Banking 101: Understanding How Banks Work

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Since we have to use money nearly every day, it’s critical to learn the right ways to manage it at an early age. Maybe you’ve just landed your first job or are preparing to start college, either way, developing good money habits now will help set you up for the future.

Unfortunately, since only 19 states currently teach financial literacy in school, it hasn’t always been easy to learn about money or how the broader financial system works. That’s where we come in. Step provides a banking experience built just for teens, making it easier to manage your money while teaching you lots of smart tips and tricks along the way.

Let’s start off with the basics. Nearly every transaction involving money is required to flow through a bank. Whether you’re shopping online, buying a drink at Starbucks or just depositing a paycheck, there is usually a bank involved. Here are some important things you need to know as you’re getting started on your financial journey:

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