Bank Account Fees and Features
Charge for spending more money than available in the account
Overdraft Fee
Emergency funds should have _____ to ______ months' worth of regular life expenses.
3 to 6 months
Repayment plan for debts over 3-5 years, saving assets such as a car or house. The participant MUST have wages for this type of bankruptcy.
Chapter 13 Bankruptcy
Low- to moderate-income individuals and families with earned income maybe eligible for this credit. The specific amount of the tax credit is based on a recipient’s income, marital status, and number of children.
Earned Income Tax Credit
Service that allows customers to conduct banking activities on the Internet such as; funds transfer or account review. Most banks with physical branch locations offer some products through online banking. Other banks are online-only, without physical branch locations, and offer all traditional services online.
Online Banking
A type of savings account created for unpredictable emergencies such as; medical bills or replacing home appliances.
Emergency Funds Account
Liquidation process to repay debts to creditors through asset sale. Also called "Liquidation Bankruptcy".
Chapter 7 Bankruptcy
Clients who are in a post-secondary educational program, or who are supporting children in a post-secondary program, may qualify for an educational credit.
Educational Tax Credit
Allows clients to utilize banking services with mobile technology. Services often offered in mobile banking include a view of up-to-date transactions, fund transfers, or remote check deposits.
Mobile Banking
A type of saving plan that should be used on large purchases or periodic expenses that you can plan on.
Large Purchase Account
Professional assistance in organizing and repaying debts.
Debt Management
Those who are working, or are actively looking for work, may be eligible for this credit if they are paying a service to take care of a dependent (child or adult). Also, a client may claim additional tax credits for any qualifying child under the age of 17.
Child and Dependent Care Tax Credit
Fee charged to stop payment on a check before the check is cashed.
Stop Payment Fee
A type of account from which money can be retrieved quickly without taxes or penalties.
Liquid Account
Evaluation by an attorney of income and assets to determine debt repayment ability. This test is required for Chapter 7.
Means Test
Notification to credit agencies of potential identity theft
Fraud Alert
Fee charged if a consumer exceeds an allotted number of ATM transactions or writes more than the allotted number of checks in a month.
ATM Transactions Limit/Check-Writing Limit Fee
Medical Bills and Home Appliance Repairs are considered ____________ and savings for such should be placed in an ___________ funds account.
Unpredictable
Emergency
Adjustments to household budget, Loan Modification, Debt Management, and Negotiate with lenders.
Four Alternatives to Bankruptcy
Formal letter to credit bureaus challenging inaccurate credit entries
Credit Report Dispute Letter