.* Benefits include: Every $1 spent on qualified purchases earns 1 point towards your rewards. 24-hour convenient access to your account. Online tools to help you manage your account. Credit card statements are available to download. Easily pay your bills online. Customer service available online. Zero liability for unauthorized purchases. Protection from fraudulent use with MasterCard SecureCode. 26-day grace period for no interest fee. Apply for a Short-Term Personal Loan at First Bank Since 1935, First Bank has worked with communities in North Carolina and South Carolina to lend a helping hand when it comes to financing. With our wide selection of personal and business products, we work to meet the needs of our neighbors with the selection of products you expect from a national bank at the convenience of your local community. For more information on where to get short-term personal loans, visit your nearest First Bank branch today. *Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ——— Source: About: http://credit.about.com/od/avoidingdebt/a/basics-of-personal-loans.htm 2 min read

Checking Account Offers in South Carolina If you live in South Carolina and you’re looking for some of the best checking account offers, your local First Bank can help. We offer a variety of checking account options—from basic accounts to accounts with tons of features to premium accounts that earn interest. Checking Accounts at First Bank First Bank is one of the best banks for checking accounts in South Carolina. Each of our checking accounts comes with free online and mobile banking,* online bill pay, and free eStatements or paper statements. Our checking account offers include: Everywhere Checking — our most basic account. Everywhere Plus — an account that has all the benefits of Everywhere Checking, plus the chance to earn interest on your balance. Everywhere Premium — an account that has all the basics of Everywhere Plus, plus additional complimentary services. Campus Checking — an account designed for students between ages of 16 and 25. Senior Checking — an account designed specifically for seniors over 55. Compare our checking account offers to see which one is the right fit for you. Find a First Bank Near You Find a South Carolina First Bank location near you to learn more about our account offers or click here to open an account online today. While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple, Inc. Android and Google Play are trademarks of Google Inc. Out of network terminal owners may charge a service fee. 2 min read

What is Personal Finance? Are you ready to get a handle on your finances and prepare for your future? The first step is understanding personal finance. According to Investopedia, “Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning.” Understanding these terms can help you better control your funds and prepare for future financial success. Important Personal Finance Terms Budgeting — Establishing a budget is an important part of managing your personal finances. A budget helps you keep track of your spending patterns and plan how you are going to spend your income each month. Start by calculating your total monthly income, then use MyMoney to track all of your expenses each month. This will help you see where your money is going, where you can save and where you can spend a little extra each month. Insurance — Purchasing insurance is another large part of managing your personal finances. According to Investopedia, by purchasing insurance — like health insurance, life insurance and car insurance and homeowner’s insurance — you are protecting yourself from risk and ensuring the security of your material standing. Savings — Whether you’re in your 20s and just starting to learn about personal finances, or are in your 30s and looking to better manage your funds, one thing is certain, you should be saving for the future. It is important to establish an emergency savings fund to cover any financial hardships and a retirement savings plan to help you in the future. Articles on Personal Finance For more information on personal finances, check out these articles from First Bank’s Financial Education Center: Buying Your First New Car: What to Know Simplifying the Home Buying Process How to Avoid Paying Too Much for a House 10 “Life Hacks” That Will Save You Money 5 Tips for Safely Managing Your Finances Online Source: Investopedia: http://www.investopedia.com/terms/p/personalfinance.asp#ixzz40uIYOSwU 2 min read

Get Stress-Free Banking in NC with a Savings Account at First Bank We can likely agree that complicated savings accounts aren’t fun to deal with. Hidden costs and technicalities can cause unwanted anxiety and stress. That’s why First Bank has a number of stress-free savings accounts in North Carolina. Open a Stress-Free Savings Account with First Bank While other banks cause headaches for their customers, here’s how First Bank provides a breath of fresh air with Everywhere Savings, our most basic and stress-free savings account: Ability to avoid monthly maintenance fees. By simply maintaining at least a $300 daily balance you can avoid any monthly maintenance fees.* No minimum balance to earn interest. Accumulate interest so if your balance takes a dip, your future doesn’t have to. Free online and mobile banking. You won’t accrue any First Bank fees for accessing your account from a smartphone or tablet.** Free monthly statements. Receive paper or emailed statements each month free of charge. Free account alerts. First Bank won’t charge you for phone call, text message or email notifications alerting you of your account activity. Free withdrawals. Utilize two free withdrawals per month from your Everywhere Savings account.*** The Convenience of a Stress-Free Savings Account Charges and fees are just one way of depositing stress into a savings account. At First Bank, we eliminate stress through our convenience. With over 100 locations in North Carolina and South Carolina, we provide the knowledge and resources you need to make big financial decisions. Open a savings account today by visiting one of our North Carolina locations. *Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule available on our website at fees or at your local branch. **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. ——— Sources: Investopedia: http://www.investopedia.com/terms/i/interest.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 ***Federal regulations limit withdrawals or preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check 3 min read

Explore Courses to Grow Your Personal Finances

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Smart Budgeting Create a financial plan for an awesome roadtrip! 5 Topics

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Financial Caregiving Learn what you should know about handling another person’s finances. 6 Topics

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Identity Protection Safeguard your identity and your financial future. 6 Topics

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Financial Basics Get off on the right foot with the right financial tools. 13 Topics

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Get rewarded for qualified everyday purchases View Credit Cards

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Discover the joy of financial clarity with MyMoney View Features

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