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It depends. If:
- you have a monthly credit card bill repayment agreement with the bank wherein the bank automatically deducts your monthly payments from your checking account or
- you have defaulted on your card payments for more than 2 or 3 months and haven't contacted the bank reg. the same
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.
What else can I help you with?
Can I deposit a money order into my checking account?
Yes, you can deposit a money order into your checking account at most banks and credit unions.
What happens if you transfer money from your checking account to your credit card?
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.
Which type of account allows you to deposit money and write checks?
The type of account that allows you to deposit money and write checks is a checking account.
What is the advantage of using 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.
Does opening a checking account hurt your credit?
It can if you don't keep an eye on how much money you use.
How can I transfer money from my credit card to my checking account?
To transfer money from your credit card to your checking account, you can typically do a balance transfer or a cash advance. A balance transfer involves moving money from your credit card to your checking account, usually with a fee and a promotional interest rate. A cash advance allows you to withdraw cash from your credit card at an ATM or bank, but usually comes with high fees and interest rates. Be sure to check with your credit card issuer for specific instructions and fees.
What other company will allow someone open a checking account other than a Bank?
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.
What is an overdraft protection fee?
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.
How can I put money on my credit card?
You can put money on your credit card by making a payment through your bank's online portal, mobile app, or by visiting a branch. You can also set up automatic payments or transfer money from your checking account to your credit card account.
What is the difference between check card debit card and credit card?
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.
Can you get a credit card if you have a decent job and make good money but have no checking or savings account?
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.
What happens when you overdraw a checking account?
When you overdraw a checking account, it means you have spent more money than you have available in the account. This can result in fees from the bank, a negative balance, and potential consequences such as account closure or damage to your credit score.
