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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.

Ask a Financial Professional

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: General
Satisfied Customers: 2149
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
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2 Financial Professionals are Online Now

How JustAnswer Works:

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Financial Professionals are online & ready to help you now

Rakhi Vasavada
Financial and Legal Consultant
Satisfied Customers: 2073
Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Manal Elkhoshkhany
Tutor
Satisfied Customers: 1890
More than 5000 online tutoring sessions.
Megan C
Certified Public Accountant (CPA)
Satisfied Customers: 1755
Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level

Recent Checking Account Questions

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  • Hello, I am so frustrated right now. I reside in Moreno Valley,

    Hello, I am so frustrated right now. I reside in Moreno Valley, CA and I primarily bank with Wells Fargo. I recently got injured at work and am on disability leave. My company's claims management company is in the process of reviewing my claim and hasn't issued a payment for 4 weeks.
    As a result of that my checking account was overdrawn -$425 due to this months loan and car payments. I had $900 in my savings account, from which I withdrew $300 last week. Leaving me with $600 in the savings account. Just tonight, I received a notification from "Check", which is the app I use to monitor my finances, that my checking account was no longer overdrawn and that my savings only had $175 available.
    Wells Fargo didn't attempt to contact via phone, email, anything. They just took the money from my savings account and applied it to the overdrawn balance on my checking account which had over $105 in overdraft fees. I do not have Overdraft Protection, so my savings account (though with the same institution), isn't linked to my checking account.
    I won't be receiving a decision from claims management for another 2 weeks, and I'm left with only $175 until then. Can Wells Fargo take money that easily from my savings account? I called Customer Service and they said they didn't know what to do and that it was a "rare" case. They said they didn't have the authority to transfer funds back into accounts, and that I should call the Overdraft Department. The OD dept. opens in 3 hours and I'd like to know what my options are before I speak with them. I LITERALLY FEEL AS THOUGH I'VE BEEN ROBBED! I should have withdrew the funds in my savings account, but I trusted them with it because I've banked with them for over 8 years! They've literally left me penniless and stolen money I had saved for a rainy day just like this.
    Please help me. Thank you in advance...
    -A.K.
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    Hello, if handyman works as self-employed with ssn and has city occupational license, may he works with subcontractors?
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