Economics banking services

Special features

Direct deposit, automatic payments, overdraft protection, online banking, discounts or free checking for students, seniors, or employments or certain companies

Restrictions

Minimum balance, deposit imsurance, holding period for deposited checks

Fees

Monthly fees. Per check fees, printing of checks, balance inquiry fees. Atm fees

Rent-to-own progress

Offer an opportunity to obtain home entertainment systems or appliances for a small weekly fee. However, the amount paid for the item usually far exceeds the cost if the item were bought on credit

Other charges

Overdraft charge, stop-payment fees, certified check fees

Check-deferral services

Allow consumers to get a cash advance on their next paycheck. However, these short-term loans are very expensive. A $200, two-week advance may cost over $30 (with Annual costs exceeding $900)

Check-cashing outlets

Charge high fees (sometimes 2 or 3 percent) just to have a paycheck or government check cashed

Pawn shops

Charge very high interest for loans based on the value of tangle assets (such as jewelry or other valuable items)

Rapid-refund tax services

Provide "instant refunds" when you pay to have your federal tax return prepared. However, this "instant refund" is a loan with interest rates as high as 120 percent

Interest

Rate earned, minimum deposit to earn interest, compounding method, fees charged for falling below necessary balance