What is a Checking Account?

What is a checking account? This may seem like a silly question to most people, on par with asking the definition of a bank. But a checking account can mean different things for different people and specifics can also vary greatly from bank to bank. Keep reading to find out the details of how it…

What is a Savings Account?

Instead of keeping all of your money in an easily accessed checking account where you’re more apt to spend it, it’s smart to spread some of the excess into a savings account. There are a few restrictions, but you have the chance to earn interest on the money within the account. That’s why it’s better…

What is a Wire Transfer?

They don’t advertise like they used to, but you may remember commercials from your younger days from Western Union. The stranded youth calling home for some cash, while outside it’s pouring down rain upon a curbed Toyota. The young person gets the cash from his parents to pay a mechanic through a wire transfer provided…

5 Best Ways to Avoid ATM Fees

The best way to stick to any budget is to prepare for emergencies in advance. You might have an extra savings fund set aside or keep meals in the freezer to avoid pricey take out on late nights. Your Plan B can save you money in places where you might ordinarily leak funds, making it…

What is an ACH Transfer?

There are a lot of options available for sending and receiving money these days. Long gone are the days of mailing cash or even checks to take care of our everyday expenses. After all, when is the last time you mailed a birthday card with actual bills in it? Alternatively, one of the most common…

No ChexSystems and Second Chance Banks

If you’re someone who has had issues with your checking account in the past, then you know that it can be difficult to find a new bank to take you on as a customer. From too many instances of insufficient funds to excessive overdrafting, there are many reasons why you may have been banned from…

ChexSystems – Credit System For Checking Accounts

What is ChexSystems? ChexSystems works for banks and credit unions much like the credit bureaus: Equifax, Experian, and TransUnion. ChexSystems helps banks decide whether or not to open a checking account for a new customer. However, there are some differences in the way they maintain and report data. ChexSystems does not make any decisions regarding…

What is a Certificate of Deposit (CD)?

When you first start saving money consistently, you probably just transfer the funds into a savings account linked to your checking account. But as that amount grows, it’s time to start thinking about a more robust savings strategy. A traditional savings account provides the least amount of interest possible. While there are certainly advantages to…

4 Steps to Get Out of ChexSystems

If you’ve been denied a checking or savings account at a bank, it is likely due to a negative listing on ChexSystems. ChexSystems is a network made up of financial institutions that keep track of individuals who have imperfect banking records. Items such as excessive overdrafts, insufficient funds (NSF), or accounts closed with money still…

Best High-Interest Savings Accounts Online for 2017

Saving money is great, but earning interest on that cash is even better. While historically low interest rates are great when you need a loan, they don’t help much when you want to put your money to work. Thankfully, there are several savings accounts currently available that offer high-interest yields. They vary in terms of…