iCrowd Newswire
30 Sep 2023, 01:32 GMT+10
Bank accounts in Canada have various features designed to help bank customers manage their finances. When you're looking to open a bank account, it's a good idea to familiarize yourself with the features of the different types of accounts. This way, you pick the account that best meets your needs.
Here are some common features of bank accounts.
Direct deposit: This allows your employer to deposit money directly into your account, saving you the time and hassle of receiving a cheque and then taking that cheque to the bank or an ATM to deposit.
Pre-authorized debits: This allows the company or person billing you to withdraw the money directly from your account. You fill out a pre-authorized debit agreement that enables the biller to withdraw the money. The pre-authorized amount can be fixed (the same every month, such as for a loan) or variable (different each month, such as for some utilities).
Some uses for pre-authorized debits include:
Online bill payments: If you'd prefer to take care of your bill payments yourself, you can set up your account and pay your bills online. You add the account information of the bill you'd like to pay, and whenever you need to pay, you go online to make the bill payment -no more standing in line to pay your bills. Some accounts allow unlimited online bill payments, and others may charge a transaction fee.
Online and Mobile banking: Online and Mobile banking lets you access your bank account and initiate financial transactions from a computer, mobile device, or tablet. You can see your balance, transfer money between your accounts, pay bills, send money to friends. Most banks also have an app, so you don't have to navigate to the website. Instead, you can open the app on your device to access your account.
Overdraft protection: This protects you when you don't have enough money in your bank account to pay for a transaction (such as a bill payment or a purchase). It helps you avoid declined transactions, non-sufficient funds fees, and late payment charges.
Banks often offer one or both types of overdraft protection.
Overdraft alert: Some banks now offer a balance alert that lets you know when a withdrawal has been initiated that requires more money than you have in your account. This way, you can avoid or minimize any overdraft or non-sufficient funds fees you might otherwise pay.
Transactions: Depending on your bank, you may get a set number of free transactions or pay a monthly fee to cover all your transactions. As a perk, some banks may also offer free withdrawals from out-of-network ATMs in Canada.
Banks offer many different features for their accounts, and exact features vary depending on the bank and the type of account. It's up to you to decide what bank account features are most important to you.
See Campaign: https://www.iquanti.com
Name: Sonakshi MurzeEmail: [email protected]Job Title: ManagerWebsite: https://www.iquanti.com
Tags:Go Media, CE, PR-Wirein, ReleaseLive, Google News, iCN Internal Distribution, Reportedtimes, IPS, Extended Distribution, BNN, Go Media2, GoInvest, EnglishGet a daily dose of Business Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.
More InformationNEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SAN FRANCISCO, California: Grammarly is doubling down on AI-powered productivity tools with the acquisition of Superhuman, a sleek...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
Bengaluru (Karnataka) [India], July 5 (ANI): Union Minister of Commerce and Industry Piyush Goyal, during an interactive session with...