- Are Certificates of Deposit (CDs) FDIC-Insured?
Certificates of deposit (CDs) offer a great, more structured way to save. CDs have specific time terms that typically vary from a few months to a decade. After you make your initial deposit, you can’t access your funds until the… read more…
- Who Should Open a Savings Account?
A savings account is the most basic sort of bank account. And it is appropriate for almost anyone interested in being smart about managing their money. If you are trying to accumulate funds to reach a short- or long-range goal… read more…
- What Is a Returned Check Fee?
Writing checks may not be something you do often. But if you do write a check, it’s important to make sure you have enough money in your bank account to cover it. If you don’t, your bank might charge a… read more…
- What Is a Third-Party Check?
If someone writes a check to you, you could write that check over to someone else instead of cashing it or depositing it into your bank. At that point, it becomes a third-party check. Third-party checks can allow you to… read more…
- Can You Lose Money in a Money Market Account?
Money market accounts combine the benefits of both savings and checking accounts with the potential for higher interest yields. While the Federal Deposit Insurance Corporation or the National Credit Union Administration insures your money market account, bank fees and penalties… read more…
- Savings Account Transfer Limit
Some banks limit how often you can transfer money out of a savings account. Exceeding the allowed quota of transfers via ATM, electronic bill payment or other methods could result in being charged a fee, having your savings account changed… read more…
- Current Balance vs. Available Balance
Whenever you’re budgeting out your money, it’s important to understand how much money you have at any given time, but not all bank balances are equal. Making a mistake between your current and available balance, for example, could cause you… read more…
- Cashier’s Check vs. Money Order
There are a few options when you need a secure way of paying for something. Sure, cash is king, but not everyone feels safe carrying a thick wad around. Cashier’s checks and money orders are two of the more secure… read more…
- Why Your Bank Closed Your Account and What to Do
Having a bank account closed can be inconvenient, especially if you didn’t see it coming. But why would a bank close your account? The short answer is that banks and credit unions can close accounts for a number of reasons.… read more…
- Overdraft Fees vs. NSF Fees
Both overdraft and NSF fees can hurt the cash flow in your bank account, especially when it’s time to pay a bill. The respective fees could stop you from going to the store to get personal items. But while the… read more…
- Understanding Why Banks Hold Checks
Depositing a paper check into your bank account could mean waiting a few days before you can access those funds. Banks routinely place holds on checks before crediting the amount to your account. Why do banks hold checks? There are… read more…
- How Much Cash Can You Withdraw From Your Bank?
Just about every bank puts a limit on how much cash you can withdraw each day. In part, this is a security feature to prevent thieves from cleaning out unauthorized accounts. In other part, this helps banks and ATMs to… read more…
- What Is a Savings and Loan?
Savings and loan associations are financial institutions similar to banks that specialize in providing mortgage loans to home buyers, making loans from deposits usually gathered from the local community. Both borrowers and depositors are considered members rather than just customers… read more…
- How to Withdraw Cash From an Online Bank
Online banks generally pay higher interest rates on deposits and charge fewer fees for services than traditional banks. On the other hand, online-only banks can’t compare to brick-and-mortar branches of a traditional bank when it comes to dispensing physical dollars… read more…
- Why Does the Fed Pay Interest to Banks?
The Federal Reserve is the central banking system in the United States. There are 12 Reserve banks that offer services to commercial banks, including lending and distributing currency. The Federal Reserve also pays interest on funds those commercial banks keep… read more…
- How to Make a Stop Payment on a Check
Need to cancel a check that you’ve written and sent out? Depending on how much time has passed, you may be able to request a stop payment from your bank or credit union. Stopping payment can prevent the check from… read more…
- What Is a Correspondent Bank?
Chances are that you don’t think about the banks involved when you’re giving money to a friend. That can be especially true if you’re using a service like Venmo or PayPal to transfer money. Just like you may use a… read more…
- How to Use an ATM: Step-By-Step Guide
You can use an ATM with a debit card — or, sometimes, a credit card. While the process is straightforward, it helps to know how to use an ATM ahead of time. Follow these steps to check your balance, withdraw… read more…
- What Is Fractional Reserve Banking?
Most large economic systems today use fractional reserve banking to stabilize and grow their economies. With factional reserve banking, banks can lend out deposits with interest to amplify the economy. The Federal Reserve was founded in 1913 to better regulate… read more…
- ACH vs. Wire Transfer: Key Differences
ACH and wire transfer are terms used to describe different ways of sending money electronically. Both are widely used, but ACH is more common when individuals are paying bills, receiving paychecks or sending money to other individuals. ACH transfers are… read more…
- ACH vs. EFT: What You Need to Know
Automated Clearing House (ACH) and Electronic Funds Transfers (EFTs) are both terms used to describe the way money moves digitally. An ACH is a specialized form of EFT, meaning that all ACHs are EFTs, but not all EFTs are ACHs. If you… read more…
- What Is Digital Banking?
Digital banking refers to managing your money through a bank via the internet through a website or app. This type of banking access started back in the mid-1990s, with Stanford Federal Credit Union being the first institution to allow online… read more…
- Can I Deposit a Check for Someone Else?
While more people are opting into online banking, it’s possible that you may still need to write or deposit paper checks from time to time. Depositing paper checks to your own bank account can be as simple as handing them… read more…
- When Can You Write a Postdated Check?
When writing out paper checks, there are several key pieces of information to include. Along with the payee’s name and amount, you’ll also need to add the date the check was written. If you’d like the person receiving the check… read more…
- What Should You Do With a Lost Cashier’s Check?
A cashier’s check is a type of official check that’s drawn on the bank’s funds, rather than your own. You might obtain a cashier’s check if you need to pay for something and can’t or don’t want to use another… read more…