Banking accounts, and especially checking accounts, are the backbone of most people’s finances. We usually deposit our paychecks into our checking accounts and then use that checking account to pay our bills, and to fund our savings and investment accounts. But like other modern financial accounts, particularly in the age of the Internet, our checking accounts are vulnerable to attack from thieves and vandals. If someone has your checking account number, plus some other personal information about you, then they might be able to access not only the funds in your checking account, but potentially the funds in your other...

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An important part of taking control of your financial health is recognizing the value of certain types of automatic payments and money transfers. For example, when you set up your checking account to automatically transfer a specific sum into your savings account each month, this “forced” savings habit keeps you progressing towards your goals. A foundation for these automatic transfers is direct deposit. With direct deposit, rather than receive a paper paycheck from your employer every pay period, your salary or wages are automatically transferred into whatever checking or savings accounts you specify. Setting up direct deposit is a straightforward...

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We’ve all read about the changes to the financial industry over the past few years. Perhaps we’ve even experienced some of these changes ourselves firsthand in the form of increased fees for common banking services, as well as new fees for common products. New and increased bank fees seem to be proliferating across just about every type of product. Even products that were commonly available for no charge just a few years ago are becoming harder to find these days without fees. Even the free checking account, which used to be a standard offering at nearly every bank, seems to...

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Recent controversies over new bank and debit card fees have many people wondering whether it’s time to move their accounts to a new bank. Many consumers have also begun to consider the possibility of joining a local credit union to conduct their banking business. Another option, and one which isn’t getting quite the same amount of press coverage, is to use an Internet only bank. Internet only banks are different from your local banks in that most do not have any physical locations whatsoever. Deposits are handled either through electronic transfer, or by sending deposits in via the mail. Withdrawals...

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For many people, organizing personal finances poses the biggest challenge in managing their lives. Sometimes it feels like there’s an overwhelming amount of documentation and other paperwork that needs to be managed, including budgets, accounts, receipts, and tax records. But putting a financial filing and organization system in place can help you reach your financial goals. The good news is that organizing your finances isn’t as difficult as you might think. It requires two things: a workable plan and actually taking steps to follow through on that plan. The easier your systems, the easier it is to follow through. Here's...

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Setting up your first checking account is a simple process. You simply fill out a form, deposit some money and wait for your checks and debit card to arrive. But you’ll most likely switch banks at some point in your life, and that’s where things can get complicated. When you switch checking accounts, it’s important to take the right steps to ensure that the transition is smooth. A mistake could leave you with overdraft charges, missed direct deposits and a number of other unnecessary headaches. Here’s some information and advice to guide you through switching bank accounts with as little drama...

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For decades the checking account has been the cornerstone of many personal financial plans. Many of us have our paychecks deposited directly into our checking accounts, and we use our accounts to pay our bills, move money into our savings accounts and fund our IRAs or other retirement plans. In recent years, a new checking account option – online checking – has matured to the point where it can be a viable alternative to the traditional way of accessing our checking accounts. Online checking accounts are offered by most local banks, as well as by a number of online-only banks....

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Prepaid bank cards look similar to traditional credit and debit cards. Since they carry the Visa or MasterCard logo prepaid cards are accepted as payment nearly everywhere traditional cards are accepted. In truth, however, prepaid bank cards are a special type of payment method. With a prepaid bank card, the cardholder deposits a certain amount of money with the card company, and can then make purchases using the card. Each purchase reduces the balance of their card account, so when their account balance is too low, the card will no longer work. In order to open an account, the cardholder...

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Your checking account is more than a place to store your money. With all of the different accounts and options in today’s banking world, most people give little thought to their checking accounts. With paper checks becoming practically obsolete, they’re just a place to hold our money until we withdraw it from the ATM or spend it with our debit cards. Right? Not really. While a checking account’s primary function is to store money until it’s needed, it can do so much more if you know how to use it. Here is some advice and tips to help you get...

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Did you know that the checking account dates all the way back to the early 1500s? It has come a long way since then, but it’s still based on the same idea: the bank holds the depositor’s money and distributes it on demand. Today’s banks are much more complex than they were back then, and so are checking accounts. They come with various features and fees, and are often combined with other types of accounts. A single bank may offer numerous types of checking accounts, and some individual banks offer features that can’t be found elsewhere. All of these options are...

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