Banking Basics Banking Basics


This publication provides an overview of the banking system for young people. Topics include checks clearing, currency circulation, methods of payment, electronic banking and the role of the Federal Reserve. Designed for students with an understanding of the U.S. banking system. (Revised in 2011).

Some of the questions that are answered in Banking Basics include:

  • What is a bank?
  • How do people start banks?
  • How did banking begin?
  • Why are there so many different types of banks?
  • How do I choose a bank?
  • What types of accounts do banks offer?
  • Is it difficult to open a bank account?