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Frequently Asked Questions about Money Management

How can I know which accounts are best for me?

The easiest way is to come in and speak with one of BOB's helpful new account representatives, who are experts at finding out what your goals are and then pairing you up with just the right account.

If you wish to do some research yourself, some things to consider are:

  • Is this account going to be for personal or business uses?
  • How many debit and credit transactions will you do each month?
  • Do you wish to have a debit card with your account ?
  • Are you fine with receiving your monthly statements electronically or are paper statements necessary?
  • Is earning high interest on your deposit account a high priority?
  • Is a low minimum balance important?
  • Is avoiding fees (i.e. - having a totally free account) a high priority?

What information is needed from me when I open an account?

Important information regarding procedures for opening a new account: to help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for our customers: when you open an account, our institution will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license and other identifying information.

Consequently, Bank of Bolivar asks that you bring the following with you to open a new deposit account:

  • A valid picture ID (e.g. - state-issued driver's license)
  • Your Social Security card
  • Proof of current address (e.g. - utility bill, picture ID)

What is the difference between a debit card and a credit card?

Although it seems that both types of cards are accepted interchangeably for purchases at most merchants, the main difference between a debit card and a credit card is where the cards get the money to pay the merchant for your transaction.

A debit card is tied to one particular bank account of yours, and a transaction made with the card draws money directly from your bank account (essentially at the time of purchase) to pay for the transaction. Therefore, it is important to have adequate funds in your account before making any debit card transaction to avoid overdrawing your account or having your transaction declined.

On the other hand, credit cards are issued by companies that agree to pay for all of your purchases now (up to a certain limit) and then collect the money from you at the end of its billing cycle. Credit card companies charge interest for the amount of money you have borrowed from them but generally offer a grace period if you pay the entire balance back after the first billing cycle. Credit cards should be used carefully since the temptation to buy now but pay back over time can lead to unexpectedly high interest charges that some find difficult to overcome.