Bank Account Basics: FAQ

Most of us have bank accounts, but we don’t always understand how they actually work. There are plenty of questions I’ve had over the years about my bank account and I’m sure you have too.

Here are the answers to some of those questions.

What Is My Bank Account Number?

This unique identifier is usually 10 to 12 digits long and represents a specific bank account at a financial institution. It tells exactly where the money will be going into and coming out of.

You can find your bank account number:

1. On a personal check

Your bank account number is shown on personal physical checks. If you look at the string of numbers on the bottom of a check, it is the 2nd set of numbers. The 1st set will be your routing number, and the 3rd is the check number.

More Reading: Learn about the different parts of a check.

2. In your online account

Along with other account details, you can typically find your bank account number in your bank’s online portal account. Exactly where it will be found differs from bank to bank, but you will have to set up an online account first if you have not done so already.

3. On your bank statement

Your personal account number is usually also shown on digital and physical bank statements that you receive every month. It will usually be found in the top corner.

What Is My Bank Account Password?

The password for your bank account was set up when you first created your online account. If you cannot remember it, you will have to reset it by clicking the “Forgot Password” link. To do this, you may need a combination of bank account details such as your account number, email, or social security number.

Why Does My Bank Account Say Pending?

Your bank account will show pending when you have transactions (deposits or withdrawals) that have not been fully processed yet.

Your current balance will show the amount that you have in your bank account with all processed transactions. On the other hand, your available balance shows the amount available to be used and includes the pending transactions.

More Reading: Learn how to check your account balance in 6 easy ways.

Why Was My Bank Account Closed?

There are various reasons that your bank account might be closed without your permission:

1. Your account was left dormant for a long period of time.
2. You have a continuous negative balance

My Bank Account Is Negative, What Do I Do?

According to the FinHealth 2022 Spend Report, 48% of households had overdraft charges in 2021.

If your bank account is negative, you may be able to quickly add money before any overdraft fee occurs. Regardless, funds should be added to bring your account back into the positive before any other fees occur, or your account is closed.

Pro Tip: Most banks allow you to set up a low-balance alert so you can avoid overdrafts.

Why Is My Bank Account Frozen?

Suspicious activity is a reason that a bank may close your bank account. They will do this in order to prevent fraudulent activity and protect the funds in your account. I.e. Your card is being used in another state.

In order to unfreeze it, you may get a call to verify your identity, or have to go into a physical location with the required documents.

Bank accounts may also be frozen due to court orders. For example, your account and other marital assets may be frozen during a divorce until they are appropriately divided.

Can A Bank Take Money Out Of Your Account Without Permission?

Banks can take money out of your account without notifying you, but it is typically according to the terms of service that you agreed to upon joining the financial institution. Money taken may be due to fees from monthly service charges, overdraft charges, low balance fees, foreign transaction fees,  etc.