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Insured Savings/ Checking Accounts. Skyler Nakamura Period 2. Definition.

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Insured savings checking accounts

Insured Savings/ Checking Accounts

Skyler Nakamura

Period 2


Definition
Definition

  • Like a savings account in which you put money in. You can then use checks to pay for things other than your actual money. You write the amount of money that the person you give it to can take out of your bank account and when you sign it you agree that they can have the money.


Limits
Limits

  • If you have insufficient funds in your checking account at the time you write the check it will “bounce” and you’ll get a fee for a bad check and having insufficient funds in your account. You’ll still owe the money you wrote on the check too.


Uses

  • Helps you manage your money because you have to think about writing checks

  • You don’t need to have any money on you to actually buy things

  • People who are scared to lose all of their money if they carry it in their wallet

    • Spending it

    • Getting mugged


Type of investors who would use it
Type of Investors who would use it

  • Scared of misusing their money

  • Scared of getting robbed/mugged

  • Want to not worry about where their money is

  • Want their money to be secured


Places to get checking accounts
Places to get Checking Accounts

  • Almost any bank company in the U.S. has checking accounts available to the public

  • Chase, Citibank, Bank of Hawaii etc.


Risks
Risks

  • If the bank thinks you have too much overdrafts they can close your account

  • If other banks see you abuse checking accounts you won’t get another and your credit history will be damaged

  • If you intentionally write checks without enough funds it is considered check fraud and is a serious crime



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