Skip to main content

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"

Filter by
Sorted by
Tagged with
68 votes
11 answers
40k 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 ...
lrey's user avatar
  • 887
50 votes
17 answers
25k 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 ...
Engineer Toast's user avatar
29 votes
8 answers
12k views

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
23 votes
7 answers
8k 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 ...
Someone's user avatar
  • 1,407
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
  • 259
21 votes
4 answers
4k 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 ...
iPherian's user avatar
  • 362
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
18 votes
6 answers
14k 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 ...
James Fennell's user avatar
16 votes
4 answers
22k 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 ...
Joe S's user avatar
  • 624
16 votes
7 answers
5k views

Savings vs. checking account -- when to prefer savings if interest is the same?

Let's say I'm opening a new checking or savings account, assuming: I already have another checking account All accounts offer the same interest rates Why would I ever choose to open a savings ...
user541686's user avatar
  • 3,369
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
  • 1,407
14 votes
8 answers
62k 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 ...
Tony the Pony's user avatar
14 votes
1 answer
5k 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. ...
mathemagician's user avatar
13 votes
4 answers
2k 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 ...
Octoplus's user avatar
  • 719
12 votes
1 answer
86k 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. ...
Shirley's user avatar
  • 121
12 votes
2 answers
58k 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?
Maximus's user avatar
  • 273
12 votes
7 answers
85k views

How many days does Bank of America need to clear a bill pay check

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 ...
Jeroen Ooms's user avatar
11 votes
6 answers
5k 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 ...
Ken - Enough about Monica's user avatar
10 votes
7 answers
10k 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 ...
scientifics'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
  • 103
9 votes
3 answers
3k views

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
8 votes
2 answers
8k 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 ...
Greg McNulty's user avatar
8 votes
3 answers
2k 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 ...
Jacob Barnes's user avatar
8 votes
2 answers
28k 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. ...
user24601's user avatar
  • 195
7 votes
6 answers
17k views

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
  • 179
7 votes
3 answers
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 ...
taylorpalmer's user avatar
7 votes
3 answers
1k 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 ...
RonRon Scores's user avatar
6 votes
3 answers
50k 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 ...
lid's user avatar
  • 312
6 votes
2 answers
633 views

Strategy to minimize the risk of a checking account being compromised [duplicate]

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 ...
nikhil's user avatar
  • 479
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
6 votes
1 answer
346 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):
Franck Dernoncourt'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
49k 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 ...
user50225's user avatar
6 votes
5 answers
293 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 ...
Geo's user avatar
  • 5,825
6 votes
1 answer
921 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
  • 163
6 votes
2 answers
227 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 ...
kelvin's user avatar
  • 61
5 votes
2 answers
12k 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
5 votes
1 answer
2k 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 ...
Yamikuronue's user avatar
  • 1,319
5 votes
3 answers
2k 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 ...
Ryan's user avatar
  • 61
5 votes
1 answer
3k views

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
5 votes
1 answer
2k 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 ...
Peretz's user avatar
  • 635
5 votes
3 answers
1k 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'...
jhensz's user avatar
  • 51
5 votes
1 answer
575 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 that,...
Joseph's user avatar
  • 283
5 votes
2 answers
20k 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 ...
Nikgod's user avatar
  • 51
5 votes
2 answers
841 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 ...
Leopd's user avatar
  • 181
5 votes
4 answers
321 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" ...
Sun - FE's user avatar
  • 111
5 votes
2 answers
2k 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 ...
Wisteso's user avatar
  • 153
4 votes
4 answers
23k 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?
user541686's user avatar
  • 3,369
4 votes
4 answers
23k 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 ...
Zildar's user avatar
  • 41
4 votes
2 answers
23k views

Why do sole proprietors in India generally use a current account?

I was told that sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest. I don't understand why — if you account for the interest properly ...
Kartick Vaddadi's user avatar