Week 2 Discussion 1 FP101

Week 2 Discussion 1 FP101 - I have many years of experience...

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Checking and savings accounts are two cash management products that financial institutions provide. A checking account holds your funds, and it allows you to easily manage your finances. Some banks may require you to set up direct deposit with your employer, or to keep a set amount of money in your account. Savings accounts allow you to deposit money into a separate account that you can gain interest on. These accounts do require you to keep a certain amount of money in them. A lot of interest-earning savings accounts have monthly service charges and or other fees that make it hard to gain interest on.
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Unformatted text preview: I have many years of experience with these products. I currently have a checking and savings account that I make bi-weekly deposits on. I am not charged for either account because I have direct deposit set up to my checking, and I have an automatic transfer set up for fifteen dollars that goes into my savings. I have learned that it is a smart financial plan to have an overdraft protection plan. If you spend more than what you have in your checking account it will transfer money from your savings to your checking, so that you do not get charged any fees....
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