Bank Accounts FAQ

It’s important to note the difference in how you will be reimbursed for credit cards vs. ATM or debit cards. For a credit card your loss is limited to $50. However, for an ATM or debit card the loss is limited to $50 if you notify your institution within 2 business days after the card […]

This is a federal law that requires depository institutions to inform you of the following: Annual percentage yield and interest rate Costs, fees, extra charges Other info including minimum balance requirements Because of this act, you will get a disclosure of all this info from the bank you are opening an account with. This act […]

This protects you from the possibility of bouncing checks. If you write a check and do not have sufficient funds, it will draw money from your line of credit to make sure the check goes through. This is a good service for people who are self-employed because if business is seasonal and there are times […]

Yes. Here are some tips on how to approach this: See what your fees and charges have been over the past 3 years. Write down your checking needs, i.e. how many checks you write a month, how many ATM visits, how many deposits, how many times you have overdrawn, how often you go below the […]

Only deposit accounts at federally insured depository institutions are protected by the FDIC. Check to see if your bank falls into this category. In general, the government will protect accounts up to $250,000. If you have an account with special ownership, such as a trust, or an account with co-owners, this may change the amount […]

There are several features of accounts you should investigate at various banks. Interest Rates Find out what the interest rate is and whether the bank can change it after the account has been established. Also, find out if the bank pays different interest rates based on how much you have in the account, and if […]

This depends on how you plan to use the account. If you want to grow your money and do not need to access it readily, put it in a CD. If you need ready access to your money, a savings account could be a good option. If your primary concern is paying bills, a checking […]

Checking Accounts Checking accounts provide you with quick, convenient access to your funds. You are able to make deposits as often as you wish, and most banks provide you with an ATM card to access your funds, or to charge debits at stores. Of course, you can also use the conventional method of writing checks. […]

Keep in mind that banks are always required to notify you of the fees for their accounts. The best account to choose is usually the one with the lowest fees, regardless of the interest rate. Keep an eye out for potential extra charges when shopping for checking accounts. Ask about monthly fees, check processing fees, […]