Banks are offering many types of accounts according to the client’s demand. Following are some perfect ways to protect your money in your account and also the implemented tactics for a bounced check. A new law has made all the difficult things easier, although it is critical to keep your account with a good repute.
Banks and accounts
Banks know very well how to work on their strategies. They attract customers with wealthy gifts, bonuses and different innovative packages to force them to open a checking account with their own will. The most important thing is that the checking account you just chose to open meets all your requirements very cheaply.
It is quite a difficult task to select a checking account; one must be very careful as there are many types of such account, especially when it comes to your choice and need. Carelessness can lead to the wrong sort that might not match your needs. Be specific to avoid extra charges for which you will regret.
Types of bank accounts
The popular checking bank accounts are:
- Basic
- Free
- Interest-bearing
- Joint
- Express
- Lifeline
- Senior/student
- Money market
Commonly used accounts
Following are some details of accounts which are commonly used by different people.
1. Basic checking bank account
The people who use a checking account for the payment of bills or probably a debit card for daily expenses can open this account. It limits its users for number of checks per month; additional checks can be a burden for you. Some of basic accounts need direct deposit or a low balance so that one can avoid its monthly maintenance fee.
2. Free checking bank account
In such account there are no monthly charges or any other fee unless any balance or activity carelessness, that is why this is considered the best account for most of the people. You can write as many checks as you like and even keep your account at a low balance. Free checking does not charge for such purposes but it does charge for a bounced check.
3. Interest bearing Checking Bank Account
This account can be opened with a low balance, but to avoid monthly fees, you need to maintain a higher balance. E.g. u have a $100 dollar account, $10 will be deduction fee if you don’t keep it maintained up to $1500Interest is usually low and is paid on monthly basis.
4. Joint Checking Bank Account
This account can be owned by two or more people, usually sharing a household and expenses. The owners have equal access to the account. Book keeping is especially required for this account or in case of overdrawn account the owners will have to pay a huge.
5. Express Checking Bank Account
This account is popular with students and young people who are short of time for banking transactions, because this account is for those who prefer to carry on their banking matters with ATM, telephones or computers. This account requires low balance and unlimited withdrawal. There is no monthly fee for teller for two or more transactions but exceeding the limit might cost you a fee.
6. Lifeline Checking Bank Account
This account is for people with low income. This is a luxurious account which requires a low balance and minimum deposit. It has monthly fees between zeros to $6. The user can write a number of checks. In some states this account is required by law which also sets its terms and conditions.
7. Senior/student checking Bank Account
If you are a student or if your age is 55 or more, you can have the advantages of this account like free checks, cashiers and traveler’s checks, free automated teller machine use, better rates on loans and credit cards, or discounts on everything from travel to prescriptions.
8. Money market Checking Bank Account
This account is for people who want to save or invest and can afford to maintain its high balance to avoid fees. It pays more interest than usual in case you want higher earnings. This account allows you to write 3 to 5 checks every month.
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