Tagged Questions

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 ...

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2answers
36 views

Where can I open an estate account, if I'm located in a different state?

I have been appointed the executrix of my father's estate, and I need to open an estate bank account in which to deposit funds from the sale of his house/other items and from which to pay ...
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0answers
24 views

Which banks in the north NJ/NYC area offer deposits by scanner for personal checks?

A number of business checking accounts offer this service but so far I haven't seen any personal accounts in the area. Any suggestions?
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1answer
79 views

Can I open a checking account online in the US without typical proof of residence?

I don't have a utility bill, driver's license, or USPS card linking me to my address, just a lease that has my name written last minute in pen as an additional tenant. Is there any way I can open a ...
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2answers
73 views

Minor open checking and saving account

Is it the norm for banks to allow a minor (age 17) to open either or both types of accounts in America?
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1answer
147 views

Is it possible to get a debit card for a non-US-citizen nephew without foreign transaction fees?

Here is my predicament: I am a US citizen, and I have a nephew in Russia, who is not a US citizen, and whom I would like to support financially. I have easily been able to make him an associated user ...
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3answers
276 views

What can I do with “stale” checks? Can I deposit/cash them?

Back in December 2013, I paid the insurance for a "friend's" business on my credit card so that it wouldn't get canceled. The amount was $1,700+ but before I did, I requested a post-dated check for ...
4
votes
1answer
501 views

What happens to checking account monthly fees when you have a 0 balance?

Many checking accounts charge a monthly fee if you don't maintain a minimum balance or other qualifications. However, what happens if you have a $0 balance and they can't deduct the monthly fee from ...
0
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1answer
238 views

What can I do with unused cheque book?

I will be switching all my accounts from Bank A to Bank B within the next few weeks. A few months ago, I purchased a cheque book for my Bank A checking account. It contains 50 cheques (all unused). ...
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2answers
4k views

How Long Can It Take For a Check I Write to Clear on My Account?

If I write a check to someone (in this case, from an LLC), on a local bank, and it goes to someone who is within 10-25 miles of me, and they take that to their bank (also local and not my bank), is ...
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2answers
167 views

Do I need to pay tax on the amount of savings I have in the bank?

Do I need to pay tax for the amount which I have in the bank? If so, what's the tax percentage for a savings account and a current account?
2
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1answer
160 views

How to protect your checking account from unauthorized transfers?

I have been thinking about how unsafe a checking account is. Every time you give a check to someone, you are providing your routing number, your account number, your bank, and your name, so I really ...
1
vote
1answer
342 views

Do I have to order checks from my bank or can I buy them from a local printer?

Or can I just ask a local printer to print checks? I ordered checks from my bank, but after 60 days, they haven't arrived, so I think I'll just order checks from local printers. What do I need to tell ...
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4answers
1k views

What's the purpose of having separate checking and savings accounts?

It's a simple question, but I'm having trouble finding an answer: What's the purpose of having separate checking and savings accounts? What benefits does it provide?
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2answers
1k views

What to enter on the check ordering form?

I want to order checks for my Bank of America checking account from a third party, but I don't know how to complete the checkout form: Suppose my numbers were: Account number: 1234 5678 9012 ...
5
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1answer
506 views

Why does my checking/savings account offer a higher interest rate than a standalone savings account?

I have a bank account with checking and savings bundled together; if I make enough purchases with my debit card, I earn a higher interest rate on the savings. Today I decided to look at other types of ...
5
votes
1answer
4k views

What happens when “bill pay” check does not get cashed

In the US, some banks generously offer a "bill pay" service, which is an online page that allows you to mail a (paper) check to a US address. Most banks don't change for this service, which "saves you ...
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2answers
1k views

How can I deposit USD money in my Australian checking account while incurring as small a fee as possible?

I'm moving to Australia next month (from France) and am receiving monthly US dollar checks (from some affiliate marketing activities I have in the US). In Australia, I will have an Australian checking ...
5
votes
1answer
242 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 ...
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2answers
5k 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
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1answer
207 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 ...
3
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1answer
352 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 ...
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6answers
1k 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
482 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 ...
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2answers
2k 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
886 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
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1answer
334 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
101 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?
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votes
5answers
195 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 ...
3
votes
1answer
108 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
168 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
8answers
14k 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
679 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
864 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
137 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
98 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
5k 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
215 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 ...
3
votes
2answers
6k 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?