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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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 ...
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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?...
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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 ...
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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 ...
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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 ...
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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 ...
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4 votes
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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?
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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 ...
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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 ...
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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 ...
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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, ...
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2 votes
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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 ...
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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 ...
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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?
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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 ...
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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 ...
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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 (...
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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 ...
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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!
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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
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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 ...
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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 ...
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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....
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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 ...
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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 ...
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1 vote
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Initiated transfer from bank A to B. Stuck in limbo? How do ACH transfers work exactly?

I scheduled a $250 dollar transfer from bank A to bank B. When I look at my transfer activities on bank A's website. I show that the transfer processed on June 4th. However, the amount was never ...
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Does opening a checking account cause a hard credit pull?

I was going to open a new bank account, particularly the Wells Fargo promotion that puts $400 in your account if you meet some direct deposit requirements. I called and asked if they will do a "hard" ...
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Is it fine to use Savings account to pay salaries? what is the downside?

It is taking us time to get checking/current account for the business. We want to know, if it is OK to pay through Business Owner's personal savings account and still have it as a record of business. ...
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What's the point of checking and brokerage accounts being separate?

On Schwab, I have both a checking and a brokerage account. When I want to buy stock/ETFs, I have to transfer money from one to the other. I can just do this from a webpage, relatively instantly. What'...
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Frequently Moving Money Between Checking and Savings

I'm currently carrying a balance in my checking account, much of which I feel is going to waste, since its not being "invested". The overall total balance in my checking account isn't growing much if ...
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Must I void or destroy a check after using its check number online?

The online banking system I use to pay my car loans requires checking account number, routing number, and a check number. If I use a check number from a real check in my checkbook, should I then void ...
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Disadvantages of online checking accounts?

My parents helped me set up checking and savings accounts through Wells Fargo when I was a teenager and got my first job. Only now, ten years later, I’m realizing that the Wells Fargo accounts aren’t ...
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Do US banks accept out-of-state applications for checking accounts?

Let's assume I walk in a local branch of a US bank with a presence in many federal states (for example, the Wells Fargo branch in Richmond/California). Will they be able/willing to open a Wells ...
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Is a debit card dangerous for an account with low balance and no overdraft protection?

I have a checking account that I keep very little money in. I use a debit card as a credit card at shops, and at the ATM. I have turned off overdraft protection on the checking account. I've heard ...
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This sounds like a scam to me, am I wrong? [duplicate]

This was an article in the Penny Hoarder about a California startup checking company called Aspiration that pays 1% interest that lets you choose how much you pay in “fees.” Is this garbage? It sounds ...
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Bank is not depositing my new account promotion bonus [closed]

I opened a bank account in response to a promotion in a big bank. Originally it was saying if I keep my money (50K) for 60 days, I get $600. The agent at the branch didn't say anything more. Then they ...
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When do institutions exchange physical currency from electronic payments?

This question always been on my mind and I never truly understood the concept. I’ve done some digging and haven’t found the answer that is comprehensive. I want to understand at what point does a ...
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