Rates Current as of Wednesday February 08, 2012

No, a checking account is not correlated to your credit score. The only reason why you have to give your social security # is to prove that you have no outstanding debt with any other banks and proof of identification.

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Banking & CD FAQs

How does the time horizon of my savings affect the interest rate?

Inflation is a major factor determining the level of interest rates. The longer the duration of the loan, the greater the risk that inflation can accelerate, reducing the purchasing power of the loan repayment. So, rates generally are higher on long-term loans than on short-term loans, because people who lend for longer periods

I opened a new checking account, but the bank will not let me withdraw my funds immediately. Can they do this?

The bank is following the rules established by the Expedited Funds Availability Act. When the bank is dealing with a new customer, it can hold onto the deposits longer. In this scenario, an account is considered new for the first 30 calendar days after it was created. The account would not be defined as new if

Is there a bank account available that will force me to save by allowing frequent deposits but restrict withdrawals to certain time periods?

The Christmas club account is one such account that you are describing. These savings accounts were designed by banks to allow deposits throughout most of the year and then the account can be withdrawn for holiday spending. Unfortunately, most bank instruments generally do not have features for unlimited deposits and very restrictive withdrawals.

I want to open a new account. What type of identification do I have to present to the bank?

Financial institutions are required by law to have a Customer Identification Program for the creation of new accounts. A new account may include, but is not limited to, a deposit account, an extension of credit, or the rental of a safe deposit box. The minimum information that a bank must obtain when opening

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