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Bank Accounts

What are some good questions to ask before opening a bank account?
$ Is a minimum balance required on the account?
$ Can I earn interest on this account?
$ Is there a charge for the monthly service for check processing?
$ Is there a charge for printing checks?
$ Is there a charge for putting a stop payment on a check?
$ Is there a fee to use the automated teller machine or to get a banking agent’s assistance by phone?
$ Are the cancelled checks returned or kept at the bank?

What happens if my check bounces?
If you write a check for more than the amount you have in your checking account, the bank may handle it a couple of ways. The bank may return the check to the person who attempted to cash it. That person may notify you and charge you up to three times the amount of the check in penalties, but not less than $100 or more than $500.00. See N.R.S. 41.620. Note: Writing a check when you don’t have enough money in your account to pay it may be a crime. See N.R.S. 205.130. Or the bank may pay the check (and require you to make a deposit to cover the difference [See N.R.S. 104.4401.]) and charge you a fee or a penalty if applicable under the terms of the checking agreement.

Note: Banks do not have to cash checks that were dated more than six months before being presented to the bank. See N.R.S. 104.4404.

How long does it take for a check to clear?
The process could be virtually instantaneous. Some merchants now use electronic check conversion. This allows the sales clerk to pass your check through a machine and immediately transfer the funds from your bank account electronically. (The actual check may be returned to you on the spot by the merchant.) In addition, new laws now allow banks to process check payments electronically even before the actual check is returned to your bank for payment. Gone are the days when a check-writer could count on a delay in processing. For more information on the Check Clearing for the 21st Century Act, go to www.federalreserve.gov/pubs/check21/consumer_guide.htm

What is the difference between an ATM card and a debit card?
An ATM (Automated Teller Machine) card can be used for basic banking – to deposit funds into your bank account or withdraw money. You simply insert your card into an ATM and enter a personal identification number. If the transaction will include any surcharges or fees, you must be informed and given an opportunity to cancel the transaction with out charge.

A debit card is used to electronically transfer funds from the cardholder’s account. You could use it, for example, to buy groceries at a supermarket. Be careful, however, when carrying or using such a card. The user generally does not need a personal identification number to access your account. So, a thief could take your card shopping and empty your bank account.

Like writing a check without sufficient monies in your account, if you use your debit card without sufficient monies in your account the bank may return the request for payment to the person who attempted to collect funds. That person may notify you and charge you up to three times the amount of the debit in penalties, but not less than $100 or more than $500.00. See N.R.S. 41.620. Note: Using a debit card when you don’t have enough money in your account to pay it may be a crime. See N.R.S. 205.130.

 
This guide is an introduction to narrow topics of Nevada law. Keep in mind that federal, state and local laws are constantly subject to change. If you have a legal question or problem, you should consult an attorney.