Bank accounts come with rules that are easy to overlook until they matter. These guides explain them in plain English.
10 guides about “Banking Rules”.
When an FDIC-insured bank fails, insured deposits are usually available within one or two business days, often at the acquiring bank. Money above the limit becomes a claim on the failed bank's assets.
Some big banks still charge about $35 per overdraft, while others charge nothing. You can refuse overdraft coverage for debit cards and ATMs, link savings, set alerts or switch to a no-overdraft-fee account.
If a bank denied you a checking account because of past overdrafts or closed accounts, a second-chance account lets you bank again. Here is how they work and how to clean up your record.
Credit unions are member-owned and often pay more on savings and charge less on loans; banks usually offer more branches, technology and products. Here is how to choose.
A checking account is for spending and a savings account is for keeping money you do not need yet. Here is how they differ in interest, access and fees, and how much to keep in each.
A child's savings can sit in a joint account with a parent or in a custodial UTMA/UGMA account that legally belongs to the child. The choice affects control, taxes and financial aid. Here is how they compare.
Banks must turn over accounts with no owner activity, typically after three to five years, to the state. The money is not lost: states hold it with no deadline to claim. Here is how to search for free and prevent it.
Naming a payable-on-death beneficiary lets your savings pass directly to the people you choose, without probate. It can also raise FDIC coverage to $1.25 million per owner. Here is how it works and what to watch.
The Federal Reserve removed the federal six-per-month limit on savings withdrawals in April 2020. Banks may still keep their own limits and fees, so check your account agreement. Here is what still applies.
FDIC insurance covers $250,000 per depositor, per bank, per ownership category. Using joint accounts, beneficiaries and retirement accounts, a couple can insure several million dollars at a single bank.
