Bank Accounts

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The sets of numbers typically included on a personal check are the routing number, the account number and the check number, explains The Nest. The first number, the routing number, is always nine digits in length.

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  • What happens when your bank account is overdrawn?

    Q: What happens when your bank account is overdrawn?

    A: According to BALANCE, a financial fitness program, when a charge hits your bank account and there are insufficient funds to cover it, either your bank may refuse the charge or allow your account to go into a negative balance. If the bank allows an overdraft, it typically applies a charge for each item that overdraws the account, and these fees can stack up.
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  • What fees are associated with a personal bank account?

    Q: What fees are associated with a personal bank account?

    A: Personal bank accounts often include a monthly maintenance fee, which banks may waive when certain conditions are met, notes Forbes. Checking accounts often include fees for using ATMs operated by a different bank and for overdrawing an account.
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  • How does a trust account work?

    Q: How does a trust account work?

    A: A trustee manages a trust account on behalf of another person or organization, according to LegalZoom.com. The owner or beneficiary of the trust account then inherits full control when the trustee dies. A trust account may also be for minors who are not competent enough to manage the assets.
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  • Why would my bank account be frozen?

    Q: Why would my bank account be frozen?

    A: Investopedia explains that bank accounts may be frozen for a variety of reasons, including civil court judgements, suspected illegal activities or suspicious activities that have been detected by government agencies or regulatory bodies. The death of the account holder may also trigger a temporary freeze on bank accounts.
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  • What is a checking account?

    Q: What is a checking account?

    A: A checking account is a transactional bank account through which a person can make deposits and withdrawals of money, according to Investopedia. The money held in checking accounts is considered highly liquid because the account owner can easily withdraw it via checks or electronic debits.
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  • How do I endorse a check made payable to cash?

    Q: How do I endorse a check made payable to cash?

    A: To endorse a check made out to cash, a person writes his personal account number on the back of the check if it is being deposited directly into his own bank account. If the check is being cashed, the person may have to visit the bank on which the check was drawn.
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  • What do the numbers on my personal checks mean?

    Q: What do the numbers on my personal checks mean?

    A: The sets of numbers typically included on a personal check are the routing number, the account number and the check number, explains The Nest. The first number, the routing number, is always nine digits in length.
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  • How long can creditors freeze a bank account?

    Q: How long can creditors freeze a bank account?

    A: Creditors can legally require a bank to freeze a bank account for a few weeks or until the debt is paid. Nolo explains that any funds that are in the account at the time of the levy are used to satisfy the debt, which can lead to bounced checks and additional bank fees. Bank garnishments that result in account freezes are activated when a creditor wins a court judgement.
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  • Can a minor open a bank account?

    Q: Can a minor open a bank account?

    A: Many banks offer special account options for minor children, including checking and savings accounts. Investopedia explains that parents need to accompany their children when opening a new account, as many banks prohibit accounts for minors without an adult account custodian.
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  • What happens if I cash out my IRA early?

    Q: What happens if I cash out my IRA early?

    A: When a taxpayer cashes out a Traditional or Roth Individual Retirement Account before reaching age 59 1/2, the income is subject to both income tax and a 10 percent early distribution penalty. SIMPLE IRAs may have a 25 percent penalty assessed, according to IRS Publication 590.
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  • Where can I find the best banks that offer online checking accounts?

    Q: Where can I find the best banks that offer online checking accounts?

    A: As of 2015, Ally Bank,is one of the best banks offering online checking accounts, according to U.S. News & World Report Money, Kiplinger and PC Magazine. Bank of Internet USA also has an excellent online checking account reputation, according to U.S. News & World Report Money and PC Magazine.
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  • How can a person find bank accounts in his or her name?

    Q: How can a person find bank accounts in his or her name?

    A: There are free websites, such as NAUPA, and the unclaimed property programs in each state, that will allow a person to find bank accounts in his or her name according to the U.S. Treasury. These are the recommended and reputable sites for searching for bank accounts.
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  • How old do you have to be to own a debit card?

    Q: How old do you have to be to own a debit card?

    A: Capital One explains that anyone under 17 is typically given an ATM card, while those over 17 receive debit cards. The Branch Banking and Trust Company (BB&T) notes that it offers prepaid debit cards to teens who can't yet get a debit card; other banks may have different policies
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  • What is the purpose of financial statements?

    Q: What is the purpose of financial statements?

    A: According to Investopedia, financial statements are used to ensure accurate and honest accounting for businesses and individuals. Accounting-Simplified.com points out that managers, shareholders, investors, financial institutions, governments, a company's competitors and the general public all have different interests in and uses for a company's financial statements.
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  • How much money do I need to open a checking account?

    Q: How much money do I need to open a checking account?

    A: It is possible to open a checking account with no initial deposit. On its website, First National Bank indicates this as one of the key features of its basic checking account. Nationwide also has a no-initial-deposit option, but a $25 minimum monthly direct deposit is required.
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  • How long before a check expires?

    Q: How long before a check expires?

    A: According to Forbes, a bank is not obligated to pay a check that is more than six months old. After the initial period it is to the discretion of the bank whether to honor the check or not.
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  • Q: Is a checking deposit immediately available for Capital One?

    A: Deposits into a 360 Checking account are generally available immediately when they are cash deposits at an ATM, when transferred from another Capital One account, or when they originate outside the bank and come into the account electronically. A deposit pulled from an external linked checking account is generally on hold for up to 2 business days, notes Capital One.
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  • Q: How do you sign up for an account with RBC online banking?

    A: RBC Royal Bank allows interested parties to open an account with online banking by completing an application available from its website. This bank offers a variety of accounts with the option of online banking. These include checking accounts, savings account and student accounts, explain RBC Royal Bank.
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  • Q: What is a guaranteed checking account?

    A: A guaranteed checking account, also called a second-chance checking account, is a banking account for individuals who mismanaged their finances in the past or who have low credit scores and cannot acquire a traditional banking account, explains GOBankingRates. Second-chance checking accounts differ from traditional accounts in that they typically require a monthly fee and a certain minimum balance, states The Simple Dollar.
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  • Q: What is the process of check clearing?

    A: The process of check clearing involves transferring money from the check writer's checking account into the recipient's account, according to About.com. The check recipient's bank asks for funds from the bank of the individual who wrote the check, which can take days for written checks or less time if the check is an electronic one. The check-clearing process can also include intermediaries such as the Federal Reserve and correspondent banks.
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  • How do I open an account with Comenity?

    Q: How do I open an account with Comenity?

    A: Comenity Bank is the financial institution behind the majority retail credit cards including those offered by Victoria's Secret, J-Crew and Pottery Barn. Therefore, you become a member of Comenity Bank when you sign-up for a retail credit card issued by the financial institution, as explained on the official Comenity website.
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