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If your payments are on time can they repo your truck just because a separate checking account is in default?
Wiki User
∙ 8y ago
IF your loan contract calls for cross-collayteralization of the checking account, YES.
Wiki User
∙ 8y ago
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Is a checking account an asset?
From the account holders perspective yes a checking account is an asset. The amount of money you have in your checking account is your asset. From the banks perspective it is a liability because whenever you want your money, the bank has to give it to you.
Why is it necessary to collect payments from patients during checking?
Because physician can get paid.
What are the disadvantages of using checking accounts?
Many checking accounts do not offer interest on the money in your savings account. This is a disadvantage because the money you put in a savings account will collect interest, where a checking account will not.
Are there more fees in a checking account compared to a savings account?
Most checking accounts have no fees. Savings account has more fees than checking accounts because of the higher interest yields available in a savings account.
What responsibilities do checking account owners have when using their account?
Checking account owners have several responsibilities when using their account. They are responsible for monitoring their account balance regularly, keeping track of transactions, and ensuring there are sufficient funds to cover any outgoing payments. Additionally, they should safeguard their account information, such as their debit card and personal identification number (PIN), to prevent unauthorized access and fraudulent activity.
Is it possible to overdraw a checking account using a debit card?
Yes a lot of people tend to overdraw their checking account because they do not know how to balance their checkbook.
What is the term for money kept in a checking account?
A checking account is called a "demand deposit" because it is available for transfer to another individual or company by writing a check or draft.
What is the minimum amount need to start a checking account at 5th 3rd bank?
To start a checking account at a fifth third bank you must at least have a minimum of fifteen dollars, because fifteen dollars is the cost of the monthly fees to keep the checking account.
For a small business, what are the benefits of opening a business checking account rather than using a personal checking account?
There are several benefits from opening and maintaining a business checking account rather than using your personal checking account. When you use a business checking account you are segregating your business funds from your personal funds, thus creating better organization for your business. Also, having the business checking account will help at tax time because all your business transactions will be within the business checking account and there will be no need to sort through your personal transactions. Finally, the business checking account will allow you to use a taxpayer identification number (TIN) so the funds can legally be owned by your business, instead of using your social security number on the checking account. For a small business, opening a business checking account allows you to get more interests. In addition, transactions are processed faster compared to a personal account.
What can cause an account to go into arrears?
Missing payments can cause an account to go into arrears. This is because additional debt is owed.
Why would a business open a checking account instead of a savings account to manage cash?
because there just good like that
How to Figure Out if Electronic Payments Will Work for You?
If you hate paying bills through snail mail, and sometimes find yourself even forgetting to mail in the payments for bills on time, it may benefit you to allow the people you owe to debit electronic payments from your checking or savings account. Not everyone likes signing up to have electronic payments withdrawn from their account, but it does help if you need your bills paid on time (and don’t want to take the time each month to write and mail the necessary checks).If electronic payments are to work for you, you need to make sure that you keep whatever bank account you’re having the payments withdrawn from balanced. Having electronic payments debited from your bank account will not work for you if you are not up to the responsibility of keeping your bank account balanced. If you are a responsible person who balances their checking and/or savings account often, then chances are electronic payments will work out very well for you.If you are able to make a note of what bills are to be paid electronically every month, then it is likely that electronic payments will be something useful to you. Losing track of what bill payments you are having withdrawn electronically is a really bad idea. You do not want to overdraw your bank account because you have not checked to see which payments are going to be deducted from it on specific dates.Electronic payments may work out better for you if the company wanting to debit them from your account is willing to offer you a discount if you do sign up for the electronic payment service. Some companies are so happy to get you to switch over to the electronic payment method that they are more than willing to deduct a few dollars from your billings if you do it. Check to see if the companies you deal with on a regular basis offer any savings if you do allow them to deduct your payments electronically.
