Can a Bank Close Your Savings Account for No Reason?

When you establish a savings account, you enter into a contractual agreement with a financial institution. Your bank agrees to pay interest on your deposit and to provide you with banking services, and you agree to deposit money into the account and to pay fees if you overdraw the account or even if you fail to keep a minimum balance. As with many types of contract, either party can opt to end the relationship at any time and for any reason.

Can a Bank Refuse to Cash a Cashier's Check?

For ordinary banking customers, the cashier's check---a check drawn under a bank's authority from guaranteed funds---is usually considered as good as cash. Indeed, most banks by default give next-day availability to cashier's checks. However, under a very few circumstances, a bank may refuse to honor a cashier's check.

Accounting: The Natural Balance of Accounts

Generally accepted accounting principles, or GAAP, specify the natural balance of accounts and tell companies whether a specific account should have a credit or debit balance. Financial accounts run the gamut from assets and liabilities to equity items, revenues and expenses. The U.S. Securities and Exchange Commission identifies account balancing as a central feature of sound financial reporting.

Proof of Income & Direct Deposit

When purchasing on credit or filing a loan application, you will usually be requested to provide proof of income. In most cases, a paycheck stub is acceptable. However, in today's electronic-banking world, a paycheck stub may not be easily accessible when your check is direct-deposited. In most cases, any proof of income that a lender or seller can verify with a phone call will be acceptable if you cannot provide a check stub.

How to Learn About Opening Bank Accounts for Minor Children

In order for children to become adults that are financially literate, they typically need to be taught how to responsibly manage their money as they grow up. One of the most effective ways to teach a child about finances and stock away money for their future at the same time is to open a bank account for them. Many banks nowadays offer accounts just for minors, and there are several ways you can learn more about them.

How to Send Secure Money Online

In the boom of the electronic age, Internet users can send money securely online. Online banking and transfer businesses allow users to send and withdraw money online. These secure services pull money from your bank account or credit cards for deposit into your online accounts, allowing you to send and transfer money as needed. Some sites charge for purchases and business transactions.

What Is a Good Money Market or Online Account to Save Money?

A money market or savings account can be an excellent place to stash money for short-term use. Whether you need to build an emergency fund or save up for a major purchase, you want to make the most of the money you put aside. Getting a good interest rate can increase the value of your savings and help you accumulate the nest egg you need that much faster.

Steps for Opening a Bank Account

You can open a bank account at a local bank or online. First, research different accounts at traditional banks, credit unions, community banks and online sources. Assess account features and costs. Determine whether you want a checking or a savings account, what the differences are between free accounts and accounts with monthly fees, whether you have to have direct deposit to receive a free account, the type of overdraft protection that is available.

Online Savings Accounts That Don't Require Startup Funds

Online banking is a convenient way to establish savings accounts without the hassle visiting the bank. Many accounts are particularly attractive because they can be opened with little or no money and they often have a significantly higher APY than local banks. If you're looking for a high-yield online savings account but are short on cash, consider these accounts that can be opened for $1 or less.

Money Market Savings Account Benefits

A money market savings account is a type of interest-earning financial account that savers can set up with a lending institution such as a bank. A money market savings account is similar to a traditional savings account, but access to funds may be limited and accounts often require minimum deposits to open. Money market savings accounts offer several advantages to savers.