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What types of bank accounts can be used to pay for purchases?

Checking accounts with a bank, credit union, or savings and loan may be used for stock purchases. The account must be in your name. If the account is in the names of more than one person your name must be one of the names listed. If you are not sure if your account supports electronic payments you may wish to contact your financial institution. They can let you know if "ACH transactions" may be processed in your account.