Questions tagged [checking-account]

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 Current-Account is also used to indicate the same type of account. Related tags "savings-account", "bank-account"

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Will you be charged any NSF fee for a declined online Debit MasterCard or Visa Debit transaction in Canada?

You open a chequing account with a Canadian bank: e.g. Simplii Financial or another bank. They ask if you want overdraft protection; you say "no thank you". They give you a Debit ...
unforgettableidSupportsMonica's user avatar
0 votes
2 answers
189 views

How can I see the endorsement information on the back of cancelled checks?

Back in the days when banks provided our cancelled checks, we could see how the check was endorsed and the accounts into which it was deposited by looking at the rear of the cashed check. However, ...
Five Bagger's user avatar
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7 votes
6 answers
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Is it safe for me to give my checking account's routing and account numbers to a credit card company?

I have a credit card from one of the top five largest banks in the United States. The credit card offers cash-back rewards. The credit card company offers that the cash back can be issued directly to ...
Andrew's user avatar
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1 answer
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Bank accounts closed unexpectedly, funds missing

Wells Fargo bank closed my accounts and haven't sent me my funds. I keep getting run around about who to call; what can I do?
Nancy's user avatar
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1 answer
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Why would I (with good credit and financial history) be denied while applying for a business checking account?

I've applied for several accounts, and all of them were denied, most instantly. I have an 800+ credit score, a clean checking history, and so on. I do not have any business financial history - but ...
Ken - Enough about Monica's user avatar
0 votes
2 answers
101 views

Why would a financial services company force their customers to link their checking accounts to an existing or new brokerage account?

I read on page to create a new checking account at Charles Schwab Corporation in the US: Your new checking account will be linked to one Schwab individual brokerage account. You can open a new ...
Franck Dernoncourt's user avatar
14 votes
7 answers
5k views

Does it hurt anything to have an unused checking account?

I have an old checking account, at a bank I no longer use (it's my only account there), with just a few cents in it. There are no account fees. Are there any reasons why I should or should not close ...
Someone's user avatar
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I received a $150 check from Wells Fargo. I did have an account that was closed out of the blue for no reason. Are they trying to get out a lawsuit?

I received a $150 check from Wells Fargo that was sent by federal express overnight. I did have an account years ago that was closed out of the blue for no reason. They said it was suspected fraud ...
Christa Lodico's user avatar
23 votes
7 answers
7k views

Why should I not keep my checking account at $0 and use overdraft protection?

My savings account earns interest; my checking account does not. I have overdraft protection, so if I overdraw the checking account, the money comes out of the savings account. It seems like I could ...
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Social implications of using a prepaid card only instead of a bank card?

Many times one is asked to give an account transaction list in pdf (what are they called??) Perhaps when buying a house or starting a new job. I'd like to use a prepaid card account that accepts wire ...
Opening123's user avatar
29 votes
8 answers
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I closed my CU checking/savings accounts. Weeks later the bank auto-paid my rent. Now they want me to pay them back

I requested the closure, and I was mailed my balance and told that my account was now closed, all dome in writing through the messaging system. Weeks later they paid my rent. Now they want me to repay ...
jesse banwell's user avatar
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1 answer
159 views

Is it possible to make a transfer without the bank knowing? [closed]

I don't know if they approve every transfer, so if not, is it possible?
Melon's user avatar
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Can you restrict the payee and amount of a blank check? [duplicate]

Suppose I want to allow John Smith to spend up to $30 out of my checking account at McDonald's at any point in the future (but only one time). If I write a check payable to McDonald's and sign it, but ...
Someone's user avatar
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Where do I submit an ACH file in my application code?

i have 2 bank accounts Gobank and TD bank. i need to Debit Gobank and Credit TD bank via ACH. okay i understand the part where i collect information for each bank but where do i submit the information?...
Labor Poster services's user avatar
1 vote
2 answers
66 views

Time for an ACH Transfer

Imagine an investor who has two accounts at the same broker. One is a living trust account and the other is an individual brokerage account. Now the investor wants to move money from one account to ...
Bob's user avatar
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1 vote
2 answers
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How to manage money with no expenses [closed]

Suppose a person has $165K in his checking account and has no expenses (e.g living with parents, home cooked meals, etc.). What would be the best way to distribute/use this money? Should some of it be ...
noexpenseguy3478's user avatar
2 votes
1 answer
167 views

How can Genisys afford to pay 4.07% APY on checking accounts?

They do say “Must enroll in eStatements and use your Genisys Debit Mastercard® at least ten times per month for purchases of $5.00 or more, excluding ATMs, to earn 4.07%APY.” And that ”Balances ...
Cotton Headed Ninnymuggins's user avatar
2 votes
2 answers
483 views

What can I do to get my bank, Wells Fargo, to credit my checking account the $1700 that was taken from my account via an unlawful wire transfer?

I visited my branch and reported that funds were missing from my account. The banker took down my information and created a case file and told me that this would be investigated and that I would be ...
Andy Constantine's user avatar
4 votes
1 answer
300 views

What is the difference between a checking account and savings account?

I understand the exact difference will vary from bank to bank. But in general, I understand that savings accounts have a higher interest than checking. So if it's that simple why not always use the ...
titchseason's user avatar
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What exactly are the drawbacks of moving money from a checking account into a savings account?

My paychecks get directly deposited into my checking account, and I haven't bothered to move any of it into my savings account because I know there are some drawbacks to having it in savings as ...
JSNinja's user avatar
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2 answers
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Disadvantages of putting all cash in a chequing account

When I opened an account at a bank, I was given two bank accounts: a savings account, and a chequing account. I was also given a debit card that is linked to the chequing account. The chequing account ...
Flux's user avatar
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2 votes
1 answer
139 views

Switching current accounts

I'm thinking about using Monzo as my current account, mostly because it gives a nice itemized breakdown of different types of payments going in and out of the account. I've seen that there's a current ...
Jojo's user avatar
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9 votes
3 answers
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Will closing a checking/saving account have a bad effect on my credit report?

I opened a saving and a checking account in Chase bank. But I decided to close them. I want to know will this has a bad effect on my credit, etc? I also like to know should I pay money to close my ...
user avatar
2 votes
3 answers
162 views

Difference between a checking and savings account

I'm aware that savings accounts in the US are restricted to 6 withdrawals per month, but what differences exist aside from that? From what I understand, both are FDIC insured, meaning there's ...
Zaz's user avatar
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1 answer
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Check depositing

My utility department sent me back some of my security deposit; however the check is made out to both me and my ex.(who I don’t know his where abouts) so it’s pay to order of said person and then ...
Kris's user avatar
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0 answers
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How to check bank bonus web page from last year?

I opened account in a TD bank. Bank had promotion going on in August 2020. I close account in same bank before 2 years. Promotion T&C was starts with Offer is available to new personal checking ...
Nilesh's user avatar
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21 votes
4 answers
11k views

Is this a Bitcoin scam?

Someone wants to e-mail me a check, take the check to my credit union's ATM, deposit it, withdraw a smaller amount in cash, and use the cash to buy Bitcoin to send to him. Is this a scam?
Kim Sun's user avatar
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5 votes
1 answer
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Chase closed my account and is asking me to confirm the validity of my deposits. How can they do this?

Chase closed my checking account without any explanation at the end of August. When I contacted my branch in person, they were told over the phone from the main offices that I would receive a check of ...
user104142's user avatar
1 vote
3 answers
534 views

Will linking SSN with checking account help build up credit score?

Background: I’m an international student who is currently on F1 OPT. I only have a checking account with a debit card at USbank. I use the debit card very often with no overdraft history. I just ...
Leo's user avatar
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3 votes
3 answers
324 views

What if a counterfeit check had no mistakes or errors?

Last year my uncle came to learn that someone was able to draw out $15,000 from his account. This guy was good. Someone successfully made replicas of the checks my uncle would use. The placement was ...
Sara Ingles's user avatar
-1 votes
5 answers
3k views

Why can't I deposit a check from the drawer's bank to the payee's bank *at* the drawer's bank?

Let's say my name is Bob, and I have an account with Bank B. I have a friend named Alice who's paying me back for something, and her bank is Bank A. She issues me a check with my name on it, signs it, ...
hilltothesouth's user avatar
2 votes
1 answer
192 views

Lost Deposit. Which bank is responsible? [closed]

I'm currently dealing with a clusterF around a deposit that was credited to the wrong bank account. Neither bank has the target account number where the deposit was credited. Both banks pointing ...
mwex501's user avatar
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1 vote
1 answer
145 views

Wiill banks refuse my application for a current account if I don't pay a salary in?

I want to apply for a second current account to put funds into and also for some perks that they have (I don't want any interest due to religious reasons). But my salary will not be going into this ...
BritishPerson's user avatar
1 vote
3 answers
1k views

How to cash my brother's check

My brother is 15 and he doesn’t have a bank account. I’m 18 and I have a bank account. Would I be able to cash a work check written to him?
User123's user avatar
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2 votes
1 answer
638 views

I met a woman online who wants me to allow a third party to put money in my checking account to buy medicine for her mother

I've had a relationship for a month with a woman I met online. She is selling some things to make money to buy medicine from Africa for her mother. She wants me to give the buyer of the items my bank ...
user97086's user avatar
1 vote
0 answers
449 views

ACH transfer to incorrect account type ('Savings' instead of 'Checking') - US bank to another US bank: Is it lost?

A friend visiting the US was asked to transfer $2000 for rent payment to a US bank account. On February 12th, while doing an ACH transfer from his US bank account to the landlord's account in another ...
Ritesh Singh's user avatar
3 votes
0 answers
313 views

Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)

So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
Kevin Li's user avatar
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6 votes
4 answers
4k views

Is there any benefit to keeping money in a checking account?

I have been getting a lot of "tips" from my bank lately about different ways to save. Things like "Save $1 week 1, $2 week 2", etc or "tax my spending habits". Whenever I see things like this, they ...
DjangoBlockchain's user avatar
0 votes
2 answers
7k views

Check is made out to my business name and personal name - can i deposit it in personal?

I have received a check made out to My Business Name My Personal Name My Home address Formatted like that. Can I deposit it in my personal checking account? Thanks!
user91258's user avatar
0 votes
2 answers
632 views

Why don't banks offer a combined chequing and savings account option? [closed]

A few Canadian banks offer a combined chequing and savings account — see beneath for a generic example. Most do not though. A combined account seems better for the following reasons. You must keep ...
user avatar
-2 votes
1 answer
271 views

Counterfeit Money [duplicate]

I had a sugar daddy deposit 4500 in my account . By my debit card wasn’t working . So I called the bank they Lomé my account was blocked & to call the fraud center . My bank is pretty good at this ...
Ashleyornt's user avatar
20 votes
12 answers
11k views

How to manage expenditure when billing cycles and paycheck cycles are not aligned?

I get paid on the 15th and the last of the month and my husband will be getting paid weekly when he starts a new job after the one he has been working at for 25 years will be closing soon. How does ...
Stephanie Grohol's user avatar
3 votes
1 answer
4k views

If a mobile deposit is denied due to exceeding limit, can it be deposited in person still?

This might sound like a stupid question, but considering it just happened to me I bet it will help others sleep at night when they decide to do a mobile deposit after hours. Of course, that depends on ...
user1447679's user avatar
10 votes
2 answers
3k views

Why different interest rates for checking and savings?

I have recently become financially independent (21 yo student in US) and I am starting an independent bank account. I noticed that the interest rates on savings accounts are significantly higher than ...
D. Price's user avatar
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0 votes
0 answers
3k views

How do I identify product code from a bank account number

I am trying to classify savings account and current account from a bank account number. Need to understand the pattern for Kotak Mahindra Bank
Aditi Shah's user avatar
6 votes
2 answers
2k views

Legal to apply dormant account fees until the account overdrafts?

Is it legal in the USA for a bank to assess and apply dormant account fees until the account overdrafts and goes negative? This is happening to a friend of mine and it doesn't seem like it should be ...
Alan Krueger's user avatar
6 votes
1 answer
803 views

Strange withdrawal from checking account

I got a notice that there was an ACH withdrawal yesterday from my checking account of $225.38 by OPENSKY PHONE PMT. I'd never heard of OpenSky before and I'm not sure what a "phone pmt" is. I called ...
amos's user avatar
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0 votes
4 answers
398 views

Should I open a new checking account at another bank?

I don't know too much about banks and banking. But to start off, I have a Chase checking account my parents opened for me since 7-8 years ago. Now that I'm working, I'm helping my parents buy a house....
user87992's user avatar
5 votes
2 answers
11k views

Can I be arrested for not returning money someone else deposited in my bank account?

Someone sent me a check willingly for $4800 and now they want it back because I refused to send it to other people after it was sent in fear of me being involved in crime. And said I scammed them and ...
Luaa's user avatar
  • 53
1 vote
1 answer
78 views

Is EIN sufficient to open a business bank checkin account for LLC?

I am a non US citizen living overseas. I had formed a LLC in WY using state agent and was able to get EIN number through FSS-4 form. Now that I have heard, bank requires physical visit of owner to ...
Dev Chauhan's user avatar