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dogboy_catgirl | What is the difference between a checkings and savings account? Someone please explain this to me! 10 points? |
ok, I have a Visa card from the credit union, which I can use at stores and they said it is connected to my checking account. But I also have a bank card which is connected to my savings account. They said if I use the Visa card and don't have any money in my checkings account they take money from the savings account, but they can only do that 5 times a month and then I will be assesed a fee of $28 each time I use it after the 5 times. But what is the difference between the two accounts? Like why don't people just keep money in a checking account instead of a savings account so that they could use a card if they wanted to? Is there a difference between the two accounts? Please explain. Thanks. |
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shutuppauface
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A checking account refers to an account you can draw (or write) checks on.
A savings account requires you to make a withdrawal (or transfer) to access the funds.
Debit cards can be attached to either type of account, and when you use it, the vendor's charge is automatically deducted from whichever account you have attached the card to.
A savings account is so you can SAVE money; that's the point. If you just want to make all of your money accessible, don't have a savings account, but when you run out of money there, you're broke.
It sounds like you have what's called Overdraft Protection, which covers you if you use your debit card or write checks when there's not enough money in your checking account to cover your purchases. Five per month is very generous, as most people don't overdraw often.
Sounds like you need to manage your money better, balance your checkbook and GET RID OF YOUR DEBIT CARD. It's too easy to lose track of how much you have and siphon your resources without you being on top of it. Use a regular credit card and write a cheque to Visa or whomever so you can keep better track.
PS Many, many banks offer interest on checking accounts. Don't listen to these people. |
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L.K. Duh
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In the old days, when people used paper-based financial documents to transfer money, the checking account served as the instrument for disbursing money. You could draw on it by writing a check. Back then, these accounts did not pay interest.
A savings account had no such document. You could not write checks against a savings account. Savings accounts paid interest.
Today, electronic fund transfer and online bill pay make the difference between checking and savings a passe concept. You'll still see different interest rates and incentives, though. Banks are very slow to change, and offer different interest rates for different accounts.
The 5-transfer limit is from a law created to fight corruption and money laundering. Drug lords would shuffle money among accounts electronically many many times, as a form of laundering it (or breaking the audit trail).
Why did you create a savings account? Why didn't you create only a single account? |
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just_my_02c_worth
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A savings account usually yields a much higher interest rate than a checking account. Most checking accounts pay zero interest while some pay a nominal interest rate, around 0.5%.
Checking accounts are used to pay bills using checks and make sense if you want to write checks. The purpose of a savings account should be just what it says, to save your money there and not really touch it until you need it for some unexpected expense or even don't touch it until retirement or whatnot and this is why most banks have a restrictions of 4 or 5 withdrawals per month in a savings account since savings account were not meant to be used constantly like a checking account.
The bank is paying you interest on the savings account so that you keep the money there and they usually use it to lend it to others for higher rates and it costs the bank money every time you make a withdrawal, so it does not make sense for them to pay you to keep your money in the bank if your continuous withdrawals cost them more than what they get back for loaning to people.
I hope this made sense.
have fun |
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Rigo
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A Checking account with a Debit card is an account that is meant for everyday use. This is the money you will use to pay your bills, and your daily purchases like food, gas, entertainment, etc.
A Savings account is meant to store money in the short term, withdrawing when you need it. It is not meant for daily access, but for more like saving for something you want, or a rainy day emergency fund.
What you're talking about sounds like "Overdraft protection". Some banks will offer that when you accidentally charge more money to your checking account that you have, it will pull money from the savings account to pay off the difference that you would have owed. Of course, you are not supposed to "use" this feature, you're supposed to avoid ever overcharging your accounts, but this is a "safeguard" to protect you from overdraft fees. |
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Rachel
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Typically you will earn interest on money deposited in a savings account, but not money in a checking account. So people try to put extra money in the savings account, where it will grow and earn interest. The rate is probably really low right now though, so it doesn't make much of a difference. |
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Just My Opinion :)
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checkings account is linked to your check book and credit card
savings account usually u must go to an atm to withdraw money from it.
i usually would put some money in checkings to pay bills and spend and i would have a limit
and the rest in my savings account so that i would remember to save it and not touch it (in case of emergencys ) because if i had it in checkings i would spend it all lol
its just easier for some people to help save whatevers in there savings :) hope i helped |
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Kathie R
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You're right....if you use your Visa debit card to make purchases, you should always have enough money in your checking account to cover those purchases.
The bank is using your savings account as "overdraft protection" for your checking account, which as long as you don't do it more than 5 times per month, saves you $28 every time your account is overdrawn.
It's a nice feature the bank is providing you in case that happens so you're not charged $28 everytime you're account becomes overdrawn. Those charges can mount up quickly.
As long as you keep a checkbook register, and keep it up to date, AND keep enough money in it to cover what you are purchasing, you shouldn't have to worry about them taking money out of your savings.
I recommend using Quickbooks to keep track of your checking and savings account. Reconciling your bank statment at the end of the month is SOOOOO easy with Quickbooks, and you'll always be able to find any errors you might have made. |
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Bridget H
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yes, people have savings accounts to save money. most people put bill and spending money in their checking accounts that way it helps not to touch what is in savings. |
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trw
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well a savings is to save money and u arent supposted to take money out it is to save money for something expensive u want. a checking is what your job usually puts your pay check into, but it is for anything you want to buy now and all your bills. |
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veggiejess!☮
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A checking account is what you pay for things from. When you write a check, use your debt card, or pay your bills it comes out of your checking account.
A savings account you deposit money in to save up. |
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cindyj2490
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Savings Account:
*
A savings account is similar to a checking account. The basic difference is that you cannot write checks.
*
You must also be 18 years old to open a checking account, but you can have a savings account at any age.
*
A savings account is where the bank keeps your money until you are ready to remove it.
*
…let’s open your savings account! |
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lalo_56
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With a savings account you get interest on it. There is an amount you must keep in order not to get charged. With a checking account you dont get interest on amount. |
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onandonandonanon
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This is a service your bank offers to keep you from having overdraft charges. It isn't something you are supposed to used all the time. You get interest on your savings account where most checking accounts do not pay interest. Yes you should use your checking account for everyday things and paying bills. Your savings is supposed to be saved and only used in an emergency or if you make a mistake on your checking! A savings account is more for long term use and a checking account for short term use. |
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villa n celtic til i die
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I take it ur from america with the $. I am from the uk. It might not be the same here as in america. But a savings will collect interest whereas a checkings wont. So if u left money lying in a savings ud get extra but in a savings u wouldnt. see how you where saying about if u use ur card more than 5 times then they charge u $28, well there trying to make that illegal here, just now if I spent money in a shop and had no money in bank I would get charged £38 but its actually illegal, there only allowed to charge what I spent and £2 more. banks are scammin F****ERS |
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wamo
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That is sort of what i didn't understand. I think what the banks are trying to do is get you to have as much money as possible in savings because that is how they make their money, they lend out the money that is in the savings accounts.
It's not like they go into your account and say, "hey this person has 300 lets lend 300 to someone else and charge them interest and put it back later" its similar to that but you never see the money missing in your account and will always be able to access it but the more money you have in there the more money the banks make.
Also, savings accounts are for savings!
They accumulate interest and I don't believe checking accounts do.
As for the 28.00 fee, they are doing you a favor for 5 times and will forgive you going over. but 5 times is the limit.
hope i have helped a little |
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