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