"Many people open their first bank account as a child or teen, usually under a parent's guidance," says Cassie Forrester, an assistant vice president and financial center manager with Fifth Third Bank. "But not everyone has that opportunity. We have many customers who reach adulthood before opening their first account."

No matter what the age, getting that first account is a good time for people to learn about personal finances. "Most people begin with a checking or savings account -- or both," says Forrester. "These accounts are very easy to open -- all you need is a proper ID and cash or a check for the initial deposit."

Investing in relationships
Although it's not necessary to schedule an appointment when opening accounts, Forrester recommends setting aside enough time for that initial meeting. "A banker's role is to be an advisor," she explains. "We want to get to know our customers well enough to recommend appropriate accounts for their needs, and then we want enough time to explain how they work."

For example, Forrester shows new customers how to balance their accounts with a written ledger and track daily balances online. In some cases, she also shows them how to transfer funds between savings and checking accounts and how to pay bills online. "I want my customers to feel comfortable and confident when using these accounts. I also want to establish relationships with them, so as their lives change, they feel comfortable coming back for more advice," she says.

A closer look at these services
Checking accounts are designed to meet a range of preferences. Most first-time customers opt for an account that has no monthly service fees and no minimum balance requirements. Today's checking accounts also include a debit card option, which can be used in place of checks when making purchases. It can also be used for withdrawing cash and making deposits at automated teller machines (ATMs).

"Debit cards are so popular that they tend to be used more often than checks," Forrester says. "My only concern is that these transactions are deducted from checking accounts right away. It's very important to keep track of these withdrawals -- just as you would with checks, so you don't get overdrawn."

Fifth Third also has a checking account designed specifically for students (those under 18 must apply with a parent or guardian). During each statement period, customers can make up to five free withdrawals from ATMs that aren't affiliated with Fifth Third (Fifth Third's foreign ATM fee is waived, though ATM's affiliated institution may still charge a usage fee). This can be a huge benefit when students are away at college. In addition, students and parents can opt to receive e-mail notices when the account is close to being overdrawn.

Checking accounts can also be set up with automatic overdraft protection. If the balance goes below zero, money is automatically transferred to the account to cover the deficit. These overdraft funds may come from a savings account, bank credit card or line of credit.

Savings accounts are also designed to meet a variety of needs. For example, Fifth Third offers tiered accounts, meaning that as customers' balances grow, so do their interest rates. The bank also has an account designed specifically for children and another designed to motivate people to save for particular goals.

"Many customers opt to open both a savings and checking account," explains Forrester. "All our depository accounts offer free Internet banking. People can review account balances, monthly statements or cleared checks online. By joining a savings and checking account, they can also transfer funds between accounts. Most people keep higher balances in their savings account, since it earns interest. They'll transfer money to their checking account when writing checks or paying bills online."

Credit cards have almost become a necessity in today's world. Along with providing customers with greater purchasing power, they are one way customers can establish a credit score. "To help build a good credit score, people must stay within their credit limit and pay their bills on time, even if it's just the minimum amount," says Forrester.

Fifth Third offers customers a Platinum MasterCard®. For customers who are able to pay off their balance in full each month, Forrester recommends the Cash Rewards Mastercard; for those who carry a balance, she recommends a low interest card. A banker can advise customers on choosing the right card for their particular needs.

For more information on these banking services, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.