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Checking Accounts

A checking account is the relationship between a customer and a financial service organization, typically banks or credit unions. After providing adequate identification and undergoing a credit check, an approved customer deposits funds into the account - usually a minimum between $50 and $100. The customer is issued a set of checks that can be written off the account to pay for various expenses. Checks are like cash and it is vitally important for customers to guard them closely. Checking accounts are regulated by the Federal Deposit Insurance Corporation (FDIC) which guarantees or insures the customer against loss up to $100,000.00 in most cases.

Banks often charge fees for checking accounts if the balance goes below a minimum amount which is pre-determined by the bank. Many times, customers find themselves in trouble when they write checks and do not have sufficient funds in the bank to cover the amount of the check written, resulting in a bounced check. This results in NSF Fees by the bank as well as the merchant to whom the check was written.

Customers who fail to rectify this situation promptly may also be prosecuted criminally. With today’s advanced electronic technology, merchants can debit customers accounts as soon as the check is written, thereby eliminating the “float” time that occurred before a check was presented to and paid by the bank. Financial institutions also charge fees for each day the account is overdrawn, monthly service charges and the cost of having new checks printed, among many other fees. It is very important that customers know what types of fees their financial institution charges prior to opening an account.

Renewal has established relationships with traditional financial service organizations that, based on our special program, will offer these services to our clients, regardless of whether or not they have been able to open an account in the past.