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Banking -- Question & Answer Listing  
Viewing 1-7 of 7 Knowledge Entries
Question / Answer

Question:
How do I do my banking online?

Answer:
Not all banks have online banking, but those who do usually have brochures that can explain the specific online services they offer or information on their website that outlines what they offer and how to set up your online access. Accessing your account information online typically requires you to set up a user id and password that is associated with your specific account(s). Once you have established these, you can often view things like your account balance; a listing of your transactions to include any automatic deposits or withdrawals; pay bills online; transfer money between different accounts; and apply for loans and other services. Contact your specific financial institution for more information.

Question:
How do I set up direct deposit of my pay into my bank account?

Answer:
To sign up for Direct Deposit of your paycheck, retirement check, government check, or other recurring electronic funds deposit to your bank account, you will need to complete a Direct Deposit Authorization Form that includes your name, Social Security Number, and specific bank information (account routing numbers, bank address, etc.) and submit it to your employer for processing. Attaching a voided check or deposit slip can often be helpful. It usually takes a paycheck or two before the automatic deposits begin, so follow-up with your financial institution.

Question:
What are the advantages and disadvantages of automated teller machine cards, check cards, debit cards, banking on-line, and on-line bill payment?

Answer:
The obvious advantage is convenience. The disadvantage is that you must remember, for example with ATM and debit card transactions, to record them so your account can be balanced properly. Additionally, there are security issues to be aware of when using some of these banking features. Safeguard your user IDs, passwords, and personal identification numbers (PINs) to protect yourself from becoming a victim of identity theft or fraud.

Question:
What documentation and/or requirements are needed to withdraw money from my Soldier's bank account or to receive and deposit/cash a check in his soldier's name?

Answer:
In most cases, you must be a joint account holder to be allowed to withdraw money from your Soldier's account. However, most banks will allow you to make a deposit into your Soldier's account. A Power of Attorney may authorize you check cashing/withdrawal privileges, but it is best to check with your financial institution for their specific requirements.

Question:
What does "reconciling my financial statement" (or balancing my checkbook) mean and how do I do it?

Answer:
Reconciling your financial statement (or balancing your checkbook) refers to verifying that your records (your checkbook register) match the bank's records, as shown on your monthly bank statement. For example, you will need to review your statement to see which checks have cleared and which haven't; ensure that any deposits, automatic withdrawals, and debit card/ATM transactions are recorded. Your financial institution may be able to provide you with step-by-step instructions on how to balance your checkbook or you can visit the Financial Readiness office at in the Army Community Service (ACS) center for assistance. There are many financial planning resources available online that can also provide information on reconciling bank statements such as http://financialplan.about.com/.

Question:
What is meant by "Direct Deposit?"

Answer:
Direct Deposit is the electronic transfer of a payment from a company or organization into the checking or savings account of an employee, retiree, taxpayer, or shareholder. The most familiar type of direct deposit payment is for payroll, but it can also be used for pensions, Social Security benefits, tax refunds, and other similar types of payments.

Question:
Where can I cash a check when I relocate and my personal bank account is in another state?

Answer:
You can cash personal checks at your local AAFES facility and usually the Military Finance Office up to a certain amount. There are often checking cashing businesses that will allow you to cash personal checks, but they will often charge you a fee for doing so. You can also use Automatic Teller Machine (ATM) cards at banks other than your own to obtain money from your own bank account. However, you may incur a service charge for doing so. Many service members set up a local savings account to allow them to cash checks locally and maintain their main bank account elsewhere. Banking preferences is a personal choice, but there are many options available.
Viewing 1-7 of 7 Knowledge Entries

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