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AllHipHop.com’s resident Daily Word guru and all-around inspirational guy, Ash Cash, is back with his latest installment of “Ask Ash Cash.”

Watch the video below his response, as he offers more sound advice to readers:

Greetings and Salutations, my great people!! Today’s installment of “Ask Ash Cash” comes from Ms. Jessica Pace…. But I also want to hear from you.. If you have any business or finance questions, please tweet me (@IamAshCash) using hashtag #AskAshCash, or e-mail me your video or question to Questions@AskAshCash.com. I also stream live every Monday at 9AM on Wave45.tv!! It’s time to get our Mind and Money Right!! We no longer have any excuses!!

Dear Ash Cash: How does a Checking Account work?

A checking account is what you would use to conduct everyday transactions. Some people like to walk around carrying cash, but when they do so they become vulnerable to theft or losing their money. Opening a checking account is the best way to keep your money safe and pay bills. It is also a convenient way to receive money that is owed to you, whether its direct deposit from your job, money from your side hustle, etc;

To open a checking account, you need proof of identification, like your drivers license, passport, or any other state government-issued ID (It must have a photo) – or proof of residence, like a utility bill or lease – and an opening deposit. Once your account is opened, the bank gives you a checkbook and a debit card that you can use to take money from the account as you need it and also to make purchases (not more than you deposit of course). If you use more than you have in the account, the bank will charge you an overdraft fee, which can range from $30-$35 per item. This can be very costly if you don’t pay attention to your budget.

You will receive monthly statements so that you can balance your account against your records, as well as have the ability to check your balance and recent transactions online, over the phone, through the ATM machine, and by visiting the branch.

Ash’Cash is a Business Consultant, Motivational Speaker, Financial Expert and the author of Mind Right, Money Right: 10 Laws of Financial Freedom. For more information, please visit his website, www.IamAshCash.com.