It depends. If:
Then, the bank can withdraw money from your account (if there is any cash available) towards your card repayment. Otherwise the bank cannot deduct any money from your account without intimating you.
When you transfer money from your checking account to your credit card, you make a credit card payment. If you do not have a balance owed on your credit card, then you will have credit or a positive balance on your card.
The type of account that allows you to deposit money and write checks is a checking account.
One advantage of using a checking account is that you can pay only with money you actually have in your account, which can help you avoid overspending and getting into credit card debt.
It can if you don't keep an eye on how much money you use.
Some companies that will allow one to open a checking account other than a bank are: Think Money, First Direct, Second Chance Checking Account, Post Office Account, Cash Plus, eccount Money, Secure Trust Bank.
An overdraft protection fee is a fee assessed to your account when: 1. You have set up overdraft protection for your checking account, usually in the form of a savings account or line of credit/credit card; and 2. You spend more money than you have in your checking account. Overdraft protection transfers money from the linked savings account or line of credit/credit card in order to pay for the expenses that you did not have enough money for in your checking account. There is a fee for this transfer, but it is usually much less - sometimes a savings of 50% - than an insufficient funds fee, which you receive when you spend more money than you have and do not have overdraft protection.
A check card and debit card are the same thing. Basically, if you already have a checking account, you would use a debit/check card the same way you would if you wrote a check. You make sure that you have the money in your checking account, scan the card at the retailer, and they will deduct that money from your checking account. A credit card is a loan. You don't necessarily need a checking account to have a credit card. When you swipe the credit card, the credit card company is paying for your purchase out of their money. In turn, they will send you a statement or invoice at the end of each month detailing how much you spent and how much you must pay. The major difference is that a credit card can lead to debt if you aren't disciplined. If you only use a check/debit card, you will never go into debt. When you run out of money in your checking account, new transactions will be declined.
While a checking and savings account may factor into the decision whether or not to grant you a credit card, a much larger factor would be whether or not you have established other credit accounts.
If you are speaking of using your debit card as a credit card without any money in your checking account the answer is yes until the overdraft reform laws go into effect 7/2010.
At a credit union, you can have checking, savings, money market, etc. just like you would have at a bank. One difference is that credit unions are owned by its members (account holders), rather than stockholders.
Money in a checking account is called demand deposit.
yes as long as you are a signer. Www.bank-credit-tip.info