Some banks pay a small amount of interest on these accounts as an incentive to keep your money there. Many savings accounts have restrictions on how many withdrawals you can make, typically under six per month. It’s great to get your paycheck deposited here to give you immediate flexibility with your money. You can deposit, spend and withdraw money at any time. These accounts are deposit accounts that do not have restrictions on accessing your money. Not all bank accounts are the same but here is a basic guide:Ĭhecking Accounts. By using your bank account and routing numbers, your employer can deliver your paycheck directly to your account. A direct deposit is a common way to receive your paycheck. In most cases it may stay pending, meaning it’s not available to spend or withdraw, for a few business days.ĭirect Deposit. When you deposit a check, your bank has to request the money from another bank. That means you can spend, move or withdraw that money at any time.Ĭheck Deposit. When you deposit cash at a bank location or ATM, that money is typically available right away without restrictions. It’s important to make sure the accounts where you make deposits are FDIC insured, which means that your money is insured by the government and will be safe even if your bank goes out of business.Ĭash Deposit. There are many ways to make a deposit including cash, checks and bank transfers (like direct deposits). When you make a deposit, your money is held on your behalf by the bank. A deposit is a term used to describe the act of adding money to a bank account.
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