Balancing your checkbook12/15/2023 ![]() ![]() Direct deposit is the phrase used to describe the electronic transferal of your paycheck from your employer's account to your bank account. If you are working, you can ask your employer if they offer direct deposit. ![]() Debit cards do not carry interest rates and do not have grace periods, so you'd better have the money in your account at the time you make the purchase! Debit cards are not reflected on your credit report. Purchases made with your debit card are automatically deducted from your checking account. Many financial institutions offer debit cards that not only work at ATMs, but also carry the VISA or MasterCard logo and can be used as a credit card. When you open an account with a bank, you will very likely be offered a debit card. Banks charge a flat fee of up to $35.00 for each overdraft. However, banks charge high fees to do this and usually give you just a few days to bring the account back to a positive balance (what happens if you don't bring account back?). Some banks will automatically enroll checking account customers who have not already signed up for a traditional form of overdraft protection, into a program where the bank covers overdrafts for a fee. Interest is then charged on the amount of money transferred from the line of credit.
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