LPHS Slicer Branch

Any time you put money into your account it is called a deposit. Depending on what you deposit—cash, a payroll check, or a check drawn on an out-of-state bank—you may not have immediate use of the funds. The bank must first make sure there are funds at the originating bank (the bank of the person who wrote the check) to cover your check. You should ask the bank when you can use the money you deposited.

The balance is the amount of money you have in your bank account. Your balance will change whenever you make a deposit or a withdrawal. Remember to record all of those in your check register so that you always know your balance.

When you make a withdrawal, you take money out of your bank account. You do this when you use your debit card, give a teller a withdrawal slip, or use an ATM.

This is a temporary delay in making funds available in your bank account. Your account balance shows that a deposit has been made and money is in your account, but you cannot withdraw that money and it cannot be used for electronic payments until the hold is released.

If you spend more money than you have in your account this is called being overdrawn. You can avoid the merchant’s returned check fee, but you still have to pay the financial institution an overdraft fee for each them. Be sure to look carefully at the fees associated with this service, as the fees can be very costly.

You may be charged fees that may include  ATM fees, overdraft fees, or a monthly maintenance fee to keep your account open and possibly a penalty fee if you misuse your account.