5 Things You Must Know About Accounts Checking

Introduction

Checking accounts are something that everyone should have. Checking accounts make paying bills and making purchases easier. Without checking accounts one would have to buy money orders to mail out for paying bills. Checking accounts are suitable for both personal and business use.

History

Checking accounts come with the option of receiving and using a debit card. A debit card will have either the Visa or Mastercard logo on them. These cards can be used to pay bills or make purchases. However, unlike credit cards, debit cards attached to checking accounts, pay for your purchases immediately. The money must be in the account to make the purchase. If it is not, you will overdraft your account. Over-drafting can and often does cause problems with checking accounts. You will have insufficient fund fees that can really add up. You will also run the risk of checks or payments made on your debit card  not being honored. It is important to keep excellent records when using checking accounts to prevent spending more than you have.

For those without a credit or debit care, checking accounts will still enable you to make purchases. Even purchases over the telephone can often be done using a checking account. You simply call in to place an order and say that you wish to pay by check. You will then be asked for information such as the name of your bank and your routing and account number.

Your routing and account numbers are on the bottom of each check. Your routing number is the nine digit number on the bottom. The other number is your account number.

One thing to be aware of when using checking accounts to order over the phone is that the entire amount will be taking out at one time. With credit or debit cards, some commercials state that items can be paid for in three payments. This is not the  case when paying by check.

Features

When you open checking accounts, you should be sure that you understand all monthly fees that will be incurred. It is important to know this so that you can deduct these fees from your balance each month.

Also be sure you understand any insufficient fund charges that you will have to pay, should you not have enough money to cover your checks or debits.

When you open a checking account you will be able to order checks. Checks come in many styles and colors. You can find something to fit every personality. Your bank will show you a book with available checks. You do not have to buy your checks from your bank. There are many other places that offer checks. You will just have to know your routing and account number to order them. You can search online for companies that offer checks for sale. They are often less expensive than the ones that the bank offers.

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