0
What else can I help you with?
What is banking and importance of banking?
In short: Banking finances commerce when cash is not sufficiently available. Bankers make credit available against gradually taking a share of the profits in the form of interest while recouping their investment.
A claim against a customer for sales made on credit is an account payable?
yes
Who do you contact at a bank if you need information about your checking account?
It depends on the information you need. Bank information can be extremely sensitive. You may have to go to your branch of the bank in person and prove that you are who you say before a customer service representative will give you the information you want. If you wish to write to your bank or mail them a payment and don't know the correct address, call the customer service number. This information should be on your bank statement or online. Major banks have online banking available, if you need your bank balance or the detail of transactions made against your account.
What is the first account number used in the liabilities division?
This is not public information. It would lead to the identity of a person and is against the banking regulations.
Am I blocked via iMessage?
If you are blocked you must have gone against the rules. Please contact customer service for help to recover your account.
What is meant by acceptance outstanding?
Letters of Credit outstanding - this account arises out of the issuance of letters of credit for which the bank obligates itself to pay or guarantee payment. The bank has a right of recourse against the customer whose credit it substitutes. Acceptance outstanding - this is similar to the account letters of credit outstanding except that it makes the bank's obligation more real than contingent. the bank will honor the drafts presented to it and will also have the right of recourse against the customer. The acceptance makes the instrument easily negotiable and more acceptable for discounting. source: Banking theory and practice by: Mercedes M. Leuterio & Consuelo B. Estepa
What describes the purpose of insufficient funds fees?
Insufficient funds fees, often referred to as overdraft fees, are charged by banks when a customer attempts to withdraw more money than is available in their account. The purpose of these fees is to cover the bank's risk of loss when it honors a transaction despite insufficient funds. Additionally, these fees serve as a deterrent against reckless spending, encouraging account holders to maintain sufficient balances. Ultimately, they aim to promote responsible banking behavior while allowing banks to recover costs associated with processing these transactions.
Does the bank report it when a person writes a check on a closed checking account?
Yes. Writing a check on a checking account that is closed/inactive is a crime. Customers are not supposed to do that and if they do, the bank can report it and take legal action against the offending customer. The customer can be fined or jailed for doing so.
Rights and duties of a bank?
Duties to accept the deposit of money in an ordinary course of business during the working hours to maintain the secrecy of account to pay the cheque issued by the customer if in order to give reasonable time notice if bank it self wants to close an account RightsTo put lien on customer To set off an account To recover the service charges from customer as per prevalent country lawsright of protection against the fraud due to negligence of customer
Does fifth third bank check systems?
Yes, Fifth Third Bank uses check systems to assess the risk associated with opening new accounts and processing checks. They may check against databases like ChexSystems to identify any potential issues, such as previous account mishandlings or negative banking history. This helps the bank make informed decisions regarding account approvals and managing customer relationships.
What are the rights and duties of banking?
RIGHTS:1)the first duty is to charge commission, interest and discount against services provided by the bank. 2)it is the right of the bank to retain the property of the customer as a security for the repayment of the loans.DUTIES:1)to accept the cheque if it fulfill all th requirements.e.g:-amount in their balances,date.2) maintain the secrecy of the account holder.
What is the penalty for writing a check on a closed account in Mississippi?
Writing a check on a checking account that is closed/inactive is a crime. Customers are not supposed to do that and if they do, the bank can report it and take legal action against the offending customer. The customer can be fined or jailed for doing so. The penalties are the same irrespective of the country/city you live in.
