Learn more at consumerfinance.gov 1 of 4 Consumer Financial

Protection Bureau

A Newcomer’s Guide to Managing Money

Selecting financial products 

and services

Different financial products 

or services can help you meet 

a specific goal or need. 

If you want a safe place to keep your money, you 

can open a checking account or savings account. 

You have the choice of opening the account at a 

bank or at a credit union. It is up to you to decide 

which product or service works best for you. 

This guide can help you understand different 

types of products that can meet a specific goal or 

need and where to get them. When you compare 

different products and services, you may find you 

have choices you hadn’t thought of before. 

 Tips and warnings

Protect yourself from identity theft

Identity theft occurs when someone steals your 

financial identity to commit fraud. Stealing your 

identity could mean using personal information 

without your permission, like your name, Social 

Security number, or credit card number. To avoid 

identity theft, ask questions before you share 

your information and keep your information 

locked up. If you manage an account or card 

online, password-protect it, and use security 

software to guard it. 

Don’t give information like your bank account, 

prepaid card, Social Security, or credit card 

number to anyone who calls you or who you do 

not know well and trust.

Be aware of “affinity fraud”

Sometimes people you trust because you share a 

common background—someone who is from your 

church or who speaks your language—may try to 

take advantage of you. This is called “affinity fraud.” 

Don’t give your personal or financial information 

to anyone who calls you or who you do not know 

well and trust. This includes your bank account, 

Social Security, or prepaid card number.
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Products that can meet your need Where to get this?

Savings account, checking account, 

or certificate of deposit Bank or credit union

Payroll card (a type of debit card) Bank or credit union selected by 

your employer

Prepaid card (most prepaid cards 

that protect your funds require you 

to register the card) 

Bank or credit union, retailer, check 

cashing store, or online

£ I want a safe and 

secure place to 

keep my money.

£ I want to have my 

paycheck directly 

deposited.

 Reasons to find a financial services provider

 Check those that apply to you, then use the table to learn more.

SELECTING FINANCIAL PRODUCTS AND SERVICES

Products that can meet your need Where to get this?

Savings account or checking account Bank or credit union

Payroll card (a type of debit card)

Bank or credit union selected by 

your employer if your employer 

offers payroll cards

Prepaid card (a type of debit card) Bank or credit union, retailer, check 

cashing store, or online

Tips: Don’t carry around large amounts of cash or leave cash in your home. It’s not 

safe. Cash is difficult or impossible to recover if lost, stolen, or destroyed.

Tips: Make your money go further. Compare the fees you’ll be charged for using each 

product and plan how you’ll use the product to see which is the best deal for you.

Warning: Not all prepaid cards have the same protections against loss or theft as you 

would get with a checking or savings account or a payroll card. 

For more information about ways to receive your money, see the CFPB's Newcomer’s 

Guide to Managing Money: Ways to receive money.
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£ I want an 

easy way to 

pay my bills.

£ I want to be 

able to make 

purchases 

without having 

to carry cash.

£ I want to 

build savings.

SELECTING FINANCIAL PRODUCTS AND SERVICES

Products that can meet your need Where to get this?

Savings or checking account, 

or certificate of deposit Bank or credit union

Automatic payroll deductions sent 

to a bank or credit union account Bank or credit union

Products that can meet your need Where to get this?

Checking account Bank or credit union

Money orders Bank or credit union, post office, retailer

Bill payment services Bank or credit union, merchant or service 

provider, online bill payment service

Prepaid debit cards Bank or credit union, check cashing store, online

Products that can meet your need Where to get this?

Debit card 

(attached to a checking account) Bank or credit union

Credit card or store card Credit card company, store, bank, or credit union

Prepaid card (a type of debit card) Bank or credit union, retailer, check cashing 

store, or online

Payroll card (a type of debit card)

Bank or credit union selected by your 

employer if your employer offers 

payroll cards

Tips: You can open an account for yourself or a joint account with your spouse 

or another person.

Tips: Make sure to check how you can pay for most of your bills. Some utilities and 

other companies accept only certain bill payment options.

For more information about ways to pay bills, see the CFPB's Newcomer’s Guide to 

Managing Money: Ways to pay your bills.

Tips: If you pay with a credit card, make sure to make all payments on time. Avoid 

paying interest by paying the full balance by the payment due date.
4 of 4 Consumer Financial

Protection Bureau Learn more at consumerfinance.gov

£ I want to send 

money to 

someone abroad.

Contact us

 Online

consumerfinance.gov/askcfpb

 By phone

Toll free: (855) 411-CFPB (2372) 

TTY/TDD : (855) 729-CFPB (2372)

 By mail

Consumer Financial Protection Bureau

P.O. Box 4503

Iowa City, Iowa 52244

 Submit a complaint

consumerfinance.gov/complaint

Products that can meet your need Where to get this?

Money transfers/remittances 

Bank or credit union, money transfer 

store, retailer, some check cashing 

stores, U.S. Postal Service (to certain 

countries), online companies

Wire transfers or other money transfers Bank or credit union

Tips: Protections apply when you send money abroad. Before you pay, the service 

provider must give you information about: 

§ The exchange rate

§ The fees and taxes you’ll pay

§ The amount that will be received

You will also receive information about:

§ When the money will be available at its destination

§ Your right to cancel the transfer 

§ How to get help if errors are made

§ How to submit a complaint