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Do you have to show on your tax return if you transfer a huge amount using the balance transfer check from a credit card into your checking account?
Wiki User
∙ 8y ago
That is not counted as income, it is debt. You are not being paid for working or asset liquidation, etc. You have to pay back the amount plus fees and interest. So it cannot be classified as income.
Wiki User
∙ 8y ago
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Which type of checking account requires a certain amount of money to be kept in it at all times in order to avoid fees?
minimum balance account
Will your checking account be closed if you fall below the minimum balance required?
Usually No. the bank will charge you a penalty fee for letting your balance go below the minimum amount. However if you repeat the same continuously the bank may close your checking account.
What does pending debit mean on your checking account balance?
it means the bank you are making a transaction at hasn't approved the transaction yet so you have to wait because they can always decline or reverse it. Reverse means to send the amount of money you wanted to transfer elsewhere back to the checking account and it could be a lot of reasons as to why they would decline or reverse the transaction.
What is the primary purpose of a transfer balance?
The primary purpose of a transfer transaction the moving of fund from one account to another. The accounts need not be at the same financial institution. The full balance of the account or just a partial amount can be transferred. Some financial institutions provide a service that automatically does a transfer from one account to another should one of the accounts balance reach a certain threshold.
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Is the amount of money in your checking account called your allowance?
No, the proper banking term is balance for an amount in a checking account.
What amount of money in a checking or a savings account upon which interest is based?
The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.
How do balance transfers work?
A balance transfer works by moving the amount owed on one account to another account. There are two accounts, the receiving account and the delivering account.
Which type of checking account requires a certain amount of money to be kept in it at all times in order to avoid fees?
minimum balance account
What type of checking account requires a certain amount of money to be kept in it all time in order to avoid fees?
Minimum Balance account
Will your checking account be closed if you fall below the minimum balance required?
Usually No. the bank will charge you a penalty fee for letting your balance go below the minimum amount. However if you repeat the same continuously the bank may close your checking account.
Can one get a free and easy checking account at Beneficial Saving Bank?
Yes, you can get a free and easy checking account at Beneficial Saving Bank. Most banks will also offer free balance transfers and no minimum amount in the account.
What does pending debit mean on your checking account balance?
it means the bank you are making a transaction at hasn't approved the transaction yet so you have to wait because they can always decline or reverse it. Reverse means to send the amount of money you wanted to transfer elsewhere back to the checking account and it could be a lot of reasons as to why they would decline or reverse the transaction.
The amount of money in a bank account is called what?
account balance
What is the primary purpose of a transfer balance?
The primary purpose of a transfer transaction the moving of fund from one account to another. The accounts need not be at the same financial institution. The full balance of the account or just a partial amount can be transferred. Some financial institutions provide a service that automatically does a transfer from one account to another should one of the accounts balance reach a certain threshold.
Where can I find a online checking account where you can transfer funds to a international bank account without the large amount of fees?
The best thing to do is to go into the bank and talk to them. It will be easier and sometimes they will waive the fees or most of the fees to transfer the money.
What is your balance on your account?
The balance of your account is the amount of credit or debit of your account. That is how much you have or how much you owe.
