Checking accounts?

Question

I plan on getting a checking account when I turn 18. If I don't deposit money into my account every month, will I be charged with interest?

Answer 1

A checking account is a place to hold your money. It may gain interest or no interest. In most checking accounts, there is a minimum of what you need to have in there to avoid service fees. For example, a bank may say that you need a minimum of $50 in the account to avoid monthly fees. There's banks that has no minimum, so you can have zero dollars in there.

If you write a check out and there's no balance on your checking account, you will be charged an overdraft fee when the person or company you paid to deposits the check.

If a bank is making you deposit money every month, you should go to another bank to avoid all the hassle.

Answer 2

No, dear. Interest is what an account earns, with a large balance in there. Banks charge what they call service fees for account maintenance when the account balances are fairly low. And yes, they charge for each month that the account balance is under a certain dollar amount. This amount varies by bank, so you'd have to talk to a bank employee in order to find out what each bank's rules are.

Some banks offer what they call "free checking" accounts. Usually, there is some charge associated with these accounts, too, so it's worth taking the time to investigate different banks to see what their policies are.

I suggest you work with Mom or Dad to develop good banking habits, now. Have them set up a "pretend" bank account for you with a balance of .. oh, say $300. They can use a blank check register, or some notebook paper with columns, like a check register.

Then when you want to "buy" something, fill out a "check". Make copies of a check of theirs (but void it) and black out the routing and account numbers on there, putting in your name and address information. If you work it right, you can probably get about 3 checks per piece of paper.

Don't forget to "deposit" something from your "pay checks" .. say, about $100 each week, "take home pay".

Once per month, have them give you a "bank statement" to reconcile. After a few months of this, you'll be able to reconcile your bank statements on your own.

Then when the time comes, you'll be a pro at handling your bank account. Believe me, if more young people did this before using bank accounts, lots more people would be happy campers and wouldn't be writing hot checks.

Answer 3

You won't be charged interest , but you may be charged a fee if your balance falls below a certain point. Look for a bank that offers free checking with no minimum requirements, then you can stash $100 and not touch it again for a year if you want.

Answer 4

it depends on the bank u go 2

Answer 5

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Answer 6

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