Whether you're striking out on your own or moving away to attend college, opening a checking account is a first step toward financial independence. This may be the primary source for where employment paychecks will go and how monthly bills are paid. Diligent management ensures funds are available at all times. If this is your first checking account, here are several guidelines to keep in mind.

Do:

Keep track of your withdrawals. 

The morning latte, filling up at the gas station, and buying groceries all add up and will reduce the funds in your checking account. It's critical to monitor your financial withdrawals so that you don't find yourself in inconvenient situations due to lack of funds. Overdraft fees can also be charged for bounced checks. You can keep an eye out on spending activities by looking at your transaction history via the financial institution's online banking portal or mobile app. Doing so will keep you on track with your account's balance and whether there's enough money available. 

Be aware of minimum balance and other requirements.

Some checking accounts require maintaining a minimum amount of funds to avoid certain fees. Others may charge a monthly maintenance fee. Find out what fees are assessed before opening an account. The encouraging news is that many credit unions and other financial institutions don't require a minimum balance. If you set up direct deposit for your paychecks or have online banking, fees may also be waived. 

Don't:

Forget about ATM transactions and how they affect your balance.

With each ATM withdrawal, funds are deducted from your checking account balance. If you use an ATM that isn't in your financial institution's network, surcharge and other fees may be assessed. These costs can add up and tend to be higher in places such as airports and gas stations. If you prefer to have some cash on you, withdraw a designated amount each week to minimize having to go back and forth to the ATM. Better yet, use your debit card.

Share your account information with anyone.

Unfortunately, scammers are always on the prowl trying to access personal checking account information so that they can steal funds. Never give your account number or PIN to anyone. Avoid responding to phone calls, emails, and text messages that ask for these figures. When shopping online, be sure it's a reputable site. If you're not sure, call the company's customer service line for verification. Keep your debit card in a secure place and when using an ATM, do so during the day and at safe locations. 

With your first checking account, you're on the way to becoming financially independent. Spirit of America Federal Credit Union is your trusted partner for this exciting milestone. Based in Lincoln, NE, they make it convenient with its Visa debit card and participation in the CO-OP Network, which provides access to more than 25,000 ATMs. The credit union is insured by the National Credit Union Administration, and their online banking services also makes it easy to keep track of transactions, pay bills, and use the mobile app. To learn more, call (402) 467-1102 or visit the website.