How to Manage Your Money - Texas Foster Youth Justice Project

Unless you are planning to stuff all your cash in your shoe or in a piggy bank (both bad ideas), you may need to open some type of checking and/or savings account at a bank. Some employers may require you to have a bank account so they can pay you by direct deposit. You must also have a bank account to receive ETV funds. Direct deposit means that the person paying you will deposit your money directly into your bank account instead of giving you an actual check. If you are getting paid by a check, having a bank account will help you avoid check-cashing fees charged by banks, grocery stores, and check-cashing stores. These fees, which may be 1% or 2% of your check, can add up to a lot of money.

The good news is that there are more bank options available today than ever before, but that also means that the number of choices can be confusing. The agency that provides transition support case management services in the area where you live can help you get a bank account.

You should ask your PAL staff if you are able to open a checking and savings account through the DFPS financial literacy program – it is currently only available in certain regions. See the DFPS financial literacy program website for up-to-date information.