- 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…
- Joint Savings Account: Banking Guide
A joint savings account is owned by two people, allowing each party to deposit and withdraw funds. Joint savings accounts can simplify things for people who share their finances. But you should also keep some things in mind before opening… read more…
- Pros and Cons of Online Banking
While friendly tellers and pneumatic tubes can make trips to the bank enchanting, banking at brick-and-mortar locations comes at a cost. For decades, online banks have interrupted the status quo of minuscule interest rates and weekly bank visits. Instead, they… read more…
- What Is Retail Banking?
Retail banking involves providing individuals and sometimes small businesses with financial services such as checking and savings accounts, credit cards, auto loans, mortgages, insurance and investments. Retail banks include credit unions and small community banks as well as the retail… read more…
- What Is a Bank Guarantee?
A bank guarantee is a pledge by a bank to assume liability for a sale or contract between a buyer and seller. The buyer applies to the bank, which assesses the buyer’s ability to fulfill the contract and, if approved,… read more…
- How to Avoid Overdraft Fees at Your Bank
Like many other consumers, you probably use a checking account to manage your money and complete everyday transactions. But, too many purchases can exceed the total amount of funds in the account. If purchases exceed the balance, many banks charge… read more…
- Are Money Market Accounts Worth It?
Money market accounts are hybrid financial products that offer some of the advantages of a checking and a savings account. Specifically, money market accounts pay you an interest rate based on the money you hold on deposit, like a savings… read more…
- How Do Limited Purpose FSAs Work?
With a limited purpose flexible spending account (LPFSA) you can pay for dental and vision care expenses using pretax dollars. LPFSAs are usually paired with health savings accounts (HSAs), which require belonging to a high-deductible health plan. Like HSAs, LPFSAs… read more…
- Offshore Bank Accounts: What They Are and How to Open
Offshore bank accounts are held outside of your home country and are an option to hold funds in a foreign currency. Offshore bank accounts can make sense in some situations, such as for those who have business in other countries… read more…
- How To Choose a Bank
Most people use a bank as the main provider of financial services. Selecting the right bank can have a lot to do with how satisfied you are with the way your money is managed and, ultimately, with how well you… read more…
- Do You Have Too Many Bank Accounts — or Too Few?
These days, bank accounts can do a lot. They make it easy for you to track your spending and receive transaction alerts, often in real-time. They allow you to transfer between accounts and even send money to others in just… read more…