Checking accounts are aimed at offering account holders easy and quick access to their money. It offers the depositors efficient and accessible means to withdraw their cash for their daily needs. They have also been called demand accounts or transaction accounts in the past. The ultimate selling point of this type account is that they offer reliable and fast access to an account holder. It provides the account holder numerous ways to make transactions like issuing a check, using a debit card at an ATM, via the phone and over the internet through netbanking. The key feature to this form of account is the lack of any unlimited withdrawal facility that allows the account holder to withdraw as much of their funds as they see fit at no extra transaction cost, The number of withdrawals are usually limited in savings accounts from 3-6 times a month depending on the bank..
Different banks offer checking accounts with varying packages and offers. This could mean the minimising of charges involved.
Play By The Rules
Most of the banks offer free online checking accounts. However, it is imperative that the customer to check the services offered. Specifically, one must ask about hidden charges before opening an account with a bank. With internet banking, opening a free Checking Account has become a reality. Financial institutions cannot use the term free checking account if they levy charges. The customer needs to be aware of all the rules and regulations of the bank and the account one is opening.
There are certain pointers to watch out before opening a free Checking Account:
However, a majority of the institutions do not insist on maintaining a minimum balance.
Bonuses and Incentives
While most institutions offer no opening bonuses, there are some that offer one on opening a Checking Account. Interest is also offered on deposits or balance maintained for a period. Incentives in the form of reimbursement of ATM withdrawal fee, free checks (limited numbers), etc., are also available.
Some also offer free mobile banking and/or Internet banking.
Overdraft Options
Checking accounts come with overdraft facilities. Most individual institutions have rules of their own however. Most of them favor having a savings account with the same institution so that the amount can withdrawn from the saving account when it is required.
Paid Services
Certain services can be charged, eg.
Checking accounts can be immensely beneficial. However, it is advised that the individual makes an informed decision before choosing a checking account.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.