Welcome to the Teen TEAM Page!

Teen TEAM is an acronym for Teens Educated About Money.  We mail publications and information to you about financial matters. 

As a Teen TEAM member, you get a Debit Card in your name and a register for keeping your accounts records.  Since you are under the legal age of 18, we ask that one of your parents or your legal guardian sign as being responsible for transactions.

This is a great way to get started using a debit card and you get a statement each month showing transactions.  The debit card can be used anywhere that accepts MasterCard or at ATMs too!

Stop in today to learn more or email us.

Fairfield Federal takes financial education very seriously and tries to prepare you for the future.

Sometimes banking can be confusing.  Here is a short list or words you might find and what they mean.  If you have any questions click on the 'contact us' link at the left.

What does ATM stand for?

The ATM is short for Automated Teller Machine. You can use your debit card at a machine to get cash if you need it 24 hours a day.  Be careful though because if you use a machine that is not run by Jeanie or Fairfield Federal you can get charged to get your money.  This is called a surcharge and is added to the amount you take out.

What is a BANK really?

This word means a lot of things!  Bank means to transact your business, depositing cash or taking cash out of your account.  It also means the place where you do banking.

When you go to a bank, you could be going to say, Anytown Bank.  That means it operates under banking laws and regulations and calls itself a bank.

That bank could be like Fairfield Federal and be a Savings and Loan Association.  We have savings and checking accounts the same as a place that calls itself a bank but we operate by being owned by the people who do their business with us.

A Credit Union makes loans and opens accounts too, but they operate under yet a different set of laws.

Sounds confusing, doesn’t it?  We like to think that what we offer if best but no matter where you go, be sure the place is an insured institution.  That means your money is safe.

CASH or CHECKS or CREDIT?

When you pay “cash” for something it means you actually use money to pay for it.  You can pay a lot of ways for something now.

You can use money, or can write a check, which is like giving your word the paper you use is the same as cash, or you can use the debit card your Teen TEAM account has.  This means you are paying by a direct “debit” or minus to your account.  A deposit is a plus to your account and adds to your balance.

Some people pay with a credit card.  The credit card way of paying is OK, but you have to be careful this way.  A lot of people don’t pay attention to what they are spending this way and the credit card is a promise to repay what you use.  You have to be sure you can make payments.  Unfortunately, a lot of young people get trapped and find they are in debt and can’t repay.

What's a STATEMENT?

This is a form you get every month that lets you know what balance we have on your account.  It’s very important that your balance and our balance agree.  Otherwise, you could find yourself trying to use your debit card and getting turned down because there is not enough money in your account.

What is INTEREST?

When you put money into an account, the bank uses that money for loans and other things.  You always have your money available to you, though. In order to use the money, the bank pays you interest on your account.  Periodically, you will find a plus to your account for interest earned.  The more money, the more interest you get.

Interest is also the cost of getting a loan.  If you take out a loan for a car or use a credit card, you get charged interest by the place you borrow from.  It can amount to a bunch of cash you have to pay back, so always be careful!


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