There are three main types of bank accounts:
1. Checking Account with a checking account, paper checks are used to withdraw money from the account. Personal checks can be used to pay monthly bills, purchase products and services, and transfer money into other bank accounts. Banks may charge fees (such as a monthly flat rate) for a checking account, so it is important to understand what charges you are subject to at a particular bank. A regular checking account does not pay interest on deposits. Also, most checking accounts do not allow you to withdraw more money than is currently on balance unless you apply for "overdraft protection" (such as securing the account with a line of credit).
2. Savings Account with a savings account you cannot use checks to withdraw from the account. Banks typically offer more than one type of savings account with varying interest rates and minimum balance requirements.
3. Money Market Account is an interest-earning account that allows you to write checks. Although money market accounts frequently pay a higher rate of interest than checking or savings accounts, the number of times you can withdraw from the account or write a check is limited per month.
For many accounts, banks also offer debit cards that allow you 24 access to your money through an Automated Teller Machine (ATM). If you withdraw money from an ATM outside your bank's network, you may have to pay a surcharge of $1 - $2. Some banking systems also allow you use your debit card for purchases. When you use a debit card, funds are subtracted directly from your account and listed on your monthly statement. Debit cards are not credit cards, and they do not allow you overdraw your account.
To qualify for a credit card in the U.S., you must prove you are a good "credit risk". Different credit card companies have different standards for qualifying. If you are issued credit by a company, you will be approved for a "limit", which is the maximum amount you may "charge" to your credit line. All purchases charged on a credit card will be listed on your monthly credit card bill. Interest will be applied to any un-paid balance and added to the following month's bill.
Get the latest exchange rates and calculate currency conversions using the www.xe.com/ucc/.
U.S.
currency consists of one-cent coins, nickels (5 cents), dimes (10 cents) and
quarters (25 cents). Dollar bills are all the same color, whether they are a 1,
5, 10, 20, 50, or 100. There are also a limited number of one-dollar gold coins
and two dollar bills in circulation.
| Name | Value | Written |
| Penny | one cent | 1¢ or $.01 |
| Nickel | five cents | 5¢ or $.05 |
| Dime | ten cents | 10¢ or $.10 |
| Quarter | tenty-five cents | 25¢ or $.25 |
Currency:
| Name | Value | Written |
| One dollar bill | One dollar | $1.00 |
| Five dollar bill | Five dollars | $5.00 |
| Ten dollar bill | Ten dollars | $10.00 |
| Twenty dollar bill | Twenty dollars | $20.00 |
| Fifty dollar bill | Fifty dollars | $50.00 |
| One hundred dollar bill | One hundred dollars | $100.00 |