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Young people may not realize exactly how a checking account works. They may write checks, thinking that as long as they have checks, they have money in the bank to cover them. They may also be oblivious when they use the ATM. If checks have not come through the account yet, the balance will show a higher amount than what is really in the account. Withdrawls may be made, and then the checks are returned for insufficient funds. The account ends up being closed, and another one cannot be opened at another bank. That’s why a lot of young people have 2nd chance checking accounts.

This entry was posted on Monday, April 28th, 2008 at 5:14 am and is filed under Miscellaneous.