128k views
2 votes
You’ve decided to open a checking account. You know there are a number of differences with individual banking institutions. Name at least 3 good questions to ask to get started, and explain why knowing this information is helpful. Use complete sentences.

1 Answer

2 votes

Answer:

1. Can I use the Atm for free?

2. What happens if I withdraw more money than I have in my account?

3. Does my account pay me intrest?

Explanation:

1.ATMs allow you to withdraw money from your checking account without visiting a bank branch. But some withdrawals could cost you. Many banks charge you to use machines operated by other banks or third parties, and those fees can add up quickly.

2. Withdrawing more than your account contains is called an overdraft. Bank overdraft services generally allow your transaction to go through, but you will be charged a fee. Some banks prevent you from overdrafting when swiping your debit card and may let you request that all transactions are declined when your account doesn’t contain enough funds.

3. Generally, if checking accounts pay interest, the rate is very low. High-yield checking accounts offer higher interest but typically require higher balances. Savings accounts offer higher rates, but because the accounts are intended for saving, they’re subject to different rules

User Aniket Awati
by
4.5k points