Banking

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Co-Signer vs. Co-Owner of Bank Accounts

Having a bank account can make purchases and bill-paying more convenient. It may also permit you to receive direct deposit from your job. You can open a bank account in your name alone or with another person. Whether that person signs up as a co-signer or co-borrower will ...

Joint Checking Account Laws

In every state, two or more people can open a joint checking account by putting their names on the same account. Joint checking accounts are particularly common between spouses. Since these accounts are subject to special rules, it is important to understand in advance the ...

Why Is a Debit Card Issuing Cash When the Withdrawal Causes the Account to Be Overdrawn?

Debit cards can be used to make withdrawals at ATMs and to pay for goods and services at point-of-sale terminals or online. Electronic withdrawals at ATMs are instantaneous, meaning your bank debits the amount of the withdrawal from your account at the time of the transaction. ...

ACH Debit vs. Direct Deposit

ACH, or Automated Clearing House, is an electronic network that processes credit and debit transactions. These includes transactions in both the public and private sector. ACH facilitates the electronic transfer of funds, in the form of payments and deposits, from the account of ...

How to Open a Savings Account for an Infant Grandchild

As a grandparent, you can help defray some of your infant grandchild's future expenses by opening a savings account for her. College tuition and health care are two examples of expenses that you can help with by regularly contributing to the savings account. Additionally, when ...

Ten Good Reasons Why People Have Savings Accounts

Savings and investment options vary significantly in restrictions and return on investment, but the most basic option is a savings account. Given the relatively low interest rates they pay, you may wonder why anyone would mess with a savings account. While other investment ...

What Is an Open End Loan?

A loan can be a closed-end loan or an open-end loan. A closed-end loan is often an installment loan in which the loan is issued for a specific amount that is repaid in installment payments on a set schedule. An example of this is an auto loan. An open-end loan is a revolving ...

Does Having More Than 1 or 2 Bank Accounts Affect Your Credit Score?

Your credit report is a record of your financial activity. Although you might use your bank account on a daily basis, the information is not revealed in your credit report. The number of accounts you have and the amount of money in those accounts does not affect your credit ...

Can a Spouse Legally Withdraw Funds From a Bank Account?

Things tend to get complicated when money and relationships are at stake. The subject becomes particularly tricky if parties divorce or enter into a separation agreement. “Some lawyers advise clients to withdraw as much as they can [from bank accounts] before litigation ...

How to Keep Track of Balances in a Checking Account When Using a Debit Card

Debit cards make purchases easier without the need to carry around cash, but tracking your spending becomes more challenging with each card swipe. Joint accounts cause more difficulty in managing balances with two debit card users. Monitoring debit card use gives you a better ...

The Difference Between Interest Compounding Daily or Quarterly

The more often the interest compounds in an account, the more interest you'll ultimately receive. Daily compounding means you get "paid" your interest every day — 365 days a year. Quarterly compounding means you get paid just four times a year, every three ...

What Is the Difference Between a Commercial Bank and a Savings & Loan Bank?

In the United States, commercial banks and “thrifts”-- savings banks or savings and loan associations—co-exist side by side. Over time, the lines have blurred dramatically. Bottom line: Savings and loans were instituted primarily to underwrite home loans and ...

The Advantages of Joint Checking Accounts in Marriage

Marriage means combining belongings, responsibilities and, often, money. The decision between joint and separate bank accounts comes with arguments on both sides, but the final call comes down to your personal situation. Understanding joint checking account benefits helps you ...

Federal Banking Rules on Withdrawing Large Sums of Cash

Federal law allows you to withdraw as much cash as you want from your bank accounts. It's your money, after all. Take out more than a certain amount, however, and the bank must report the withdrawal to the Internal Revenue Service, which might come around to inquire about why ...

Can You Borrow Against a CD Investment?

When a consumer takes out a loan, the lender will often base it upon the borrower's credit, income and employment. This is considered an unsecured loan if there isn't an asset attached to it. There are other ways to obtain a loan, however. If you own a certificate of deposit, or ...

Difference Between Investment Bankers & Money Managers

The U.S. News and World Report publishes an annual list of the best business jobs. Among the positions that look promising for money managers are accountant, financial adviser, financial analyst and financial manager. Investment bankers aren’t mentioned on the USNFP list, ...

Why Would My Bank Put a Hold on My Savings Account Without Telling Me?

It’s frustrating to attempt to withdraw funds from a savings account, only to be told by a teller that you can’t access your balance--particularly if you need the cash immediately and have no other options. In general, banks are under no obligation to inform you when ...

Who Gets the Savings in a Wife's Name if She Dies?

Not all spouses commingle their funds. Some maintain separate savings and checking accounts. There's no law against it, but if your wife dies and leaves behind a savings account in her sole name, who gets the money might become an issue. It depends a great deal on the laws in ...

Differences Between a Totten Trust & a Payable-on-Death Account

Totten Trusts and payable-on-death accounts are essentially the same thing. They are both informal revocable trusts that are created by an account owner when he signs a bank form establishing the revocable trust. This form gives instructions to the bank on how to distribute and ...

Can a Creditor Freeze My Bank Account for Unsecured Debt?

When you default on a secured debt, the lender reclaims its collateral, repossessing your vehicle or foreclosing on your home. Unsecured creditors don't have this option, so they use other means – and some of them might take you by surprise. Unsecured creditors can and ...

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