By Shannon O’Brien/reporter

A speaker from the nonprofit organization Pathfinders told students about money management skills during a Nov. 14 workshop on South Campus.

“The average unbanked person spends about 5 percent of their net income on unnecessary fees, which can amount to $1,000 per year on someone who earns $40,000 per year,” Janine Cavasar said.

The workshop helped make students aware of the benefits of putting their money into a bank as well as the different accounts suitable for them. Cavasar also pointed out the banks no one should put money into.

“If you walk into a bank and you don’t see ‘Insured by the FDIC’ anywhere, walk right back out and don’t put any of your money in there because it is not guaranteed,” she said.

The Federal Deposit Insurance Corporation insures deposits and money in bank accounts up to $250,000 a person.

Stocks, bonds and mutual funds are not insured by the FDIC.

Cavasar stressed being aware of the possible fees associated with different banks.

Account maintenance fees, overdraft fees, check and ATM fees are all something to take into consideration before choosing a bank, she said.

Amelia Graves, a student who attended the workshop, asked why credit card inquiries can negatively affect a person’s credit score.

“Credit bureaus look at hard inquiries as the person is filling out too many loan applications, which may lead to them running off on their debt and not being able to pay it,” Cavasar said.

She concluded by giving students a list of websites where they can receive help with loans, improve their credit score and even calculate retirement or budgeting needs.