Rates Current as of Friday February 10, 2012

National banks can either return the check unpaid or advance sufficient funds to your account to pay the check or debit item. In either case, your bank can assess an insufficient funds fee against your account.

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Banking & CD FAQs

How long can the bank place a hold on government checks (e.g., social security and treasury checks)?

Generally, a national bank will make funds deposited into an account by a government check available for withdrawal not later than the business day after the banking day on which the funds are deposited into an account held by the payee of the check and in person to an employee of the bank.

Can the bank require me to provide my Social Security number?

Yes. A national bank is required to obtain an identification number for several kinds of transactions: when opening a new account, when making monetary (deposit and loan) transactions such as deposits and loans and when reporting the interest earned on deposit accounts to the IRS. For a U.S. citizen, a taxpayer identification

Can someone increase their FDIC covered CDs by holding accounts at different banks?

Yes, FDIC insures each account holders deposits separately from any deposits at another FDIC insured bank. If the bank is a branch or an internet division of the same banking institution, the accounts are considered insured at the one bank and the deposits are not insured separately.

Is there a limit to the interest rate a bank can charge?

The rate of interest national banks may charge on credit cards and other types of loan accounts is not determined by Federal banking laws and regulations. The maximum interest rate is set by State law in the State where the bank is headquartered. Moreover, national banks can export the interest rates of that

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Why does a bank pay a check or debit transaction when the account is overdrawn?

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