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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8
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2answers
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 ...
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63 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
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1answer
1k 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 ...
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0answers
74 views

Awaiting a check reversal

Recently, I deposited a check in my account mistakenly (having already deposited it’s few months prior ). After talking to the bank, they said that the check would be reversed and the money would be ...
6
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1answer
432 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 ...
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4answers
185 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....
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2answers
1k 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 ...
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1answer
41 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 ...
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2answers
116 views

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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2answers
93 views

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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0answers
136 views

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. ...
4
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3answers
229 views

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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5answers
370 views

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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1answer
155 views

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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3answers
20k views

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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1answer
118 views

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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6answers
4k views

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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1answer
154 views

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 ...
2
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1answer
144 views

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 ...
7
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3answers
348 views

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 ...
2
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1answer
85 views

My checking account used to be joint- can I still use the checks with both names?

I have a checking account for bills that I mostly use a debit card for, but I need to pay something by check now. This account used to be a joint one with my mom when I was a kid, but we took her off ...
4
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1answer
10k views

I was asked for a COT code to transfer money to my account. Is this a scam?

Someone gives you their bank information and asks you to log on to their account in order to transfer money to your account. When you attempt this, it asks for a COT code which you do not have. ...
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0answers
53 views

How can I see if/what income/current account payment data is gathered by credit referencing agencies?

According to two Telegraph articles: Almost all of Britain's banks now record most current account customers' monthly incoming payments. This is distributed monthly to credit reference agencies [..] ...
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1answer
144 views

How can I find out how to trace where Mobile Deposits to my checking account came from?

There have been several checks deposited into my checking account over the course of the year. The checks are not payable to me and the checking account is in my name. The back of the checks are not ...
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1answer
202 views

Avoiding Chase monthly checking account fee

With my checking account I have maintained a daily balance greater than 1500 dollars to avoid the 12 dollar monthly fee. As I earned more income I started moving it to a savings. Now I have ...
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2answers
4k views

In the UK is it illegal for banks to open current accounts for non-residents/tourists?

To phrase it another way, if a Singaporean tourist walks into a MetroBank or HSBC branch in London, would the bank be allowed by the FCA to open a current account (at the branch managers discretion ...
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2answers
258 views

Used to have German current account, left without closing it

In 2011 I spent a few months in Berlin and opened an account with Berliner Sparkasse. I left the country (returned to the UK) but neglected to close the account (every interaction with the bank ...
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1answer
42 views

Joint account with my home equity

Can second person on my joint account write checks to deposit to their own credit union if proceeds were from my home equity?
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11answers
38k views

Rent cheque was stolen from landlord - am I obligated to pay again?

I live in Quebec, and my rent cheque was stolen from my landlord as they travelled to the bank to deposit it. They've asked me to stop payment on the cheque, and provide them with a new one. The ...
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1answer
64 views

How to link multiple checking accounts with 1 other checking account

I have multiple bank accounts and I am trying to transfer money between them. Two of the accounts (A&B) are with the same bank and I am trying to transfer money to another account (C) which is ...
3
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1answer
741 views

Why does my bank want me to resubmit a W8-BEN? [closed]

I opened a TD bank checking account as a foreign tourist in 2013. I had filled the w8-ben form. Recently, I received a letter from the bank asking me to update my occupation because they didn't have ...
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1answer
190 views

Is money in a European bank current account guaranteed by the state? Which state/fund guarantees?

I have a sum of money in a European bank, and I prefer to have it in a current account for two reasons. One, I don't know how much over the coming year I will need to spend without notice and two, the ...
6
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1answer
254 views

When making an online money transfer, why is one often asked whether the source account is checking or savings?

When making an online money transfer, why is one often asked whether the source account is checking or savings? Example in Merrill Edge (https://olui2.fs.ml.com/MoneyMovement/MakeTransfer.aspx):
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1answer
110 views

Will an only-online checking account work for a new worker? (18 years old)

I am completely new to opening banking accounts and using checks and all of that. I just got a job at McDonald's and I can get paid with a money card (not sure what that is yet) until I open a ...
3
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1answer
17k views

Any risk in providing bank account number routing number along with name and DOB? [duplicate]

I applied to a remote job on indeed North America (job listing had Louisville, KY as location), and overnight , without interview, they gave me an offer letter saying I was selected and I'll be a part ...
2
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2answers
1k views

Checkbook was turned into police dept. Is there a way to figure out what checks (if any) are missing?

I know that bounced checks can bite me in the ass later, but I have no idea whether any of the checks were actually taken out of my checkbook. I thought about looking at my bank account, but I visit ...
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2answers
93 views

How should I save money? [duplicate]

It has been about a year since I graduated college and started working. So far all my earnings are going into my checking account. Since I don't have much experience with managing my finances, I was ...
7
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3answers
921 views

Overdraft Protection - Is this legal?

I recently got an overdraft when I forgot about a pending transaction. That's completely fair and I understand what happened. However, what followed concerns me deeply. I had OD protection on my ...
2
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2answers
220 views

How does one access liquid cash with a credit union checking account from a different state when no ATM of the bank is around and checks are rejected?

My brother recently moved to California and he needs to pay for gas and food for the next 1-3 days. He has a credit union account and credit card from our local credit union bank. His credit card ...
16
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4answers
11k views

Does a savings/checking account sitting at $0 have any drawbacks?

I currently have a couple checking/savings accounts that are sitting at $0 because I found better accounts and switched banks for some reason or another, is it worth the time to try to close these ...
2
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1answer
277 views

Using business check to pay at retail

I recently opened a LLC bank account, and need to buy some equipment (computer parts) for the day-to-day operation. I want to buy in a physical retail store for convenience. Can I use a business ...
4
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1answer
499 views

Are consumers liable for fraud related to bank account and routing numbers?

There's a ton of information about liability related to fraudulent debit and credit card charges, and even a little about fraudulent checks, but I'm having trouble finding similar information about ...
2
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3answers
55k views

Paid credit card bill, but money didn't leave my checking account [duplicate]

I paid my CC bill last Friday morning. The payment appeared in my CC account that same day. But now, 3 days later, the money still hasn't left my checking account (which is in a different bank). I ...
0
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1answer
295 views

Unable to transfer money from US bank account (checking acct) to NRE/NRO

I want to transfer some money from my USA checking account to my Indian NRE and NRO accounts but unable to do so. I did try online under Transfer money (add external account using routing number) but ...
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6answers
9k views

Scheduling bill payments exactly on pay day - dangerous risk of overdraft?

Every payday, my pay is deposited into my Citibank checking account by ACH transfer. Before pay day there is close to $0 in my checking account, as most of it is transferred to savings. Usually in ...
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2answers
120 views

Is it safer to have checks sent directly from the bank?

Is it safer to have checks sent directly from the bank using online 'bill payer'?Is your personal account number and routing number on those checks?
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3answers
936 views

Why should I choose a business checking account instead of a personal account?

First, this is not a question of separating money, but a which product to choose. So put away the torches and pitchforks. So, in researching for my wife's sole proprietorship LLC, we can't find a ...
3
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2answers
126 views

Lost bank information

I found an old bank check registry from my grandmother whom has passed away some years back, but the banks name is Akron national Bank and in the registry she had a balance. Is there anyway to track ...
15
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1answer
4k views

Does opening or closing a checking account show up on a credit report or affect credit score? [duplicate]

Suppose someone in the United States took any of the following actions: Open a new checking account. Closing an existing checking account. Close the checking account with the longest standing. ...
6
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1answer
26k views

Can I locate the name of an account holder by the account number and sort code? (U.K.)

I received an invoice from a landlord about a cleaning bill. I heavily dispute this (is seriously out of whack: charging 7 hours work for a 15 minute job). She's being all weird and cagey about things ...