Paypal question, please help

[justsexxx]

Hi,<br /><br />I want to add a bankaccount to tranfer money from paypal to my bankaccount.<br /><br />When I do that, I can choose at Account type:<br />checkings or savings.<br /><br />What is the meaning of those?<br /><br />Thnx<br />Andre

[Joshua]

You'll want to choose Checking more then likely.<br /><br />Checking - type of account that most people get. They come with check books and what you're ATM/Debit Card will withdrawl funds from if you charge.<br /><br />Savings - type of account people get that just store their money away to save for something and/or to accumulate shitty interest.<br /><br />Right? Anyone disagree if I'm wrong. <img border="0" title="" alt="[Smile]" src="smile.gif" />

[picpile]

what? is this for real? who does not know what a checking account is and a savings account

[Jorge]

LoL. This is funny shit. No offence meant but this is typically North American division of bank accounts - if you live in Europe, you won´t be probably asked this question - European branches just create one master account, and shitload of "slave" accounts - deposit/saving account to be one of them. If you have "an european" account - choose checking.<br />If you guys had been travelling around the mother Earth a bit, you´d have been asked this question by many ATMs outside Europe.<br /><br />Types of Accounts <br /><br /> Checking accounts<br /> Banks offer different types of checking accounts designed to fit individual needs. The cost of having a checking account varies from bank to bank. Some banks charge per transaction, some have a basic monthly fee, and others offer free services if you maintain a certain minimum balance in your account at all times. Your canceled checks and a list of all the account activity of the preceding month will be sent to you in a monthly statement. Be careful to keep an accurate record of every check you write in order to avoid having checks returned and incurring additional charges. "Bouncing" a check (writing a check for more money than you actually have in the account) can cause a major expense and a great deal of trouble. Through some banks, you can apply for a line of credit attached to your checking account that provides overdraft protection. <br /><br /> Savings Accounts <br /> A savings account enables you to save money and accumulate interest on your savings. Interest is paid either monthly or quarterly. Although you can withdraw money from your saving account, this service is limited. Ask your bank for the number of monthly withdrawals permitted without penalty. The difference between a savings and a checking account is that you receive higher interest in a saving account, and fewer transactions take place since the purpose is to "save your money". <br /><br /> Interest Checking Accounts<br /> Interest checking accounts provide the services of both a checking and a savings account. This means that you can write checks and also collect interest on the money in your account. <br />(courtesy of Ohio State University)