Personal Banking

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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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  • What is the importance of computers in the banking industry?

    Q: What is the importance of computers in the banking industry?

    A: Computers allow banks to provide ATM services, online banking, speedier transactions and accurate tracking and verification of funds. They also make banking institutions more secure through enhanced security and surveillance setups.
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  • What is telebanking?

    Q: What is telebanking?

    A: Telebanking is the process of handling bank accounts over the phone. It is also referred to as telephone banking. This service is commonly offered by banks, credit unions and credit card companies. There are often fees associated with using this service.
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  • How long is a check valid for?

    Q: How long is a check valid for?

    A: Checks generally do not have expiration dates, and banks may cash checks even if they were written more than six months in the past. However, banks have the option to honor or dishonor a check more than six months old.
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  • What is a stale check?

    Q: What is a stale check?

    A: A stale check is one that is presented for payment six months or more past the date on its face. Banks are under no obligation to cash a stale check unless it is a certified check; however, the institution can cash the instrument if it appears to be a payment made in good faith. Each financial institution may have its own policy on whether to pay or decline these checks.
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  • What is the role of a personal banker?

    Q: What is the role of a personal banker?

    A: A personal banker is employed in a bank or another financial institution and helps customers manage their money and find appropriate solutions for their financial needs. Personal bankers must have a strong working knowledge of the types of services that their financial institution offers and be able to share this information with clients to accommodate their economic desires.
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  • What is Brazil's money called?

    Q: What is Brazil's money called?

    A: Brazil's monetary system is based on the Brazilian real (BRL). Brazilian coins, called centavos, are worth a percentage of the real. Paper money is in multiples of reals.
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  • What is the difference between financial and real assets?

    Q: What is the difference between financial and real assets?

    A: The main difference between financial and real assets is that financial assets are cash and securities, such as stocks and bonds, whereas real assets represent tangible possessions, such as real estate, production equipment and inventory. Generally, financial assets are more liquid than real assets because they can be readily converted to cash. Real assets take considerably more time to sell.
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  • Where can I find my bank transit number?

    Q: Where can I find my bank transit number?

    A: The bank transit number is located on the bottom of the check. Every check received from a federally funded financial institution contains a bank transit number which is called a routing number.
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  • What are disadvantages of electronic funds transfer?

    Q: What are disadvantages of electronic funds transfer?

    A: A disadvantage of electronic funds transfer (EFT) is that the process cannot be reversed if a sender should enter an incorrect account number. The APSense website states that other disadvantages associated with EFT include the potential for hacking of personal banking details and periodic technical difficulties.
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  • Where can you cash a check on Sunday?

    Q: Where can you cash a check on Sunday?

    A: Depending on the type of check, there are several locations available for cashing a check on Sunday. Some banks, such as TCF Bank, are open on Sundays. Other locations include Wal-Mart, Kmart, certain grocery stores, select convenience stores such as 7-Eleven or a check cashing store such as Ace Cash Express.
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  • What is the difference between a credit union vs. a bank?

    Q: What is the difference between a credit union vs. a bank?

    A: The difference between a credit union and a bank is the ownership. Credit unions are non-profit cooperatives owned by their members, while banks are for-profit entities. They are also insured by different federal agencies; credit unions are insured by the NCUSIF and banks are insured by the FDIC.
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  • How long does it take for a check to clear?

    Q: How long does it take for a check to clear?

    A: The time it takes for a check to clear depends on the nature of the deposit and the underlying bank’s policies. When banks process checks, the funds are taken from the issuer’s checking account and sent to the recipient’s account. The receiving bank requests the funds from the issuer’s bank, and if the funds are available, the check clears in roughly one to two business days.
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  • How long does it take to process a refund on a debit card?

    Q: How long does it take to process a refund on a debit card?

    A: Refunds are generally processed and funds returned to the debit card on the customer's bank account within 10 business days. However, there are cases in which a refund takes longer to process.
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  • Do cashier's checks expire?

    Q: Do cashier's checks expire?

    A: Cashier's checks themselves do not expire as personal checks do. However, the funds behind the check are subject to state escheat laws.
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  • Where is the account number on my debit card?

    Q: Where is the account number on my debit card?

    A: The account number associated with a debit card is not located anywhere on the card; rather, the number located on the middle of the front side of a debit card is that card's number itself. The number on the back side of the card, typically three digits, is used to secure the instrument better and to protect against fraudulent use.
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  • What is the purpose of petty cash?

    Q: What is the purpose of petty cash?

    A: The purpose of petty cash is to pay for minimally priced business transactions in a cost effective way. Petty cash can only be used for transactions that are not reported to the Internal Revenue Service.
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  • Where are Coinstar locations?

    Q: Where are Coinstar locations?

    A: Coinstar offers a kiosk finder on its website to allow customers to find a location using their city and state or zip code. Kiosks are located throughout the United States, Canada, the United Kingdom, and Ireland.
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  • What is online bill payment?

    Q: What is online bill payment?

    A: Online bill payment uses the electronic transfer of funds to pay bills without having to write a check or mail a voucher. Companies may make online payment options available to their customers. Alternatively, a bank or another third party may be set up to pay a variety of bills.
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  • How do you change a debit card PIN number?

    Q: How do you change a debit card PIN number?

    A: To change a debit card PIN number, customers must contact their banking institution by phone or in person, and verify their identities through a series of security questions. Once the customer's identity is verified, he or she will be instructed to enter a new PIN number into a bank keypad or their telephone keypad. There are also some banking institutions that allow their customers to change their debit card PIN number online.
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  • How long are travelers cheques valid for?

    Q: How long are travelers cheques valid for?

    A: Two main companies, American Express and Thomas Cook, issue travellers cheques, and neither of the products have expiration dates. According to American Express, unused cheques can be saved for future trips or cashed out when no longer needed.
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  • How do you cash a check if you don't have an ID?

    Q: How do you cash a check if you don't have an ID?

    A: According to the United States Uniform Commercial Code, a person must be identified as the authorized recipient of a payable instrument to transform it to cash. Even though there is no universal identification requirement in place, a form of ID is typically required to cash a check at a bank.
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