Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert, Get an Answer ASAP!

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.

Please type your question in the field below

3 verified Financial Professionals are online now

Financial Professionals on JustAnswer are verified through an extensive 8-step process including screening of licenses, certifications, education and/or employment. Learn more

Rakhi Vasavada

Financial and Legal Consultant

Bachelor's Degree

2608 positive reviews
Megan C

Certified Public Accountant (CPA)

Master's Degree

2221 positive reviews
1920 positive reviews
See all Financial Professionals
JustAnswer in the news:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
Web sites like
...leave nothing to chance.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.