Facts About Checking Accounts

Having a checking account has become very common in our society and it has become very difficult to get by without one too

. There are somethings that you must know before you open such an account.

Fees: Banks can be thought of as generating their income from the interest which they charge their customers to borrow money but the service charges have been created to generate income from those accounts which are not generating enough interest revenue in order to cover the expenses of the bank. Whenever a bank account is not generating enough interest for the bank it makes up for the deficit by charging a service fee when the customer fails to maintain a given minimum balance, write too many checks or overdraw an account. You might even be able to get around these fees by talking to customer service and explain the situation to them and ask them to cancel them.

Overdraft: Whenever you make a purchase or write a check for more that you have in your checking account then your bank may cover the difference, which is called an overdraft. The banks may even charge you for each and every transaction which causes your account to use an overdraft.

Direct Deposits: A great facility provided by checking accounts is the direct deposit. It allows your employer to deposit the paycheck into your bank account electronically. This feature is much more appreciated by the bank as it guarantees a steady flow of income for it to lend to their customers and also that your account would not be dormant for the coming months. Some banks may even have to offer free special checking accounts for college students that would remain free until graduation to retain them as customers later.

EFT: If you are away from home and are in a financial predicament then waiting for a check to come in mail is not an option. Thanks to electronic funds transfer you can have your money directly transferred to your account. Since most of the banks no longer charge for an EFT it is one of the best choices when you run low on funds and it certainly beats personal loans.

If you are looking for a free checking account that can give you extra cash each month then kasasa checking account can be the right choice for you. Kasasa checking is a free checking account which pays you massive interest each month. All you need to do is to open the account and meet the monthly qualifications such as accessing online banking, using your debit card, receiving e-statements and completing electronic transactions. With a kasasa checking account you get paid in cash every month which makes it a highly desirable choice.

by: Aaron Bell

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