My cousin is a bank teller, he deals with cash, checks, and bank accounts all day.
Checks are a type of bill exchange to make it easy to carry large payments. I love having a check in my pocket.
Me too, it's like having cash on hand but checks are so much safer. Bank tellers and ATMs both accepts checks too!
ATMs make banks so much money from the two fees they have. The surcharge fee and the foreign fee.
True, also if you account is overdrawn with you knowing and you don't realize, you get hit with a huge fee. Bank tellers ultimate secret.
Overdraft
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply.
History.
The first overdraft facility was
, bank overdrafts are considered to be a part of cash and cash equivalents.
- Cash in saving accounts is generally for the saving purposes so that they are not used for daily expenses.
- Cash in checking accounts allow to write checks and use electronic debit to access funds in the account.
- Money order is a financial instrument issued by government or financial institutions which is used by payee to receive cash on demand. The advantage of money orders over checks is that it is more trusted since it is always