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Read the contract you signed when you applied for the card and I'll bet you find that provision is there. Bankers may like to get all the money they can, but they are VERY carefull to follow the law and the rules and regulations from FDIC or the state bank examiners. Little infractions cost them big fines when the examiners find them doing something wrong.

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โˆ™ 2006-03-22 04:42:43
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Q: Can a bank that issued you a credit card take money out of your checking account to pay its past due balance if you are late 120 days?
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Related questions

When does accounts receivable have a credit balance?

If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.

What does one need to check their checking account balance online?

To access information about your checking account online you will need to have your ID and password issued from the bank. Many banks also require additional information.

State three possible reasons why a debtor's account might have a credit balance?

Overpayment Payment in advance Credit note issued Deposit received

What is a non checking account?

A non-checking account is the account in which cheque book is not issued like for customer for getting loans

Nick has a revolving department store credit card account with?

A revolving department store credit card means that the interest accumulates monthly and the balance carries over. Most credit cards that are issued by a department store have this type of account.

What is the normal balance of a common stock account?

Credit balance (it's an equity account - and should normally have a credit balance, if it doesn't you have issues that need to be resolved, pronto) - should be the par value times he number of shares... andt here can be shares issued with different par values, keep that in mind.

When were debit card invented?

Debit cards were first issued in 1978 by the First National Bank of Seattle. Debit cards connected to the cardholder's checking account with their available balance.

Do you have to pay back the entire balance every month or can you choose how much you pay?

The answer depends upon what type of account you have. There are different types of accounts which have a card. The typical credit card is issued on a revolving account. This type of account allows the consumer to pay a minimum balance (set by the credit card company) and REVOLVE the remainder over to the next month. This is a costly proposition for the consumer, incurring the most interest charges. A charge card (as opposed to a credit card) may be issued on an open account. This type of credit grantor, the most well-known of which is American Express, issues an account which has no credit limit, but must be paid in full every month. There are no credit terms on such an account, and there is no way to revolve the balance over. Some department stores also issue cards on this type of account. It is important to know which type of account you have and to pay according to the terms of your specific card holder agreement.

What are the legal requirements for a credit card company to send you a check for a credit balance as a result of overpaying your credit card bill?

If an account is overpaid, the creditor may wait 30-60-90 to issue a refund. This is done so that a refund is not issued to a closed account that may have charges pending.

Is a credit issued to a customer a debit or credit to Accounts Receivable?

Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.

How do you account for Issued Share Capital?

[Debit] Cash / bank xxxx [Credit] Share capital account xxxx

What is a Merchants account Credit card?

A merchants account credit card is a special type of credit card that is issued from a merchant acquiring bank. These credit cards allow a vendor or business to accept payments from customers using a credit card.

What things does a person need to open a checking account?

When opening up a checking account every person who will be on the account needs.. 1) To be present. 2) To have their Social Security Number. 3) To have a Passport or State Issued Driver's License or State Issued Identification card. For children a School I.D. will work just fine.

What is the journal entry when cheque issued to creditors is dishonoured?

[Debit] Bank account xxxx [Credit] Accounts payable account xxxx

How to pass the entry against credit note in our accounts?

In order to credit a customer in the account, a credit note must be issued. After that is done, a journal entry can be made to indicate the credit.

What service does Accela provide?

Accela Pay is a prepaid debit card issued by US Bank which allows one to add funds to, arrange for direct deposit of paychecks, and essentially use as a checking account with everything but the checks. It mostly gets used like a credit card, only charges are made against an existing balance rather than as debt.

Issued a check to establish a petty cash fund of 1400?

Debit Petty cash account 1400 Credit Cash account 1400

If you are issued a credit on a credit card that has expired what happens to the credit Does the credit still go through?

They will send you a check so they can close out your account (assuming that they aren't issuing a card with a new expiration.)

How do you find garnishment balance?

You can find your garnishment balance by contacting the court who issued the garnishment or the creditor who put the garnishment on your wages. You could also pull a credit report to see your current balance.

Is bank account is compulsory for obtaining a credit card?

Maintenance of an account in the bank which has issued the card is not a pre requisite for applying for a credit card. Having an account with the card issuing bank is essential for debit cards. Nandkishore Sharma

How do you find out what financial institution issued a credit card when the account number is not on your credit report?

Call the Credit report agency that pulled your credit from the Bureau's and ask them to look at the back of the credit report where it says inquiries.

How do you delete credit mail?

You have to contact the company (by mail)who initally issued you the credit. If the account is paid and closed they should remove it from your credit report, upon your written request.Hope this helps.

If get a new credit card because of fraud will that effect credit?

Unfortunately, it will reduce your credit score. What happens is that the original credit card account shows as closed, and you have a newly issued credit card account with a new number through the same credit card issuer. It will take at least 2 years before the newer credit card account is seen as a seasoned trade line.

What is a charge account?

An account where a specified amount of funds are made available for one to use in purchasing various items on credit. A 'line of credit' is generally issued and cannot be exceeded under normal circumstances.

What information is required when a person wants to open a free checking account?

The information required when a person wants to open a free checking account includes name, address, phone number and some government issued identification for proof. Once the information is approved the account is ready to use.