A type of bank account that allows unlimited withdrawals and usually gives no interest on the balance. The account can be set up so that a negative balance produces an instant loan, referred to as Overdraft Protection. The term checking is used in US and Canada. In other countires the term ...
6
votes
1answer
104 views
Is a blank voided check the same as a fully filled out voided check?
For the last year now, I've collected checks for a company. Procedure is to collect and void the check. For some reason, I'm now asking for a blank voided check.
Isn't a check that's voided just ...
0
votes
2answers
126 views
What does “check payable to” mean?
I've just received agreement papers from a publication who I'm freelancing for. There is a section on the bottom that asks for my address, city, social security#, etc, but it also asks where my check ...
3
votes
1answer
137 views
Getting Started with personal accounting software
My wife and I have been keeping a check book by hand since 2004 when we where married. We would like to start using a piece of accounting software (GNUCash) to track our finances instead. How far ...
2
votes
1answer
238 views
Are there any alternatives to ING's Electric Orange that have similar features?
I currently utilize ING Direct for savings and checking via Electric Orange and Orange savings accounts. However, two features of their bank have stopped me from truly utilizing their services to the ...
5
votes
6answers
446 views
Can I really not close a checking account if I have a year old outstanding check?
Over a year ago, I wrote a small check ($35) to an organization at my university. They never cashed it and finally just told us that they were "lost" in the changing of the offices of the national ...
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2answers
241 views
What happens when overdrawing a checking account
Suppose I pay some party by giving him my checking account number, or writing a check to him. When he tries to draw the money from my account, if there is less money in my account than the payment ...
6
votes
2answers
180 views
Common practice to closing a checking and savings account?
Is there a common practice to closing a checking & savings account?
For example, should I transfer all the funds electronically to my other bank then call and close it or is it better to get a ...
4
votes
1answer
313 views
MICR and self-printed check acceptance requirements at Federal Credit Unions?
I read that you can print your own checks, but many banks will not accept or place fines on checks which don't have the routing and account number not written in magnetic ink. My related questions ...
0
votes
1answer
140 views
Import statements in MT940 format
Is there any free software which helps me to import my accounting statements? They come in MT940 format and I would like to transform them to CSV.
Any hint appreciated,
kind regards,
Karsten
2
votes
1answer
66 views
Difference between clearing a check and hold on funds
Quick question on banking terminology:
Can a check deposited in a U.S. bank clear, but still have the funds be subject to a hold?
Or are clearing and not having a hold the same thing?
6
votes
5answers
174 views
Is it worth the hassle to open a reward checking account for 4.09%?
I am trying to decide what to do with my emergency fund. Looking around I found a bank giving out a 4.09% APY up to $10K USD. This will generate approximately $34 USD/Month.
They require that you ...
2
votes
1answer
74 views
Do “safety cheques” really provide added security and reduce fraud?
I came across an article/advertorial, in print, describing the virtues of safety cheques. Safety cheques are purported to be a good tool for fighting cheque fraud. The features of the cheques ...
3
votes
3answers
137 views
How can I minimize the costs of using paper checks?
I'm a college student, and much as I prefer doing my banking online, I often need to use paper checks for things like paying the rent, splitting bills with roommates, random university fees not ...
10
votes
9answers
3k views
Auto-pay credit card from checking account: Bad idea?
Many credit card companies offer customers to make their payments via automatic direct debit from their checking accounts. Is this potentially a bad idea for cardholders? One thing that concerns me is ...
3
votes
3answers
196 views
Are there any restrictions on cashing a high-value (large amount) personal check?
Are there any restrictions on cashing a high-value personal check (say just less than $100,000) from a bank where I don't hold an account.
My friend will give me a check for the amount from BofA, but ...
4
votes
2answers
386 views
Adding a 180 day expiration to checks
I've had several checks that I've written in the past go un-deposited for over a year. Is it worth it to have "Void after 180 days" printed on my checks? I know that banks are not obligated to honor ...
1
vote
3answers
91 views
Restricting a check from being deposited via cell phone
Call me paranoid but I really don't like the idea of someone depositing a check I gave them via a snapshot on their cell phone. I would prefer the check to go to a bank and not be stuffed in some ...
3
votes
2answers
62 views
Setting up bill pay to an individual's checking account
How can I set up automatic bill pay from my checking account to deposit into somebody else's checking account? I know their routing number and account number, and the name of their bank (US Bank in ...
8
votes
2answers
1k views
Does the IRS track every check deposited by me?
Is there a maximum amount limit on exceeding which the tracking starts? Or does each and every check deposited by me gets tracked by IRS for reconciliatory purposes?
2
votes
5answers
180 views
What's a good free checking account?
I just found out that US Bank is about to start charging for checking accounts if you don't also have a savings account (or direct deposit). I'll probably just open a savings account, but it prompted ...
2
votes
2answers
2k views
What's the difference between a Chequing account and a Savings account?
Because I know you can draw cheques from a savings account, so what gives?
