FAQ

 Are there typically fees for writing checks?
 Can I Earn Interest on a Checking Account Balance?
 How does Bankfee Insider find bank fee information?
 How often do you update your information?
 What are Senior and Student Checking Accounts?
 What banks and credit unions do you cover?
 What does Overdrawn mean?
 What is a CD?
 What is a Checking Account?
 What is a Lowest Daily Balance?
 What is a Savings Account?
 What is a Surcharge-Free ATM Network?
 What is an Internet Bank, Virtual Bank or Branchless Bank?
 What is Automated Telephone Banking?
 What is Direct Deposit?
 What is Electronic Banking?
 What is Mobile Banking?
 What is Online Bill Pay Service?
 What is Overdraft Protection?

 Are there typically fees for writing checks?

In addition to the cost of the checks themselves, some banks offer checking accounts with monthly limits on the number of checks one can write. They usually charge a per-check fee after the limit is reached.    Often times checks are offered free or at discounted price as an incentive to open a new checking account.  Other times, banks may provide free checks to customers who maintain a high balance.

 Can I Earn Interest on a Checking Account Balance?

Yes, some Banks and Credit Unions provide Checking Accounts which allow you to earn interest on the balance of your account.

 How does Bankfee Insider find bank fee information?

Our team of experts at BankFee Insider conducts research on US Banks & Credit Unions sourced directly from the FDIC and NCUSIF.

 How often do you update your information?

Information available within the BankFeeInsiider.com database is updated and reviewed on an ongoing basis.  Each month, our team of financial experts manually research and audit the details provided by

6,000 plus banks and credit unions to ensure the details provided to you are accurate and up to date.

 What are Senior and Student Checking Accounts?

Many banks offer special checking accounts for senior citizens and students. This usually starts at age 50 for some banks while others are 60 and even 65. For a student checking account, some banks require you to be 16 years old, yet others you must be 18. Some banks put an age cap of 23 on student accounts and of course, to qualify for a student account, you must register as a part- or full-time student.

 What banks and credit unions do you cover?

Any bank that is insured by the FDIC and any credit union that is insured by the NCUSIF are reviewed and covered within BankfeeInsider research process.   This currently includes over 6,000 financial institutions within the U.S.

 What does Overdrawn mean?

Overdrawn is what occurs when you do not have the money in your account to cover the charges from a check or debit card transaction.

 What is a CD?

A CD or Certificate of Deposit is a savings certificate which entitles the owner to receive interest. A CD bears a maturity date, a specified fixed interest rate and can be issued in any denomination. CDs are generally issued by banks and are insured by the FDIC. The term of a CD generally ranges from one month to five years.

 What is a Checking Account?

A checking account is a banking account which allows one to deposit money into an account held at a financial; institution that allows withdrawals on demand.  A checking account allows for numerous withdrawals and unlimited deposits.

 What is a Lowest Daily Balance?

Banks often require a minimum balance be maintained to avoid monthly service charges.  The Lowest Daily Balance is the average amount within your account on any given day within a month’s time.

 What is a Savings Account?

A savings account is a bank account that allows consumers to deposit excess funds into a secure location and gain interest on the money held by the financial institution.  Savings accounts are usually easily accessible, however most banks charge for withdrawing money.

 What is a Surcharge-Free ATM Network?

Many institutions and retail locations with ATMs impose a surcharge fee of $1 to $3 when you withdraw cash. However, most banks do not charge their own customers a fee for using their ATMs. Some small banks and credit unions have increased the number of free ATMs available to their customers by joining selective-surcharge alliances. Alliance members agree not to surcharge each other's customers.

 What is an Internet Bank, Virtual Bank or Branchless Bank?

A bank that will allow its customers to deposit funds in an account on the internet that does not have a physical location or personnel is an Internet Bank. These Virtual and Branchless banks offer the same services as a regular bank and must follow the same federal guidelines. While they do not have the overhead of buildings and personnel, they are able to offer better deals on loans and higher returns on savings.

 What is Automated Telephone Banking?

This is an automated telephone service that lets you check account balances, make payments or transfer money between accounts 24-7.

 What is Direct Deposit?

A direct deposit is a deposit of money straight from the source into a bank account, by electronic funds transfer.   This is often an option provided by employers. Many banks waive monthly service fees for customers who receive direct deposits.

 What is Electronic Banking?

This feature enables customers to set-up email alerts through the bank's online website based on certain conditions -- like a low-balance, deposits, transfers & payments.

 What is Mobile Banking?

Many banks and credit unions today now offer the ability to initiate and complete financial transactions through a mobile device.  This may include a mobile phone or tablet and typically supports viewing account balances, depositing checks, paying bills and even transferring money between accounts.
 

 What is Online Bill Pay Service?

Online Bill Pay Service is the service which enables you to pay your bills directly through the bank’s online website. 

 What is Overdraft Protection?

Overdraft Protection is the service which helps save you the embarrassment and costly consequence resulting from bouncing a check. In the event your checking account balance falls below $0, the bank automatically transfers funds from a linked account.  The linked account may be a savings, credit card, or other dedicated line of credit established to cover the payment prior to the funds being insufficient.

 

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