Glossary of Banking Terms and Phrases - HelpWithMyBank.gov
A time deposit (also known as a term deposit) is a money deposit at a bank that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn, or it can be held for another term. The longer the term, the better the yield on the money. Generally, there are significant penalties for early withdrawal.
Bank Accounts: Fees & Terms - HelpWithMyBank.gov
The bank is charging high service / activity / maintenance charges / bank fees on my checking account. Is this legal? In some cases, yes. Federal law allows banks to charge non-interest charges and fees, including deposit account service charges. Generally, all fees are determined on a competitive basis within the market. Banks are […]
Can the bank change the account terms on my credit card account?
For example, there are limits on when the bank can raise your rate and certain fees. Also, the bank generally must give you a written notice 45 days in advance of a change. You may have the right to reject the change, such as when the bank wishes to raise many types of fees. If you reject the change, the bank cannot apply it to your account ...
My CD matured, but I didn't redeem it. What happened to my funds?
If this has expired, the bank may continue to pay interest on the funds until you decide, depending on the terms of your account agreement. The Truth in Savings Act requires the bank to send you a notice before maturity if the term of your CD was longer than one year and if the CD did not renew automatically. The bank must generally disclose on ...
Does the bank have to pay interest on my CD after it matures?
Not necessarily. If you choose to roll over/renew the CD for another term, the bank will pay interest according to the roll over or renewal terms of your account agreement. Let's say you haven't decided in advance. Once the CD matures, you may have a grace period, established by the bank, to decide whether to renew the CD or withdraw the funds.
Non-Sufficient Funds (NSF) Fees & Overdraft Protection
After my bank froze my checking account, some of my checks were returned unpaid. Is the bank permitted to impose a non-sufficient funds (NSF) fee for these returned checks? Generally, yes. The bank may charge non-sufficient funds (NSF) fees if …
Can the bank charge me an over-the-limit fee?
Also, the bank cannot charge you an over-the-limit fee for more than three billing cycles for the same over-the-limit transaction. You can revoke your opt-in choice at any time. The bank must tell you how to revoke your opt-in when it asks you to participate in the program and each time you are charged an over-the-limit fee.
How must the bank notify me when they change my credit card …
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on ...
Bank Accounts: Statements & Records - HelpWithMyBank.gov
How long must a bank keep canceled checks / check records / copies of checks? Generally, if a bank does not return canceled checks to its customers, it must either retain the canceled checks, or a copy or reproduction of the checks, for five years. There are some exceptions, including for certain […] statement canceled checks Read more →
Credit Cards: Fees & Terms - HelpWithMyBank.gov
Does the bank have to give me advance notice of changes to my credit card? It depends. The bank must provide a written notice when there are changes to terms that the bank is required to disclose up front (such as rates and many fees), or the required minimum payment is increased. The notice […] terms changes notice Read more →