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What is ChexSystems? It is a specialty consumer reporting agency that tracks your banking history. Think of it like a credit bureau, but for checking and savings accounts instead of credit cards and loans. Most people have never heard of it. However, more than 80% of banks and credit unions in the United States use … Read more

What is a checking account hold? It is a temporary delay placed on funds deposited into your checking account. During this hold period, the money shows in your balance but you cannot spend or withdraw it. Banks use holds to verify that deposited funds are legitimate before releasing them. Table of Contents How Does A … Read more

What is a high yield savings account? It is a savings account that pays significantly more interest than a traditional bank savings account. In April 2026, the best high-yield savings accounts offer rates around 4.00% to 5.00% APY. Compare that to the national average savings rate of just 0.39% APY, according to the

What is FDIC insurance? It is a federal protection that keeps your bank deposits safe. The Federal Deposit Insurance Corporation, or FDIC, was created in 1933. Its job is simple. If your bank fails, the FDIC pays you back. The standard coverage limit is $250,000 per depositor, per bank, per ownership category. Table of Contents … Read more

What is a money market account? It is a type of bank account that earns interest on your deposits. It works like a savings account but often pays a higher rate. In most cases, it also gives you limited check-writing and debit card access. This makes it a hybrid between a savings account and a … Read more

What is a CD? A CD, or certificate of deposit, is a type of savings account that pays a fixed interest rate for a set period of time. You deposit money into the account and agree not to touch it until the term ends. In return, the bank pays you a higher interest rate than … Read more

Hard pull vs soft pull — understanding the difference between these two types of credit inquiries can save your credit score from unnecessary damage. Every time a company checks your credit report, it counts as an inquiry. However, not all inquiries are treated the same way. A hard pull happens when you apply for credit, … Read more

What is direct deposit? It is an electronic transfer of money straight into your bank account. Your employer, the government, or another payer sends funds directly — no paper check needed. This happens through the ACH (Automated Clearing House) network. The ACH network processed over