Financial education is the process we acquire know-how from, abilities that allow us to make better decisions regarding the management of our resources, to analyze based on the information we obtain on a daily basis and to know to whom to ask advice from to obtain more benefits from our money. This helps you know the moment you must stop spending but also the moment when you can act in order to accumulate resources.
Each product you and your parents acquire means money. Money obtained from salaries, pensions and allowances represent the family income. To be able to satisfy not only the needs, but also the desires, most of the time it is necessary an additional amount of money and this is obtained by saving.
What saving represents?
Saving represents the difference between the income and costs. In order for a family not to have costs higher than the total income performed by the members of the family, it is recommended to draft an income and costs budget.
WHAT are you doing with the money? HOW do you manage it?
Parents must encourage their children to have a positive behavior regarding money management. They must share fundamental values with them regarding money in order to help them acquire healthy financial customs and become aware about the importance of a responsible and active behavior.
The current account is the main financial product offered by the banks because through it, the following main operations are performed: cash deposits and withdrawals, different payments and collections. The current account is the collection of the salary, pension, allowance, interests for deposits, as well as invoice payment, transfer of an amount of money simple or on an emergency basis.
The savings account is the most flexible version of saving money. The account allows cash deposits and withdrawal anytime and offers a higher interest than the current account. In addition, banks do not apply penalties for the clients when they withdraw money, but they can require, in some cases, to keep a minimum amount in the account. The difference compared to the deposit is that it is not necessary to be created on a certain period (1 month, 3 months, 12 months etc.), so that the amounts from the account can benefit from an interest and this is because the interest is calculated on the daily balance (to total amount existing in the account at the end of each day).
The deposit is the classic saving products, that provides also the best interest from the three versions. This can be established at the bank for any period you want, meaning from 1, 3, 6, 12, 24 or 36 months. Also, you can choose that the interest for the established period to be added to the initial deposit (is capitalized) and then to be automatically extended, for the same established period. The annual interest rate is the same for the period the deposit is established for.
After opening the account, you will become an account holder and you can add money any time you want to the ones already existing in the bank, by performing operations.
The best place to keep your savings is the bank. Your money is safe when you keep it at the bank.
According to the state laws, under aged between 14-18 will be accompanied by legal representatives when signing the documents. Signing the forms is done after reading them carefully, only in the presence of the bank employees.
- Parent’s/ parents’/ legal representative ID;
- Birth certificate/ ID of the under aged holder;
- Documents certifying the quality of the legal representative, in case of tutor/ special curator.
At our bank, you can save money in the "Children deposit". The first step you need to take is come to any CEC Bank agency or branch with one of your parents and open a deposit in your name. Therefore, you become a client of the bank. The deposit has your name, so that the bank knows this is your money. The deposit opening is done by simply introducing your personal information in the bank’s computer (name, surname, number, identity card series, personal number, address). The deposit amount when established is minimum lei 500 /EUR 200. For subsequent deposits, the minimum amount is le 100 / EUR 50. The period such deposit can be established for is 12 months, and the interest is calculated for the daily balance and is capitalized on an annual basis, adding to the deposit balance.
The amounts submitted are guaranteed by the Guarantee Fund for Bank Deposit in the Bank system. Also, you can benefit from a debit card, VISA ADOLESCENT. The minimum age for obtaining a debit card is 14. If you are not over 18, in order for such card to be issued you must come to any of our branches with one of your parents or with your legal guardian. Don’t forget your ID! You bank card is active for online secured payments. You can withdraw lei 500/day from any ATM. This amount can be increased only with the approval of one of the parents.
How can I protect myself from frauds out of card transactions?
- first of all, do not keep your PIN in an easily recognizable form for other persons (written on the card, phone, on a piece of paper, in an agenda etc.);
- change the PIN free of charge at any CEC Bank ATM with one that you can easily remember (preferably, different combinations of numbers from your birth date);
- be careful when you tap in your PIN at an ATM or POS, in order not to be seen by other persons around you;
- do not give your card and card information to anyone;
- to not accept requests to update your card information on a link received on email. We will never request such data updates for the card; requests come from the person collecting such data and that uses it to withdraw money from the account fraudulently;
- notify us immediately as you observe the card is missing, lost or stolen, at Telverde: 0 800 800 848 non-stop or at +40-(0)21-202.50.50 Clients card support, Internet Banking and Mobile Banking;
- periodically check the bank statement in order to see possible amounts you did not authorize, eventually requesting the activation of the Info SMS CEC Bank service to be permanently informed about the transactions performed on your card;
- register your card in the 3D Secure service, the secured electronic commerce system. You can safely buy online, thanks to the 3D Secure technology, implemented by the Visa and Mastercard International Card organizations.
Through the Info SMS CEC Bank service, if you are the bank’s client and holder of a Visa or Mastercard, you can receive messages about the card transactions performed (the used amount, date, time, location), available balance and any other operations for payments and collections from the account attached to the card.