Banking 101

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New to banking, or know someone who is? We’re here to help. Here’s a quick guide to the basics of checking and savings accounts as well as the tools you’ll use to access your money: debit cards and online and mobile banking.

Checking Accounts

Checking accounts are the foundation of your banking life. When you open a checking account, you’re getting a safe place to store your money, the ability to write checks and send or receive deposits, plus access to debit cards and online and mobile banking (more on those in a minute).

Savings Accounts

Savings accounts allow you to set aside money for a rainy day or a big purchase, and keep it in a place where you’ll be less tempted (or able) to spend it. You can access your savings account any time through online or mobile banking – whether you want to see how much you’ve set aside or make a transfer into your account. For tips on how to save, take a look at Five Ways to Save for a Big Purchase.

Debit Cards

A debit card looks just like a credit card and can be used to withdraw money from an ATM or make purchases in place of cash. The amount of your purchase is withdrawn directly from the account your debit card is linked to (usually a checking account). Debit cards are helpful money management tools because they allow you to look back at your bank statements and see exactly how you’re spending your money.

For Customers under the age of 18, WSFS offers ATM cards, which you can use to get cash, transfer funds and make deposits.

Online & Mobile Banking

Online and mobile banking help you manage your money and keep track of your account balances, no matter where you are. If you have a WSFS account, you can get started by visiting our online banking page. Online Banking also allows you to receive banking statements electronically, rather than via mail. Once you’re signed up for WSFS Online Banking, visit your device’s app store to download and start using the WSFS mobile app. With WSFS Mobile Banking, you can receive text message alerts when your account balance gets low, deposit checks and make transfers from one account to another whenever it’s convenient for you. The WSFS mobile app also gives you access to WSFS Mobile Cash, which allows you to withdraw money from WSFS banking office ATMs using just your phone.

Still have questions? Take a look around our Knowledge Center or make an appointment with one of our Personal Bankers — we’d love to speak with you!

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