Tuesday, April 24, 2018
   
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Why Should You Save? Saving is important. The list of reasons should motivate one to start saving. Savings should be stored in a safe place, preferably a bank or saving institution which will allow you to: Earn interest and help your money grow; Reduce the temptation of spending irresponsibly; Make safer payments that are less time consuming and less expensive; Establish a relationship with the Bank; Enjoy services offered by banks such as access to loans; Have enough funds to cover living expenses in the event of a disaster or sickness; Pay for university/college expenses, wedding, buying a home and for a comfortable retirement, among others. Develop a habit of saving. Read the Full Story
Why Should You Invest?   Investment is putting money into something with the expectation of returns within an expected period of time. Investment is related to saving or less spending. You can add to your future income by having your money do the work for you. Investing should always be done with the aim of ‘growing your money’ by having it gain interest, which requires time.       Read the Full Story
What Is An Automatic Teller Machine (ATM)? The Automatic Teller Machine (ATM) allows you to deposit and withdraw money using the machine. Most Banks in Guyana operate ATMs. If you have a savings account with these banks you are offered this service. Once you accept this service you are issued with a debit card by the bank which you can use to deposit money into and withdraw money from your bank account using the ATM. You are also issued with a unique pin number which should be known only to you.       Read the Full Story
What To Do When You Receive Money? Let’s say that you have a job or any other source of income. For example, your friend or family member who lives abroad sends you $1,000 dollars. Read the Full Story

BOG FINANCIAL LITERACY PROGRAM

What Is An Automatic Teller Machine (ATM)?

The Automatic Teller Machine (ATM) allows you to deposit and withdraw money using the machine. Most Banks in Guyana operate ATMs. If you have a savings account with these banks you are offered this service. Once you accept this service you are issued with a debit card by the bank which you can use to deposit money into and withdraw money from your bank account using the ATM. You are also issued with a unique pin number which should be known only to you.

 

   

If someone knows your pin number and has access to your debit card, then they can withdraw money from your account.

Depositing at the ATM:

  • Envelopes are provided at the ATM to put in the money/cheque(s) to be deposited.
  • You insert the card and punch in your pin number.
  • The machine will guide you on the process for depositing your funds.
  • A receipt is usually issued by the machine at the end of the transaction.

The funds may not be credited to your account until the next day, since the bank will need to count the money in the envelope to ensure it is accurate. Cheques deposited may take up to three days before the funds can become available.

Withdrawing from the ATM:

  • You insert the card and punch in the pin number.
  • The machine will guide you through the process for withdrawing cash.
  • At the end of the transaction a receipt is issued showing the amount withdrawn and the balance in your account. Some machines only issue the receipt if you request it.

There is a limited amount that can be withdrawn per transaction per day. The amount varies among the banks. 

Disclaimer

Important: The information on this website does not constitute legal, financial or other professional advice but provides information for general reference purposes only. Every effort is made to ensure that the information given herein is of sound quality but no legal responsibility is accepted for any errors, omissions or misleading statements in the information, caused by negligence or otherwise.