Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [checking-account]

A type of bank account that allows unlimited withdrawals and usually gives no interest on the balance. The account can be set up so that a negative balance produces an instant loan, referred to as Overdraft Protection. The term checking is used in US and Canada. In other countires the term Current-Account is also used to indicate the same type of account. Related tags "savings-account", "bank-account"

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Rent cheque was stolen from landlord - am I obligated to pay again?

I live in Quebec, and my rent cheque was stolen from my landlord as they travelled to the bank to deposit it. They've asked me to stop payment on the cheque, and provide them with a new one. The stolen cheque was not cashed, but I stopped payment,…
lrey
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Tenant wants to pay rent with EFT

I live in Kentucky, USA. I rent out a house in Alabama, USA. My tenant wants to pay rent using electronic funds transfer rather than by mailing a check. This makes it easier for him to get my payment on time and it also comforts his fear of the…
Engineer Toast
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I closed my CU checking/savings accounts. Weeks later the bank auto-paid my rent. Now they want me to pay them back

I requested the closure, and I was mailed my balance and told that my account was now closed, all dome in writing through the messaging system. Weeks later they paid my rent. Now they want me to repay them, even though I completely closed the…
jesse banwell
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Why should I not keep my checking account at $0 and use overdraft protection?

My savings account earns interest; my checking account does not. I have overdraft protection, so if I overdraw the checking account, the money comes out of the savings account. It seems like I could earn interest on all my money by keeping it all in…
Someone
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Why do banks insist on allowing transactions without sufficient funds?

Specifically, to a checking account. I have not heard of, in a long time, any bank that will simply decline a charge if there isn't sufficient money. Either by default or even at the customer's specific request. Instead, they let the account go…
iPherian
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Is this a Bitcoin scam?

Someone wants to e-mail me a check, take the check to my credit union's ATM, deposit it, withdraw a smaller amount in cash, and use the cash to buy Bitcoin to send to him. Is this a scam?
Kim Sun
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How to manage expenditure when billing cycles and paycheck cycles are not aligned?

I get paid on the 15th and the last of the month and my husband will be getting paid weekly when he starts a new job after the one he has been working at for 25 years will be closing soon. How does one work the bills when one person gets paid twice…
Stephanie Grohol
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Scheduling bill payments exactly on pay day - dangerous risk of overdraft?

Every payday, my pay is deposited into my Citibank checking account by ACH transfer. Before pay day there is close to $0 in my checking account, as most of it is transferred to savings. Usually in the run up to payday, I take a look at my three…
James Fennell
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Does a savings/checking account sitting at $0 have any drawbacks?

I currently have a couple checking/savings accounts that are sitting at $0 because I found better accounts and switched banks for some reason or another, is it worth the time to try to close these accounts? Are there any drawbacks to keeping them…
Joe S
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Savings vs. checking account -- when to prefer savings if interest is the same?

Let's say I'm opening a new checking or savings account, assuming: I already have another checking account All accounts offer the same interest rates Why would I ever choose to open a savings account? I know that savings accounts are limited in…
user541686
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Does opening or closing a checking account show up on a credit report or affect credit score?

Suppose someone in the United States took any of the following actions: Open a new checking account. Closing an existing checking account. Close the checking account with the longest standing. Would it have an impact on credit score? Would it…
mathemagician
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Does it hurt anything to have an unused checking account?

I have an old checking account, at a bank I no longer use (it's my only account there), with just a few cents in it. There are no account fees. Are there any reasons why I should or should not close the account?
Someone
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Auto-pay credit card from checking account: Bad idea?

Many credit card companies offer customers to make their payments via automatic direct debit from their checking accounts. Is this potentially a bad idea for cardholders? One thing that concerns me is that I could lose the right (or at least, the…
Tony the Pony
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I was asked for a COT code to transfer money to my account. Is this a scam?

Someone gives you their bank information and asks you to log on to their account in order to transfer money to your account. When you attempt this, it asks for a COT code which you do not have. Can they obtain your bank information if the…
Shirley
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In which situations is it better to consider a loan instead of paying cash?

I live in France where credit cards are less widespread than in the U.S. The default account for us is a checking account. Often you can't spend more than what is in your account; otherwise you have to pay the money back with a huge interest (16%…
Octoplus
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