What is a checking acc?
A type of bank acc that offers easy access to deposited funds.
True or False: Checking accs typically allow unlimited withdrawls and spending unlike other type of bank accounts including savings?
True
What does free checking mean?
a checking account with no monthly maintence fee and/or minimum balance requirements
How might someone lose free checking?
There might be a minimum direct deposit amount, for example, $250 per month and if the direct deposit does NOT meet that minimum direct deposit amt, then it stops.
Overdraft Fee
What is often charged by a bank when it allows transactions to go through that would otherwise have overdraw your account.
ex: an acc balance has $75 and a $100 charge goes through but they expect you to pay the $25 back plus a $30 overdraft fee.
NSF Fee
- NSF stands for “Non-Sufficient Funds”
- Conmonly charged by banks when an acc lacks funds needed to cover a transaction and the bank does NOT allow the transaction to go through.
- avg fee; around $25
ex: writing a $600 check and the acc only has $500. when the check attempts to get cash, it does NOT go through and gets a NSF fee.
Overdraft Protection
a bank service that automatically transfers money from a linked savings acc when there is not enough in the checking acc to cover transactions
Overdraft Coverage
- Charged when any transaction causes balance to go below zero.
- transaction gets approved and acc goes into negative terriotory
- avg fee: around $30
- often has a limit on the # of these transactions per day
- can opt in or out
Online Bill Pay
What lets you make individual or recurring payments from your bank or credit union.
How Online Bill Pay Works?
- Log into bank acc
- Navigate to its online bill pay feature
- select provider want to pay
