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Chap. 7 gives you several options when you deal with your cash accounts. Roughly speaking, you can keep $4,000. Any more than that will be taken by the court to pay your bills.
No they do not close your Checking or Savings account
Most checking accounts have no fees. Savings account has more fees than checking accounts because of the higher interest yields available in a savings account.
In the ePay function, how can you split a payment between your savings account and your checking account
In the ePay function, how can you split a payment between your savings account and your checking account
It wouldnt be wise to combine unless you are putting money from checking into your savings. A savings account is a little more protected and shouldn't be used as a checking.
savings account earns interest.
A savings account earns interest.
* Savings Account/Checking Account * Current Account * Fixed/Time Deposits * Recurring Deposits
It's easier to spend the money in a checking account.
Many checking accounts do not offer interest on the money in your savings account. This is a disadvantage because the money you put in a savings account will collect interest, where a checking account will not.
Generally a savings account pays more interest, but there are some checking accounts that offer rates that are very competitive to savings accounts.
Checking account