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Reply #38: It doesn't have to be a savings account [View All]

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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:59 PM
Response to Reply #21
38. It doesn't have to be a savings account

ATM's can access a lot of different kinds of accounts at a lot if institutions.

They treat accounts as "savings" or "checking" only because the software is set up to identify the account, whatever it is, as either "checking" or "savings".

For example, if you have a paypal account and a paypal card, an ATM will call it a "checking" account, even though a paypal account is not a checking account or a savings account. But the ATM just calls it one.

I have an escrow account which at one point had 11 million dollars of other people's money that I was holding. An ATM receipt would have probably called that a checking account too.
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