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Checking Account Questions

What is a checking account?

A checking account is a type of account that is at a financial institution that allows the person to withdrawal and deposit money. The money that is held in a checking account is considered to be very liquid. A checking account is different than other accounts due to the fact that with a checking account the person can make multiple withdrawals and deposits. Read below where Experts have answered questions pertaining to checking accounts.

Can a bank close someone's checking account and check to the person?

Case Details: Non US citizen. Checking account is at a well known bank.

In more recent years the banks have adopted a policy to Know Your Client Norms. With this the banks have gotten stricter with their policies regarding people being able to provide a US mailing address as well as citizenship. The person would need t get a hold of the bank and ask them what the documents would be for non-citizen accounts and they may be able to get that type of account.

What can you do to take care of an overdrawn checking account?

There are generally a lot of issues with people overdrawing a bank account. The person needs to try and talk to the bank manager and see if the bank manager will set the person up on a payment plan to repay the overdraft over a period of time. If the manager will not work with the person, then he/she would need to advise the bank to close the account as soon as possible so that the person can pay on the balance.

What can a person do if a bank overdrafts a child's checking account and then takes the funds out of the parents account? 

Case Details: The parent's account is not connected to the child's account

The parents would need to write a certified letter to the bank and make sure that they understand the situation. The parents would also want to demand that the bank prove why the money was dealt out the way that it was and why the bank would take money from the parent's account to pay a debt on the child's account. If this does not work, then the person can try and use an attorney to get the answers that they need.

Is the ownership of a joint checking account always equal?

Case Details: The joint checking account is with a spouse. One spouse deposits more than the other. 

If one person deposits more than the other then the ownership would be based on what percentage that each person contributes. If one person pays in 60% and the other 40%, then the ownership would be 60/40. The bank will only issue one 1099 for taxes on any interest that the checking account makes, but then the main owner of the account would prepare another 1099 for the joint owner.

Checking account makes it easy for a person to pay bills. When a person is thinking that they would like to open a checking account or they already have a checking account, then they may have concerns about the checking account like what is a checking account, how a checking account works, laws regarding checking accounts and many other concerns regarding checking accounts. When these concerns arise, then the person would need to consult an Expert.

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Recent Checking Account Questions

  • I am a TV editor. I started an S-Corp in March in which I am

    I am a TV editor. I started an S-Corp in March in which I am the sole employee. I get checks weekly. My CPA said I should take estimated taxes out of my paycheck and deposit the rest into my checking account. I checked in with her this week and she said I should start paying myself through a W-2. I asked why, and she didn't respond. I haven't filed any quarterly earnings with the government. So I'm wondering why I need to start with a W-2 now, and how much should I be putting down for my salary. Say I put my salary as 3/4 of the check. What about the other 1/4? Am I free to deposit that into my checking account, or does that need to sit?
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    I am starting a fundraiser to help raise money for my Moms funeral. Can you give me a couple of options of which bank I can open a checking account for any checks received. I am looking for an account with zero monthly fees and a very low minimum balance requirement. E.g a couple hundred dollars.
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