Category: Banking

ChexSystems is a database that 80 percent of banking institutions review before letting you open a checking account. This database is very similar to the three major credit bureaus  Experian, Equifax and Trans Union  except it lists account mishandlings such as overdrafts. If your name somehow ends up in this database, you may find it very difficult to [...]

Watch Out for Those Overdraft Charges Have you ever looked at your bank statement and felt like screaming at the top of your lungs? Do you feel like you are throwing money out the window? Maybe you purchased an item for $197.99 and you have $197.85 in your checking account. Congratulations, you have mastered the art of bouncing [...]

Banks across the country have adopted a tricky new type of overdraft plan with huge fees. It is called Courtesy Draft Protection. This new type of overdraft protection replaces the traditional overdraft protection. The traditional plan allows a consumer to prevent writing bad checks by drawing on a savings account, line of credit or credit card. Washington Mutual is [...]

Debit cards  also known as check cards, ATM cards, and express checking cards can be used to withdraw cash from your bank account via ATM and make purchases without using credit. They look similar to a credit card and work by taking the money directly out of your bank account. According to the American Bankers Association, ABA, in 2005, [...]