Term | Definition |
When you open a bank account, you are responsible for | Tracking your balance - An overdraft habit can cost you a lot more than fees. The bank can close your account or report you to banking credit bureaus. And if you intentionally write a check without the money to cover it, you can be charged with check frau |
When you open a bank account, you are responsible for (continued) | Checking your account regularly - The bank doesn't have to help you wait more than 60 days to report potential errors and suspicious transactions. |
When you open a bank account, you are responsible for (continued) | Safeguard your account info., debit card, checks, and PIN. Any legal protections become null and void if something happens after sharing these pieces of information with someone. |
When you open a bank account, you are responsible for (continued) | Ensure that checks you deposit won't bounce once a check enters your system and is linked to your account. The amount becomes your responsibility. |
When you open a bank account, you are responsible for (continued) | If the check doesn't clear, you-not the bank- must deal with the check write to collect what is owed to you. The bank will charge you a fee if the check bounces. |
By law, you have certain rights regarding your account. The bank must | Provide your money "on demand." This is aside from the holds they're allowed to impose on deposits. Give written notice of changes. They must send a notice warning you about upcoming changes to fee schedules or account terms. |
By law, you have certain rights regarding your account. The bank must (continued) | Investigate and resolve errors and unauthorized transactions as long as you report them within 60 days. |
By law, you have certain rights regarding your account. The bank must (continued) | Provide detailed monthly statements. You can choose to recieve statements by mail or electronically. |
By law, you have certain rights regarding your account. The bank must (continued) | Automatically provide federal insurance coverage of at least $250,000 for deposits in checking, savings, and $ market accounts at a bank insured by the Federal Deposit Insurance Corporation (FDIC). |
By law, you have certain rights regarding your account. The bank must (continued) | Also insured by the National Credit Union Association (NCUA). |