Checking on my checking account

Elizabeth Fowler46 said:I noticed nobody jumped in here yet, and I'm stuck with the exact same question. 😁
Basically, do they charge you a monthly maintenance fee just for having a checking account open? Or does that kind of thing change depending on which bank you go with?

Chase Bank 0 USD $0.00...

Does anyone happen to know where on a debit card from Chase exactly the account number is located? It’s printed there alongside a whole mess of other digits... I seem to have lost my way in the shuffle.

The account number is ten digits long and starts with 31

Hey there,

I just withdrew some cash from an online sportsbook—about $110, to be exact—and had it sent straight to my standard checking account rather than a foreign currency one. I was wondering if anyone knows if this causes any hiccups? Is there any risk that the transfer might get stuck or fail to show up?

So I've already got a checking account over at Chase, but now I need to set up a savings account... Do I actually have to go through the whole hassle of opening a new one from scratch, or does it just happen automatically under the same account number? And if I do have to deal with it, what's the damage for the setup fee...? Thanks in advance

Does anyone know if there's a tax hit when I move money between my own accounts—say, from my checking to my savings or vice versa? 🙂

copperhound99 said:So I've already got a checking account over at Chase, but now I need to set up a savings account... Do I actually have to go through the whole hassle of opening a new one from scratch, or does it just happen automatically under the same account number? And if I do have to deal with it, what's the damage for the setup fee...? Thanks in advance

A checking account and a savings account are two distinct accounts, each with its own unique account number. This means you will indeed have to go through the process of opening the second one. As for the fees for opening and maintaining the account, those will depend entirely on which bank you choose to use.

Thomas Sanchez30 said:Does anyone know if there's a tax hit when I move money between my own accounts—say, from my checking to my savings or vice versa? 🙂

As far as I am aware, savings accounts are typically used for things like freelance income, miscellaneous earnings, or scholarships, whereas checking accounts handle your regular payroll. Personally, I move funds from my savings over to my checking, but I try to avoid depositing anything into the savings account itself; I really only use that specifically for my contract work. I suppose it shouldn't be an issue if you're just moving small amounts around, but since I file my own tax returns every year, I prefer to keep my savings account strictly for those specific earnings to ensure everything stays perfectly aligned. What exactly is the concern here—why would you need to make these transfers?

bluewolf48 said:As far as I am aware, savings accounts are typically used for things like freelance income, miscellaneous earnings, or scholarships, whereas checking accounts handle your regular payroll. Personally, I move funds from my savings over to my checking, but I try to avoid depositing anything into the savings account itself; I really only use that specifically for my contract work. I suppose it shouldn't be an issue if you're just moving small amounts around, but since I file my own tax returns every year, I prefer to keep my savings account strictly for those specific earnings to ensure everything stays perfectly aligned. What exactly is the concern here—why would you need to make these transfers?

I had always envisioned my secondary account as a sort of dedicated savings vehicle. To be specific, my scholarship funds land there, and I have no intention of spending them—I'm looking to save. Every now and then, I might move maybe 100-$67 from my main checking over to that account, purely for the sake of building a nest egg—you know, just so I have a little something tucked away for rainy days 😉. However, a friend recently mentioned that transferring money into such an account might trigger some kind of tax implication, so I figured I'd ask here just to be absolutely certain I won't end up owing anything extra. It seems pretty intuitive that I should be able to shift money between my own two accounts without being penalized, don't you think? 🤷

Thomas Sanchez30 said:I had always envisioned my secondary account as a sort of dedicated savings vehicle. To be specific, my scholarship funds land there, and I have no intention of spending them—I'm looking to save. Every now and then, I might move maybe 100-$67 from my main checking over to that account, purely for the sake of building a nest egg—you know, just so I have a little something tucked away for rainy days 😉. However, a friend recently mentioned that transferring money into such an account might trigger some kind of tax implication, so I figured I'd ask here just to be absolutely certain I won't end up owing anything extra. It seems pretty intuitive that I should be able to shift money between my own two accounts without being penalized, don't you think? 🤷

Well, I imagine you wouldn't have any issues with amounts like that. I've heard that the IRS has automatic access to all accounts, though some people claim they only look if they actually want to investigate something. I highly doubt they spend all day monitoring every single person's individual accounts just to track every little transfer 🙂 I personally try to avoid putting anything unnecessary into savings, but once, an amount was accidentally deposited into my savings instead of my checking; I didn't report it on my tax return since it was clearly a mistake, and I didn't have any trouble with them.

Thanks a lot, but what I’m really trying to get at is whether I am—legally speaking—obligated to pay any kind of tax if I move funds over to my checking account. Basically, I want to know if anyone is going to come knocking on my door just because I shifted some cash around, or more specifically, if the law actually requires it? If anyone out there has a definitive answer, please post it here 🙂

Tax is only triggered by actual earnings.
If that money hits your bank account as a freelance fee or something similar rather than a standard paycheck, the IRS just uses it as a way to check if you've been staying on top of your taxes and social security contributions.
If what’s landing in your account isn't actually income, then why on earth would you pay tax on it?

Ronald Allen said:Look, I’m telling you from experience here; all you really need is a valid ID, and maybe have about $5 on you just to cover the initial account activation fee—though the bank usually just hits you for the debit card and PIN setup later anyway. You don't even need to close it, since they don't charge you monthly maintenance fees like they do with a standard checking account, and honestly, you never know when you might actually need it again.

I used to have an account over at JPMorgan Chase... and every single month they would snatch $1.75 away from me just for "account maintenance" fees...

My apologies if this thread isn't quite the right spot for this—hopefully I'm in the right place!
Here's the situation: I have my checking and savings accounts set up over at JPMorgan Chase, but because of an outstanding debt with AT&T, they've gone ahead and frozen everything. Now, I’m expecting a payment to hit my main account—specifically the checking one—and it absolutely has to go there. Is there any way around this? Any chance I can protect the funds or shield the account so they don't just snatch the money the second it lands?

feralridge8 said:My apologies if this thread isn't quite the right spot for this—hopefully I'm in the right place!
Here's the situation: I have my checking and savings accounts set up over at JPMorgan Chase, but because of an outstanding debt with AT&T, they've gone ahead and frozen everything. Now, I’m expecting a payment to hit my main account—specifically the checking one—and it absolutely has to go there. Is there any way around this? Any chance I can protect the funds or shield the account so they don't just snatch the money the second it lands?

Hey there—if your account was frozen due to a court order, then essentially all your accounts nationwide are locked up regardless of which bank you use. The bank isn't allowed to release any funds without a court confirmation that your debts have been settled. However, if the money landing in your account qualifies as income, you generally have a legal right to access a portion of those funds. But, if someone just did a manual deposit or a wire transfer into the account, you might find yourself stuck with zero access to it.😢
Best,

Karen Gomez3 said:Hey there—if your account was frozen due to a court order, then essentially all your accounts nationwide are locked up regardless of which bank you use. The bank isn't allowed to release any funds without a court confirmation that your debts have been settled. However, if the money landing in your account qualifies as income, you generally have a legal right to access a portion of those funds. But, if someone just did a manual deposit or a wire transfer into the account, you might find yourself stuck with zero access to it.😢
Best,

I'm heading out to work as an observer for these upcoming elections—it’s just some minor role—but does that count as "income"? If so, does that mean I can actually rely on that money coming through?

feralridge8 said:I'm heading out to work as an observer for these upcoming elections—it’s just some minor role—but does that count as "income"? If so, does that mean I can actually rely on that money coming through?

Well, yeah, because legally speaking, nobody can just seize all your earnings, regardless of how much you might owe. I live in Canada, where the law allows you to keep control over 50% of your income, and if my memory serves me right—feel free to correct me if I'm off—in the US, they usually let you protect about a third of what you're entitled to withdraw. And don't expect to just swipe a debit card for it either; if the funds land in your checking account, you’ll likely have to physically walk into the bank and request a cash withdrawal.

feralridge8 said:My apologies if this thread isn't quite the right spot for this—hopefully I'm in the right place!
Here's the situation: I have my checking and savings accounts set up over at JPMorgan Chase, but because of an outstanding debt with AT&T, they've gone ahead and frozen everything. Now, I’m expecting a payment to hit my main account—specifically the checking one—and it absolutely has to go there. Is there any way around this? Any chance I can protect the funds or shield the account so they don't just snatch the money the second it lands?

Just open a protected account. They can usually only grab about a third of your income anyway. You should probably look into the latest wage garnishment laws... might help. Anyway, why haven't you paid them yet?

vividhound60 said:Just open a protected account. They can usually only grab about a third of your income anyway. You should probably look into the latest wage garnishment laws... might help. Anyway, why haven't you paid them yet?

Look, it’s not my fault—the whole situation was just handled poorly, and honestly, it's a long story!!!

Can I protect my current account? (I'm talking about my checking account)

feralridge8 said:Look, it’s not my fault—the whole situation was just handled poorly, and honestly, it's a long story!!!

Can I protect my current account? (I'm talking about my checking account)

I stopped by Chase today, and the teller told me straight up that I can't have a protected account—unless I'm actually employed.