Checking accounts are
offered by banks and credit unions as a convenient way to access your
money that you keep in the bank. Paying bills and mailing checks is
much safer than sending cash through the mail system. Checks are
considered cash by most merchants and are treated the same way. If you
are trying to cash a check someone sent you at your bank you may be
asked to wait until the document clears the system before you can
access the money. This is just a precaution the banks take to avoid
risk of losing money.
Minor children can open checking and savings accounts at a bank or
credit union with an adult approval and/or co-signer. Adults can open
as many accounts as they wish at any bank or credit union. One way to
save on checking accounts is to look for special account opening
offers. Some banks occasionally will off a new customer a bonus of $100
when they open a new checking account. There are some restrictions and
it may require setting up direct deposits; some require a waiting
period before you can actually get the cash bonus but it is still a
good deal.
With checking accounts you purchase printed checks that have your
account number, a bank routing number, a check number and your
identification such as name and address on them. When you use the check
you write in the date, the recipient name and amount and then sign the
check for it to be used. It takes a day or two for most checks to clear
back to the bank through the financial system. This is called the
“float” time and some people use the float time (unwisely) to buy
things before they actually have money in that account and then rush to
the bank to make a deposit prior to the check reaching that bank. If a
check is presented to an issuing bank or credit union and there are
insufficient funds in the account the bank will charge the account
holder a hefty fee and return the check to the depositor.
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