FEES
What are overdraft fees?
A fee for going over the balance in your account (no money)
Can you direct deposit with a checking account?
Yes
What is a joint account?
2 or more people own the account, each owner has full access to all funds
What does ACH stand for?
Automated cleaning house
When should you pay overdraft fees?
Immediately
How do you cancel overdraft protection?
Close/cancel the account
Can you set up a PTP app to your account?
Yes
What is a business account?
You cannot use the funds for personal purposes, the business is listed as the owner of the account
What does "overdrawn" mean?
When an account has a negative balance
When can the bank disclose your banking information?
Only when necessary for transactions, any investigation, or with written permission
What happens when your account has overdraft protection?
You acquire overdraft fees
Do checking accounts have high interest?
No
What is a guardianship account?
Money put into an account that is to be given to someone else, usually a child or family member. Adult has ownership over funds until the child is of age
How many numbers are in a pin?
4
How long do you have to notify the bank that there are errors or forgery in your account?
30 days
What is a savings withdrawal fee?
A fee if you withdrawal over 6 times from your savings account
What types of payments can you use with a checking account?
Debit cards and checks
Who is liable is a joint account becomes overdrawn?
All owners in the joint account are liable regardless of who caused it
Any check, ACH, Fund transfer, online banking transaction is....?
An item
What does it mean when a CD requires a certain term?
The term is the number of days, months, or years you agree to leave money in the account
What is a fee?
Money the bank charges you for maintenance or punishment for overdraft
Is a checking account a personal or joint account?
Can be either depending on what you set it up to be
Who in the business is listed as the owner of a business account?
The company/business
What does PTP stand for?
Person to person payment
How long do you have to legally file a lawsuit against the bank?
2 years