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Yes. An executor may open estate accounts at as many banks as in his/her discretion is proper. In fact, there will be times when numerous banks are an absolute must, such as when the assets of an estate in any one bank exceed the FDIC protection limits. In such a case an executor is wise to remove the excess to another bank to take advantage of that bank's FDIC protection and be sure that as interest accrues, the amount on deposit does not exceed the FDIC limit. Also the estate account need not always be a checking account. Proper administration of an estate dictates that there be a checking account, but there may also be estate savings accounts or money market accounts or even CDs. A sufficient amount of cash should be kept in the estate checking account for the usual expenses, but any amounts not needed in the foreseeable future should be put into an interest bearing account. And since typically an estate is going to take at least six months to properly complete, it is sometimes proper to put some excess estate money in a timed CD, like 3 month or so depending on the situation.
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Bank policy for checks deposited over 5000?
All banks have different policies and different accounts. Most banks will have a hold time on a check for a large amount.
If you bank with Bank A and file bankruptcy and have credit cards with Bank A should you move to a different bank?
It would depend on the banks policy. Some banks will freeze all accounts you hold with them, whether the have credit facilities or not, e.g. Savings accounts you hold for your children.
Can you hold two accounts in different banks one in joint and the other a single name?
Yes. In fact many joint accounts are used for household payments, including mortgages and insurance, while separate accounts are often used for individual personal savings and self- employment business cash flow. Banks actually benefit by collecting fees from multiple accounts, but it is better for the consumer not to have too many accounts with too many banks because this is false economy, and also keeping track of them is time wasting.
What happens when they repo your car and they shouldn't have?
If the bank made a mistake they will return the vehicle to you, the repo company is under a hold harmless and work the accounts the banks give them.
Where are credit banks situated?
Credit banks hold the amount of credit available in the banking system. Credit banks are situated at different places; the actual situation of the credit bank depends on the bank itself.
If you make two PlayStation network accounts will the first one be gone?
No. Your PlayStation may hold multiple PSn accounts meaning you can have like 5 different names!
How long do banks hold a check?
Many banks will place holds on checks. Each bank has different policies pertaining to holds so it is best to check with your bank to find out
Why banks are so important?
The 8,700 commercial banks, which are about 98% of all banks in the country, hold the vast majority of demand deposits held by all institutions (banks, thrifts, credit unions). Their non-institutional competition is primarily money-market accounts. As the name implies, commercial banks make the majority of commercial loans, but also make more than 20% of all consumer loans.
How hold is tyra banks?
she is 35
Do you know if banks will still give high interest rates on savings accounts compared to a regular checking account?
Most savings accounts hold little to no interest rate currently. They are basically the same as a checking account. If you are looking for higher yield interest, consider purchasing a CD.
How can the executor legally keep the property if the heir is not found?
The executor is not entitled to keep the property. They hold it for a period of time (specified in the law) and if the beneficiary isn't found it is distributed according to the law.
Can executor hold back monies when will says estate divided by heirs equally?
The executor can hold back some of the money. This is often done to make sure that all tax liabilities have been satisfied. There may also be court costs and other debts to settle.
