This term describes the movement of a check from a certain bank in which it was deposited back to the institution on which it was written. This also applies to the movement of the face amounts in the opposite direction. Also known as “clearing”, this usually results in a credit to the account at the bank where the deposit was made, while an equal debit also occurs to the account at the bank on which the check was drawn.
A study just released by the FDIC claims that “one-quarter of banks offer ’second chance’ accounts designed for individuals not qualified for conventional bank accounts.” What? Where are these “one-quarter” of banks at? Have you tried to find a good second chance bank account lately?
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If you don’t have a driver’s license and other US -issued identification, it is extremely hard to open a bank account in the U.S. We’ve always thought that the primary reason that banks don’t issue bank accounts to non-residents was due to Federal “know your customer” regulations. Apparently, that’s not the whole reason.
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Ever curious about what the little green dot on some prepaid debit cards means? Well the green dot is a trademark that is used to show that the Walmart prepaid debit cards are processed by a company called GreenDot. Learn about it GreenDot and what they do in this article.
Most people would assume that it is less expensive to bank with a “real” bank and use a “real” checking account. Here’s why that may not be the case.
Have you considered putting your money and paycheck into a prepaid debit card account, but worried whether your money is safe? It’s a reasonable concern (especially now, when we hear about the financial problems that banks are experiencing). The answer to your concern depends on a few things that are very easy for you to find out.
Here’s a question we receive all the time from folks who are considering prepaid debit cards:
Can I use my prepaid debit card to rent a car?
If you are a loyal reader of this site, you know we recommend that EVERYONE get a copy of their ChexSystems report. You need to know what is on your ChexSystems record, and the only way to find out is to order a copy of your official ChexSystems report. (We provide information on how to contact ChexSystems here).
We are big fans of prepaid debit cards. We’ve known (for a long time), that prepaid debit cards are perfect second chance bank accounts. We are starting to realize that prepaid debit cards can be also be a perfect first choice for your bank account. One of the biggest complaints that some people have about prepaid debit cards is that some can be difficult to “load” with new funds. Well, depositing money into your prepaid debit card account is getting even easier….
Have you heard the term “substitute check” used? Have you wondered what it means? Find out here (and also find out why you should care).
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