Rates Current as of Thursday September 02, 2010

Demand Deposit

A deposit that can be withdrawn at any time without advance notice. The most common type is the checking account. Bank demand deposit drafts or checks are considered negotiable instruments as defined by the Uniform Commercial Code.

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I am concerned about banking online or even over the phone, if I bank by telephone or the internet, are my legal protections the same as when I bank in person?

Yes. The basic FDIC insurance amount applies to each separately chartered bank or savings association whether or not they internet based or not. In addition, you’re protected by the Electronic Fund Transfer Act, which governs consumer rights involving errors in the handling of electronic deposits, payments or withdrawals, and limits on consumer liability

If the account has a standard POD or pay on death beneficiary assignment, the beneficiary has no liability for bounced checks. The designation of the beneficiary isn’t final until the death of the owner. A beneficiary has no ownership interest in the account until the owner dies. Therefore, the beneficiary isn’t responsible for an overdraft in the account.

My son has a small savings account that was opened a few years ago. When I recently checked the balance it was close to zero. It appears the bank has been assessing fees on the balance bringing it to almost nothing. Can they do that on his account?

What is the difference between a personal check and a cashier’s check?

Cashier’s checks or Money Orders are certified checks because you must have cash to purchase these negotiable items, and these items are often insured by the issuing bank. Personal checks are not certified funds.

My bank is charging high maintenance fees on my checking account. Is this legal?

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