Define: Banking Operations

A checking account is typically used for everyday transactions, such as paying bills and making purchases, while a savings account is designed for long-term savings goals and typically earns interest.

Yes, a bank can freeze your account without notice if they suspect fraudulent activity or if they receive a court order to do so.

This varies depending on your bank and account type, but most banks have a daily withdrawal limit of $500 to $1,000.

Yes, you can dispute a charge on your bank statement if you believe it is incorrect or fraudulent. Contact your bank as soon as possible to initiate the dispute process.

Overdraft protection is a service offered by banks that allows you to link your checking account to another account, such as a savings account or credit card, to cover any overdrafts or insufficient funds.

Yes, a bank can close your account without notice if they suspect fraudulent activity or if you violate their terms and conditions.

A wire transfer is a method of electronically transferring funds from one bank account to another. It is often used for large transactions or international transfers.

A cashier’s check is a check that is guaranteed by the bank and drawn on the bank’s own funds. It is often used for large transactions or when a seller requires a guaranteed form of payment.

Yes, you can still open a bank account if you have bad credit. However, you may be limited in the types of accounts you can open and may be required to pay higher fees.

A CD is a type of savings account that typically offers a higher interest rate than a traditional savings account. However, you must keep your money in the account for a set period of time, usually ranging from 6 months to 5 years.