Q: So I can ﬁnally get my own bank account?
A: Yes, and the choice of checking and savings accounts may be numerous. Learn the rules and restrictions for the account and the bank you choose.
Q: What are some things to consider before opening up a bank account:
- Is there a minimum balance on the account?
- Is there interest that can be earned on this account?
- Is there a monthly service charge?
- Is the account charged for each check written?
- Is there a fee for use of the Automated Teller Machine (ATM)?
- Are the canceled checks returned or kept at the bank?
Q: What happens when a check bounces?
A: Bouncing a check can be either a civil or criminal matter.
- A person commits “issuing a bad check” if the person writes a check knowing that there are not sufﬁcient funds on deposit for the payment of the check as well as all other checks outstanding at the time. Issuing a bad check is a class 1 misdemeanor (A.R.S §13-1807).
- A person who writes a check while knowing that there is no account or that there are insufﬁcient funds in the account to pay the check, may be liable for twice the amount of the check or $50, whichever is greater, plus legal costs and attorney’s fees (A.R.S §12-671).
Laws may have changed since the last time this article was updated. The current and most up-to-date laws can be accessed here.