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Yahoo
19 hours ago
- Business
- Yahoo
What is a checking account?
Checking accounts are commonly used for paying bills, writing checks, making debit card purchases and ATM cash withdrawals. A checking account can also serve as a place to receive your payroll direct deposit as well as to send money digitally to friends and family. Checking accounts are often covered by federal deposit insurance. Most checking accounts don't bear interest. A checking account is a bank account that's designed to be the hub of your financial life, making it easy to deposit money into these accounts and withdraw funds, as needed. Even though it's possible you don't write out checks often these days, a checking account still has many uses. A checking account can help you manage your money. Here are some common uses for a checking account: Bill payment (online, automatic or by check) Check writing Debit card transactions Electronic funds transfer to savings or investment accounts Payroll direct deposit Withdrawing cash at an ATM Sending wire transfers and person-to-person payments (e.g. Zelle and Venmo) Having money debited for a cashier's check or a money order Unlike savings accounts, checking accounts don't limit the number of transactions you can make or charge fees for excessive transactions. This makes checking accounts a good place for money you plan to use in the near future, such as for paying bills or making debit card transactions. Checking accounts have features that can help you manage daily transactions. Here are a few common features you'll typically find: Debit card access. A checking account provides a debit card linked to the account. This makes electronic purchases and ATM withdrawals possible. Online and mobile banking. Many bank accounts allow account management through the internet or mobile apps. This way, customers can check balances, transfer money, pay bills, and deposit checks. Overdraft protection. Overdraft protection helps bridge the gap by covering transactions that exceed the account balance. This isn't an automatic service, you have to opt in to this program because you might be on the hook for a fee if you do overdraft. Many banks allow you to link to another account to transfer funds to cover an overdraft transaction (and some banks have eliminated or reduced overdraft fees). Direct deposit. The direct deposit feature allows account holders to electronically deposit income directly into the checking account. Some financial institutions allow early access to funds through direct deposit. Check writing. Although checks aren't as popular as they used to be, many checking accounts still offer the ability to write physical checks. Some checking accounts are checkless, meaning that they .omit the ability for consumers to write checks against such an account. If you're planning to write checks with your new checking account, make sure it has check-writing privileges. Bankrate's take: Checkless checking accounts This type of checking account is a good option for minors, those who've been rejected for a traditional checking account or for someone looking to open an additional transaction account to be used for debit card transactions or other electronic payment types. Learn more about checkless checking and how it works. Checking accounts keep your money safe and accessible, and they make it easy to automate your money management. Using a checking account debit card for purchases can be safer than carrying around large amounts of cash, which can help protect your money should your wallet become lost or stolen. Consider using a credit card instead of a debit card because credit cards offer more protection. For example, if you lose your credit card and report the loss after an unauthorized person uses it, the maximum it might cost you is $50. But with a debit card, the amount it will cost you depends on how quickly you report the incident, according to the FTC. If your checking account is with a federally insured bank or credit union, your money is safe, even if your insured financial institution fails, as long as your balance is within the established limits and guidelines. Through the Federal Deposit Insurance (FDIC) or National Credit Union Share Insurance Fund (NCUSIF), funds are insured for up to $250,000 per depositor/share owner, per insured financial institution, per ownership category. A checking account makes it easy to access your money using a debit or ATM card, checks and online payment features. It can be used for everything from retail purchases to rent or mortgage payment to automated bill payments. If you need to pay your friends or family, many checking accounts feature a peer-to-peer transfer service, such as Zelle, that you can use from your smartphone or computer. You can also link your account to other services like Venmo to make quick transfers. Checking accounts make it easy to automate money management. You can set up direct deposit, for example, so paychecks are automatically credited to your account, eliminating the need to manually deposit your funds each time you get paid. You can also set up automatic payments so that money is deducted to pay your regular expenses, such as credit card, utilities and other bills on their due dates. Bankrate's take: Automation can also help you save. Consider having some of your paycheck deposited into a high-yield savings account and the rest deposited into your checking account. This is called split-deposit, also known as paying yourself first, and it can put your savings on autopilot. Overdrafts can occur when you withdraw more money from your account than you actually have in it and your balance dips below zero. The overdraft fees the bank charges you to cover your payment can be expensive. Many checking accounts offer overdraft protection, which automatically transfers funds from your savings account or a line of credit when your checking account is overdrawn. Overdraft protection can allow your payment or debit to go through and if your bank has forgiving policies, help you avoid the associated fees, too. A checking account is best for making day-to-day financial transactions, while a savings account is a good place for funds set aside for emergencies, or financial goals such as a vacation or a new car purchase. Feature Checking account Savings account Debit card Yes Not usually Check writing Yes No Interest rate Low or none Higher (with the best accounts) Minimum balance requirements Varies (often low or none) Varies (potentially higher than checking accounts) Typical use Daily transactions Saving money Primary useA checking account is typically used for money you'll spend, whereas a savings account holds money you're holding onto. InterestMany checking accounts earn no annual percentage yield (APY), while those that bear interest often pay a minimal rate or require you to jump through hoops to earn a higher one (such as making a certain number of debit card transactions per month). Savings accounts typically earn an APY, though the rate varies by bank. Limits on transfersWhile a checking account allows for an unlimited number of transactions, savings accounts limit transfers to six a month in some cases. In April 2020, the Federal Reserve amended Regulation D to remove the six-transfer limit requirement, but some banks still choose to impose this limit. Bankrate's take: It can be the best of both worlds having your checking account at a brick-and-mortar bank and a high-yield savings account at an online-only bank. This way, you're able to walk into a bank for checking issues or to make cash deposits while earning a competitive yield on your savings at the online bank. When shopping around for the right checking account, pay attention to what fees may be charged. While free checking accounts are widely available, many checking accounts do charge fees, and some common ones include: Monthly maintenance fees: Not all checking accounts have these, and those that do may waive them when you meet certain requirements, such as signing up for direct deposit, maintaining a minimum balance or making a set number of debit-card purchases. ATM fees: Your bank may provide its own ATMs or give you access to a network of fee-free ATMs like Allpoint or MoneyPass. Using ATMs outside the network could result in fees from your bank as well as the ATM owner. Some banks reimburse up to a set amount of these fees each month, and you can also avoid them by getting cash back from a debit card purchase instead of using an ATM. Overdraft fees: Withdrawing more money than you have in your checking account can result in an overdraft fee if you enroll in overdraft protection. The average overdraft fee is a hefty $27.08, according to a 2024 Bankrate study. You can avoid these automatic fees by opting out of them with your bank, whereby the bank will return payments as unpaid that overdraw the account. You can also choose to enroll in overdraft protection if your bank offers any free ways to use it – such as linking a savings account to cover transactions. Or choose a bank that doesn't charge overdraft fees, such as Capital One or Ally Bank. Here's a rundown of some of the different types of checking accounts: Best for: Everyday banking needsThese accounts normally provide checks, a debit or ATM card and online bill payment access. Some charge maintenance fees, which are often waivable by meeting set requirements. Overdraft protection may be provided to cover payments that would otherwise have overdrawn the account. Best for: Earning interest and everyday banking needsInterest-bearing checking accounts often allow you to earn an APY in exchange for having your paycheck directly deposited or making a minimum number of monthly debit card transactions (though some banks, such as Ally and Capital One, pay a little interest without any restrictions). The APYs earned by many interest checking accounts, however, are only a fraction of what the best high-yield savings accounts earn. Best for: Students in their teens or 20sOften available to students in their teens or 20s, the best student checking accounts offer perks to anyone learning to manage their money, such as overdraft forgiveness, free checks, no maintenance fees or the reimbursement of ATM fees. Best for: Individuals 55 and older looking for banking perksSenior checking accounts offer benefits attractive to those ages 55 or older, such as free checks and money orders, as well as fees that are easy to waive. If you're looking for these perks, however, you might find them in many traditional checking accounts as well. Best for: Those denied traditional checking accounts due to past banking issuesAnyone who has been denied a traditional checking account based on a history of excessive overdrafts or unpaid overdrawn balances might consider a second-chance checking account. These accounts often impose certain restrictions and fees, yet some allow customers to move to a traditional checking account after handling the second-chance account responsibly for a defined period. You can find second-chance accounts at banks like Wells Fargo and Varo. Best for: A person who's able to meet higher balance requirementsIn return for keeping a relatively large balance with a bank, you're offered perks such as a safe deposit box discount, fees waived or ATM-fee reimbursement. Banks that offer a free safe deposit box for premium checking customers usually offer this on their 3-inch x 5-inch boxes. This type of account might also help you earn some interest on your checking balance. Best for: People with businesses that need to keep business funds and transactions separate from their personal bankingHaving a business checking account is one way to have the ability to accept credit card payments from customers. Business banking also offers you limited personal liability protection, according to the U.S. Small Business Administration and the FDIC. A checking account allows frequent access to funds and is used for daily transactions, like purchases made with a debit card or electronic transfers. These accounts often permit unlimited transactions, making them a good choice for bill payments and purchases. Checking accounts don't usually offer high interest rates on balances, especially when you compare them with high-yield savings accounts. Instead, checking accounts tend to focus on convenience and liquidity. They may come with monthly fees, although many banks offer ways to waive these charges based on factors such as account balance. There are various factors to consider when shopping around for a checking account: These fees can eat away at your balance over time, but it's not hard to find a free checking account that doesn't charge these fees. Those that charge service fees often make them easy to avoid when you maintain a set minimum balance. See more: Best checking accounts The total average out-of-network ATM fee is $4.77, Bankrate's latest ATM Study found. This includes the average surcharge from the ATM's owner as well as one from a consumer's own bank. To avoid such fees, choose a bank that offers plenty of its own ATMs, one that belongs to a large ATM network or one that reimburses you ATM fees. If you prefer to do most or all of your banking online, it can pay to find a checking account at a bank that offers mobile check deposit, online bill pay and a peer-to-peer payment option. Compare: Best banks and credit unions for mobile banking Those who prefer in-person banking should open a checking account at a bank that ma Bankrate's take Online banks that have a checking account tend to offer accounts that don't have a monthly service fee. Consider these accounts if you're being charged fees. If a checking account charges a service fee, make sure it's one you can easily waive, such as by maintaining a set minimum balance or receiving direct deposit. Once you've shopped around and chosen a checking account, you can start the process of filling out an application, which typically involves providing some personal information and a government-issued ID, such as a driver's you're funding your new account from your old checking account, you'll also need both the routing number and account number for your old account. This information will enable your new bank to transfer funds from your old account to the new one. Your bank might also let you use a debit card to deposit money into your new checking account. If you're opening an account in person, you might be able to make your initial deposit with a check or cash. After your account is open and ready to use, take the time to understand its features. Sign up for online banking, download your bank's app, and set up automated payments and direct deposit. Review the latest statement from your old bank to ensure you haven't missed transferring any automated payments from the old account to the new one. Also, update your employer's payroll manager with your new account information to ensure your direct payroll deposit goes to the correct account. Human resources can usually help make that change. Once a couple of months have passed with no automatic bill payments from your old account, you should be ready to close it and continue on with only the new checking account. If your old account charges a monthly fee though, make sure you continue to meet the requirements to waive it while you wait to close the account. Many of the biggest moments in your life likely have one thing in common: a checking account was probably involved in the transaction. Be sure to find the right checking account for you, whether it's one that has a robust ATM network, charges no fees or offers the ability to earn interest. Once you find the account that suits your needs, you'll appreciate how a checking account enables you to handle your day-to-day finances. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Citizen
a day ago
- Politics
- The Citizen
Cape Town files eviction papers for foreigners ‘demanding' relocation to Canada
The city filed eviction papers on Wednesday The City of Cape Town has approached the courts in an attempt to evict the remaining foreigners who have been illegally occupying the Wingfield tent and Paint City in Bellville. Mayor Geordin Hill-Lewis announced on Wednesday that the city had filed papers to evict the remaining 360 foreigners who had been illegally occupying the areas since the Covid-19 pandemic hit in 2020. He said they had been offered alternative living arrangements, and while some accepted the offers, others refused, demanding that they be relocated to Canada. ALSO READ: South Africa must charge countries for deportations of illegal foreigners, says ATM The city filed eviction papers on Wednesday 'Residents of Kensington will know exactly where we are because you will see right behind us, the infamous Wingfield tent, which has been here since Covid,' said Hill-Lewis. 'We have now gone through the process of carefully drafting these evicting papers, and they are being filed in court today. This means we can finally start the process at this Wingfield tent and Paint City in Bellville.' Operation New Broom targets foreigners Home Affairs Minister Leon Schreiber said the city's move was a result of the department's newly launched Operation New Broom, the latest technology-driven initiative aimed at arresting, convicting, and deporting undocumented foreigners occupying public spaces. ALSO READ: SA taxi driver nabbed attempting to smuggle 25 illegal foreigners, gets R375k fine 'There were numerous offers made in cooperation with international agencies to relocate many of the people in these areas. Many of them took up the offers, but some have refused, and today we're saying, enough is enough,' said Schreiber. 'The Department of Home Affairs recently launched Operation New Broom to signal our commitment to enforcing the rule of law when it comes to illegal immigrants occupying public spaces.' On the District Six open land, Hill-Lewis said: 'This land is owned by the Department of Land Reform and Rural Development, and is supposed to be used for the grievously slow-moving District Six restitution. I write to that Department frequently to warn them of the growing number of unlawful structures on their land.' 🚨🇿🇦 With the help of the Ministers @Leon_Schreib and @DeanMacpherson, we can now finally launch a joint eviction application for the foreign nationals living unlawfully at Wingfield and at Paint City, Bellville. Despite years of support, including reintegration and… — Geordin Hill-Lewis (@geordinhl) June 18, 2025 Last month, 25 suspects were arrested while occupying the land. Schreiber said at the time: 'As with everything else we do, Operation New Broom is guided by our commitment to the rule of law. It is this commitment that both motivates us to do more to combat illegality, and to uphold due process and legal compliance in the process.' READ NEXT: Tip-off leads police to at least 90 illegal foreigners in abandoned Houghton property
Tourism Breaking News
2 days ago
- Business
- Tourism Breaking News
Arabian Travel Market underscores the vital role of Asia Pacific in the future of tourism as international travel is set to reach US$2.5 trillion by 2029
Post Views: 28 According to a recent report compiled by Tourism Economics on behalf of ATM, tourism nights from Asia Pacific and Africa are on track to more than double between 2025 and 2030. The number of tourism nights, specifically from China to the Middle East, is expected to grow by 189% through 2030, and APAC source markets are set to account for the largest share of business nights in the region, with India, in particular, gaining importance. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: 'More than 60% of travellers are booking trips around concerts and sporting events, while over 40% are influenced by digital platforms such as TikTok. Interestingly, film and television are also playing a significant role, evidenced by a rise in bookings to Thailand following the popularity of The White Lotus.' The Asia-Pacific (APAC) region is poised for significant tourism growth, with spending on international travel forecast to hit US$2.5 trillion and domestic travel to reach US$4.3 trillion by 2029, according to the latest data from Euromonitor International. Outbound travel from APAC is projected to grow at a CAGR of 7%, with intra-regional journeys expected to account for 61% of all trips by the end of 2025. By 2029, one in three trips is anticipated to be outside the APAC region, with 75% of bookings set to be made online. The Dubai Economic Agenda, D33, is key to ensuring the emirate's strategic success in APAC markets, with a focus on market segmentation and storytelling. By tailoring messaging for platforms such as the video-sharing website Bilibili and the social networking and e-commerce platform Red Note, and leveraging strong air links through carriers like Emirates and flydubai, Dubai's tourism authorities continue to position the city as a relevant, accessible, and aspirational destination for travellers across Asia. As a newcomer to APAC tourism markets, Saudi Arabia has adopted a highly localised approach, as outlined during the discussion. Recognising the diversity of the region, which comprises 49 distinct countries, tourism authorities in the Kingdom study each source market closely, from dietary preferences to cultural nuances, tailoring travel experiences accordingly. This strategy is supported by partnerships with media, trade, and research bodies to ensure that Saudi Arabia's offerings resonate authentically with travellers across the region. Curtis added: 'Technology is playing an increasingly pivotal role in travel decision-making across the APAC region, with consumers relying heavily on digital tools, social media, and AI. Mobile-first planning is transforming how travellers research and book trips, although the digital landscape varies significantly from country to country. One constant across the region is the importance of trust, particularly in peer-generated content, which continues to influence traveller choices at every stage of the journey.'
The Sun
2 days ago
- Business
- The Sun
Koperasi Tentera declares 7.1% dividend worth RM125.3 mln
KUALA LUMPUR: Koperasi Angkatan Tentera Malaysia Bhd (Koperasi Tentera) has declared a 7.1 per cent dividend for its 155,678 members, amounting to a total payout of RM125.3 million, following a strong financial performance in the past fiscal year. Defence Minister Datuk Seri Mohamed Khaled Nordin said the achievement reaffirms the status of the armed forces cooperative as one of the most robust in the country, driven by strong member support and sound governance. Koperasi Tentera maintains its standing as a premier cooperative, with total assets exceeding RM3 billion, placing it among the most successful cooperatives in Malaysia. 'There are around 15,000 cooperatives in the country, but only 15 have earned premier status. Koperasi Tentera ranks second among them,' he said during the opening of the cooperative's 59th Annual General Meeting at Wisma Perwira ATM today. Despite ongoing economic challenges, the cooperative recorded a net income of RM253.3 million last year, an increase from RM232.8 million in 2023. At the same time, Mohamed Khaled said the cooperative also reported a pre-tax and zakat profit of RM110.2 million. He attributed the cooperative's strength to the unwavering support of its members, especially in areas such as financing, insurance and investment services. 'This is the essence of cooperatives, members supporting their own institution. If members need loans, they turn to the cooperative instead of loan sharks. Its success is also built on a strong culture of democratic governance,' he said. Mohamed Khaled also stressed the vital role of Koperasi Tentera as both an economic and social instrument, especially for Malaysian Armed Forces (ATM) personnel navigating today's economic landscape. 'As individuals, members may not always be able to access or seize economic opportunities. But through a cooperative, we pool our strength and create an effective economic vehicle,' he added. He expressed hope that Koperasi Tentera will continue to support the MADANI Economy framework by empowering ATM personnel and veterans through active economic participation. The minister also encouraged Koperasi Tentera to leverage its position within the Defence Ministry ecosystem by tapping into defence-related business opportunities, including contractor financing and supply project insurance services. 'The ministry is committed to ensuring the success of this cooperative and will continue to create economic opportunities for its members,' he said.
India Today
2 days ago
- Politics
- India Today
'Chronic' safety staff shortage: Parliamentary panel flagged before Air India crash
Nearly three months before the tragic Ahmedabad plane crash, a parliamentary panel flagged 'chronic' understaffing in government bodies responsible for aviation safety and regulatory oversight in a March 2025 report, the standing committee on transport, tourism, and culture said over 53 per cent of posts were lying vacant in the Directorate General of Civil Aviation (DGCA), the agency responsible for the safety of every flight that takes off or lands in the widespread, understaffing only begins to disrupt operations when critical roles are left committee expressed 'serious concerns' over a 'chronic' understaffing across key aviation regulatory and operational bodies, particularly in the DGCA, the Bureau of Civil Aviation Security (BCAS), and the Airports Authority of India (AAI). 'The committee is deeply concerned that chronic understaffing in these institutions could undermine safety, security, and service delivery standards, particularly as air traffic volumes continue to rise,' the report produced in the 375th Report on Demands for Grants (2025–26) of the Ministry of Civil Aviation reveals a gross staff shortage: more than 53% of positions are vacant in the DGCA, which oversees aviation safety; 35% in the BCAS, responsible for airport security; and 17% in the AAI, which manages airport infrastructure. Over 53% of DGCA (aviation safety), 35% of BCAS (airport security), and 17% of AAI (airport infrastructure) positions are vacant. advertisementTo understand the extent of the staffing crisis, India Today's OSINT team further looked into year-wise data from the Sansad records over the last five years. In a written response in April 2025, the Minister of State for Civil Aviation, Murlidhar Mohol, provided a year-wise breakdown of sanctioned strength, occupied positions, and vacancies across key aviation bodies. Vacancies in AAI increased to 9502 in 2025 from 8804 in 2024. As of March 31 this year, the AAI reported 9,502 vacant positions or nearly one-third of 25,730 sanctioned posts. The AAI is solely responsible for the development and maintenance of airport infrastructure, as well as Air Traffic Management (ATM) services. Data showed 8,804 vacancies in 2023, 9,057 in 2022, and 11,309 in 2021. At least 814 positions vacant in DGCA as of March, 2025 The most alarming trend, as highlighted by the standing committee report, relates to the DGCA. With over 53% of its positions vacant, the parliamentary standing committee report raises 'fundamental concerns about its capacity to enforce aviation safety standards effectively.'advertisementA serving commercial pilot told India Today, "The DGCA has two bodies overseeing safety - the flying staff and ground engineers, with each undergoing mandatory training every six months'.The report also flags underutilisation of funds by the DGCA, which spent Rs 205.6 crore out of the revised allocation of Rs 278 crore as of January isn't a one-off issue. Over the past five years, even as air passenger traffic has tripled and fleet size has almost doubled, the number of personnel in aviation safety has increased by barely 100. Year-on-year data reveals a slight increase in the number of vacancies at the DGCA in 2025. Year-on-year data shows a rise in vacant positions at BCAS, increasing from 187 in 2024 to 224 in 2025. A similar pattern is seen in the Bureau of Civil Aviation Security (BCAS), which is responsible for maintaining aviation security. Nearly 35% of its sanctioned posts remain unfilled, raising concerns about the effectiveness and robustness of security oversight at Indian data shows a rise in vacant positions at BCAS, increasing from 187 in 2024 to 224 in per the civil aviation ministry, the Indian aviation sector received 999 hoax bomb threats in 2024, nearly 10 times higher than the previous year's InMust Watch
