Week 2 Discussion 2 FP101

Week 2 Discussion 2 FP101 - the penalty for going below...

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A checking account is used to manage your transaction needs. These accounts make it easier to deposit and pay bills. There are some questions that you should consider when opening a checking account. It is good to know if your checking account will collect interest. At what rate will my account gain interest? If your checking account were to gain interest you probably would have to keep a considerable amount of money in it. Do I have to keep a minimum balance in my account? Some banks require you to have a minimum balance in your account. If it does, a good question to ask is: “How much is the minimum, and what is
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Unformatted text preview: the penalty for going below that?” If you do not have direct deposit set up, some banks may require you to pay a monthly fee. How much is the monthly fee? Will I be able to access that account with a debit card? A lot of banks have an overdraft protection plan, this helps spend more than what you have in your account, and it is a good question to ask. They may be hiding some additional fees, so be sure to ask them if there are any other fees....
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