The "People Power" Money Superbook Book 3 . Banks, Loans, Credit, Debt, Bankruptcy, Debit Cards / Tony Kelbrat
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Banks are in business to make money by lending money to consumers and business people. They are for-profit institutions. The banks loan money in return for the repayment of the principal plus interest over a set period of time.
Banking is highly regulated by both state and federal laws that apply to banking transactions.
There are generally four types of bank accounts:
Savings accounts
Checking accounts
Linking accounts
Joint accounts
With a savings account, you save your money, possibly get a low interest rate on it and can't write checks on it. some banks charge a fee for opening a savings account. You can get an ATM card which will permit you to take money out at ATM machines.
Some savings accounts offer a high-interest rate if you keep a minimum balance like $1000 or more.
A Certificate of deposit (CD) is not an account. You agree to put a specific amount of money away for a certain amount of time (three months or longer) for the highest interest rate around. If you withdraw your money before then, there will be a sizable penalty, more than likely most of the interest earned.
A checking account is an account that you can write checks on to pay your bills or for other things you buy. There is usually a monthly fee or it's free if you keep a minimum balance. Some of them offer a low interest rate for keeping your money there.
Anytime you write a check and you don't have the money in your checking account to cover it, the check will bounce and you will be charged $20 or more for doing this.
Some banks have a service called overdraft protection which means that if you write a check for which you don't have enough money to cover in your account, if it's a reasonable amount, the bank will let vthe check clear and charge you what they lent you plus interest and a fee for doing this for you, the bounced check fee.
A linking account is an account that combines a savings and checking account. You earn interest on the money in the savings account but don't earn any interest on the money in your checking account. You shift your money between these accounts when and as you need it. the reasoning is that you keep it in the savings account to collect interest when you don't need it then transfer it to the checking account when you need to write checks.
A Joint account is an account you open with your spouse, a business partner, friend or other relative. Both people have equal signing rights to the money. Either of you can deposit or withdraw money without needing the signature of the other account holder.
Now you can buy Books online in USA,UK, India and more than 100 countries.
*Terms and Conditions apply
Disclaimer: All product data on this page belongs to
.
No guarantees are made as to accuracy of prices and information.
Banking is highly regulated by both state and federal laws that apply to banking transactions.
There are generally four types of bank accounts:
Savings accounts
Checking accounts
Linking accounts
Joint accounts
With a savings account, you save your money, possibly get a low interest rate on it and can't write checks on it. some banks charge a fee for opening a savings account. You can get an ATM card which will permit you to take money out at ATM machines.
Some savings accounts offer a high-interest rate if you keep a minimum balance like $1000 or more.
A Certificate of deposit (CD) is not an account. You agree to put a specific amount of money away for a certain amount of time (three months or longer) for the highest interest rate around. If you withdraw your money before then, there will be a sizable penalty, more than likely most of the interest earned.
A checking account is an account that you can write checks on to pay your bills or for other things you buy. There is usually a monthly fee or it's free if you keep a minimum balance. Some of them offer a low interest rate for keeping your money there.
Anytime you write a check and you don't have the money in your checking account to cover it, the check will bounce and you will be charged $20 or more for doing this.
Some banks have a service called overdraft protection which means that if you write a check for which you don't have enough money to cover in your account, if it's a reasonable amount, the bank will let vthe check clear and charge you what they lent you plus interest and a fee for doing this for you, the bounced check fee.
A linking account is an account that combines a savings and checking account. You earn interest on the money in the savings account but don't earn any interest on the money in your checking account. You shift your money between these accounts when and as you need it. the reasoning is that you keep it in the savings account to collect interest when you don't need it then transfer it to the checking account when you need to write checks.
A Joint account is an account you open with your spouse, a business partner, friend or other relative. Both people have equal signing rights to the money. Either of you can deposit or withdraw money without needing the signature of the other account holder.
Now you can buy Books online in USA,UK, India and more than 100 countries.
*Terms and Conditions apply
Disclaimer: All product data on this page belongs to
.No guarantees are made as to accuracy of prices and information.
