A credit union, like TFCU, is a place people use to keep their money. When you put money into a credit union, it is called a deposit. This money is added to either a checking or savings account.
Checking accounts are good for the money you want to be able to spend for things like snacks or toys.
Savings accounts are a good place for the money you want to hold onto longer so that the money adds up for bigger purchases and expenses like a new video game or even college.
When you take money out of an account, it is called a withdrawal, and you are subtracting money. You can withdraw money by using a debit card, writing a personal check or by subtracting cash from your account at an ATM. Always be sure to double-check your math to know how much money you are adding to and subtracting from your account.
The money you have available to spend in your account is known as your balance, and you always want that number to stay above zero.
When your money is in an account at a credit union, you don’t have to worry about losing it or remembering where you put it. Make sure the credit union you choose is insured, which means they will protect your money and keep it safe until you are ready to use it.