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 ...

learn more… | top users | synonyms (2)

4
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2answers
83 views

What leverage do I have to negogiate reduced overdraft fees?

Through a comedy of errors involving other financial institution, my checking account at a credit union went negative, and I was charged $200 in overdraft fees. I don't think I'm responsible for the ...
3
votes
1answer
140 views

Why do UK banks require monthly “pay in” into current account?

Many UK banks require minimal monthly "pay in" (often 500-1500 GBP) to get interest rate payed on their current accounts. Sometimes there is a restriction that payment must come from another bank ...
12
votes
2answers
1k views

In which situations is it better to consider a loan instead of paying cash?

I live in France where credit cards are less widespread than in the U.S. The default account for us is a checking account. Often you can't spend more than what is in your account; otherwise you have ...
3
votes
4answers
145 views

What is the preferred way to set up personal finances?

I'm trying to figure out how to set up a personal finance system that is simple. I want to know things like: How many bank accounts should I have and what kinds, and how much (percentage-wise) of my ...
16
votes
4answers
2k views

Why do banks insist on allowing transactions without sufficient funds?

Specifically, to a checking account. I have not heard of, in a long time, any bank that will simply decline a charge if there isn't sufficient money. Either by default or even at the customer's ...
4
votes
1answer
635 views

Is Aspiration Summit too good to be true?

I recently heard about Aspiration Summit through Facebook. It's a checking account offering 1.00% APY, no maintenance fees, no fees at certain ATMs, and reimbursements for the fees at all other ATMs. ...
0
votes
0answers
198 views

Stopping Payment on a Check--How Long Does it Take?

Background: my previous landlord returned my security deposit, but for less than the full amount. I believe I am entitled to the full deposit back, so intend to dispute the amount. I am going to try ...
1
vote
2answers
68 views

Free banking transfer every 4 weeks

In an effort to automate my banking life, I'm trying to setup recurring ACH transfers from one bank to another. I need the flexibility to do the transfer every other paycheck (every 4 weeks). Bank ...
0
votes
1answer
205 views

Best way to maximize current income from stock market as a low income person

Due to some health problems it is quite difficult for me to work full time. I get my income from odd jobs and on-line surveys. I was wondering what the best way to maximize some of that income. ...
3
votes
2answers
262 views

Strategy to minimize the risk of a checking account being compromised

I think that checks are quite unsafe, every time I write a check I'm putting my entire banking information in the hands of a stranger. Let me give an example, I wrote a check to my cover my sister's ...
37
votes
17answers
13k views

Tenant wants to pay rent with EFT

I live in Kentucky, USA. I rent out a house in Alabama, USA. My tenant wants to pay rent using electronic funds transfer rather than by mailing a check. This makes it easier for him to get my payment ...
5
votes
2answers
284 views

What information is required in the top left (payor) part of a check?

I occasionally do consulting for people, using a business name rather than my personal name. I don't do enough work to justify setting up a separate business bank account, so all the checks I write ...
0
votes
0answers
64 views

GNUCash - Associate imported data with checking account?

I am completely new to using accounting software (so please bear with me). I have been trying to capture historical account data from the last 11 months, so I downloaded a QIF file from my bank that ...
1
vote
5answers
450 views

Is it wise to have plenty of current accounts in different banks?

Is it ok for an individual to open many (10+) current accounts with different banks? I have no business. The reason behind that is that I usually get a credit card with every new bank account I ...
0
votes
2answers
2k views

With joint checking accounts, if a check is written out to the primary account holder and the secondary signer endorses the check, is this legal?

With joint checking accounts, if a check is written out to the primary account holder and the secondary account holder of the joint account endorses the check, is this legal? Will the check be paid ...
4
votes
2answers
119 views

Confused by IRS policy on whether DirectPay payment is on-time or late

IRS Direct Pay service states... "The payment date below is the date you will get credit for the payment. As long as you have submitted your payment on or before the due date and receive a ...
1
vote
1answer
123 views

Estate accounts requiring 3 signature for withdrawal, is same required for deposits

We have an estate checking account in WV. It takes 3 of us to write a check. Does it also take 3 signatures to deposit a check?
0
votes
0answers
98 views

Opening Business Bank Account in Europe

I have an online travel agency in USA and I want to open a business account in Europe to reach out to European customers. As an owner, I am not a resident of Europe. I appreciate if someone direct me ...
1
vote
1answer
565 views

Should I link my Social Security Number to my bank account?

I opened a checking account at Bank of America in California (a Bank of America Core Checking Account to be precise). I have the option to link my Social Security Number to my bank account: what are ...
1
vote
1answer
81 views

How can I compare having accounts at various banks without opening an account?

I currently have an HSBC checking, savings, credit card, and overdraft protection account. I do not like HSBC though for a number of reasons, so I'm looking into transferring to a different bank. ...
3
votes
1answer
187 views

Depositing the same check after it's returned

So I wrote a check to myself to transfer some money from one of my account at Wells Fargo to Bank of America. The problem is, I used wrong account to withdraw the money (checking instead of saving), ...
2
votes
2answers
95 views

Managing Multiple Funds in One Checking Account

I have one checking account that is made up of a number of "funds" that I am using to save money for yearly or quarterly expenses. I put "funds" in quotes because I only mean designated money in the ...
3
votes
1answer
119 views

How can I find a checking account that allows for automated transfers of dynamic amounts?

Paypal provides a service called "auto-sweep" that allows you to regularly, automatically transfer the entire balance of your Paypal account into a linked bank account. Automated transfers of a fixed ...
-2
votes
1answer
118 views

From ACH direct debit to Prepaid card?

I am searching for solution how to be direct debited (ACH) to personal or business bank account where those funds would arrive (deposit) to prepaid card? The solution must meet all three of the ...
0
votes
1answer
358 views

How do I correct and countersign a check with date error? [duplicate]

I am not sure how I countersign after correcting the date I previously wrote in error. I wrote the date as 7-1-2015 (DAY/MONTH/YEAR) which led to the bank telling me that they can't receive the ...
6
votes
2answers
179 views

Best way for for soon to turn 18 to learn about money?

What resources are available for me to learn about finance, money management, stocks, bank accounts, 401k, loans, IRA, checking account, etc.? I am turning 18 soon and I have zero knowledge of ...
2
votes
2answers
670 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 ...
3
votes
1answer
672 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 ...
1
vote
2answers
98 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?
2
votes
1answer
1k 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 ...
3
votes
3answers
2k 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
2k 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
votes
1answer
695 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). ...
2
votes
2answers
28k 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 ...
1
vote
2answers
952 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
votes
1answer
368 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
675 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 ...
2
votes
4answers
5k 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?
1
vote
2answers
6k 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
votes
1answer
787 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 ...
9
votes
7answers
18k 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 ...
4
votes
2answers
4k 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
403 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
15k 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
260 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
votes
1answer
432 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 ...
9
votes
7answers
3k 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 ...
0
votes
2answers
1k 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
4k 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
2k 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 ...