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2010-10-18 22:19:11
2010-10-18 22:19:11

Generally, no, unless you cancel the transaction after the fact.

If you have made a payment to the credit card company and cancel after the time the transaction was made, yes, the credit card company may take money out of your checking/savings account.

If you made some mistake when using your credit card which resulted in a fee or finance charge, the credit card company may put that amount on your credit card bill but may not take the amount out of your checking/savings account unless you specifically ask them to.

If you have automatic payments set up, the credit card company may honor those instructions until you send them a WRITTEN request to change the setup. Most card companies allow you to bypass the written component and change automatic payments online.

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Related Questions


The tasks vary by organization and may include transaction approval and or statement approval.


One option is our electronic digital signature service at www.echosign.com. EchoSign is the web's #1 electronic signature solution with over 500,000 users and a very basic account is 100% free.


Yes, you can. You can open an account and have anyone you want on the account; they don't have to be just family members. But anyone else on the account will have to sign a signature card before they are able to make any transaction on that account.


The transaction would increase an asset account and increase a liability account?


Lodging money into a bank account is a transaction, as is withdrawing money. Adding interest to an account is a transaction. Direct debits are transactions. Deducting bank charges is a transaction. Basically any sort of activity involving a change of money in an account is a transaction. You will get a list of them on a bank account statement.


signature on cheque verifies the document for opening a new account verify the whole day transaction accept chequebook request & issue chequebook


First, the customer authorizes an electronic entry to their account. Second, the company introduces the electronic payment data through its bank. Third, the originating institution receives electronic payment data from the company


Give me an example for what, the transaction would decrease an asset account and decrease the owner's equity account?


No - a debit card is simply an electronic version of cash. If there are insufficient funds in your account to cover the transaction, the card will be declined.


An escrow account is an account controlled by someone who is not a party to the transaction (often a broker in a real estate transaction or one party's attorney in a business transaction) for holding funds on behalf of the parties until the consummation or termination of a transaction or the happening of some specifically identified event.


No. If the checking account is in your name then only your signature would suffice. Even in case of joint accounts, if only one of the account holders sign, the bank would treat that as a legitimate transaction and complete it.


Suspence account is used where there is one or more debit or credit account information is missing in transaction due to unavailability of information or any other reason to balance out the transaction for time being.


Yes you do... It's a form of 'electronic currency' - the value of the transaction is debited from the linked bank account.


No. Any modification to your account can happen only with your written approval/consent.


In banking parlance, Credit refers to a transaction where funds came into the account under question and Debit refers to a transaction where funds were taken out from the account. For ex: If your company deposits your salary into your bank account, it will be a credit transaction. Similarly, if you use your ATM Card and withdraw some money, it will be a debit transaction.


Electronic Transactions: The Internal Transaction Number (ITN) is "the Automated Export System" generated number assigned to a shipment confirming that an electronic export information transaction was accepted and is on file. Importing/Exporting: A 14-digit number appearing on the supporting documents used for the accounting and release of goods. The transaction number is used for identification and control purposes. It has three parts: an account security number, a number assigned to the importer or broker, and a control number. Transaction numbers are routinely used in many other types of transactions, for movement or transportation of information, money, or goods.


If the transaction was sent in an unsolicited email, It's a scam. This is a common method for online scams. They will want to know your details, then they use your details to rip off your account, or to clone a credit card. In the end, either way you lose.


Nothing serious. As it is an electronic transaction, lack of funds in your account will cease the process, and your service provider will be notified. They'll either contact you or repeat the transaction along with the coming month's bill (and again the whole process repeats :D).


A Debit is a transaction wherein money is debited or withdrawn or taken out from your bank account. For Ex: You use your ATM card to withdraw money from an ATM, this transaction will be reflected as Debit in your account because you have taken money from your account.


The asset account will be Equipment. You will debit this account to increase its value. The credit side of this transaction will be Accounts Payable. This transaction will increase the value of Accounts Payable, as well.


"Because the man lost his account information, he was unable to make a bank transaction."


A Debit is a transaction wherein money is debited or withdrawn or taken out from your bank account. For Ex: You use your ATM card to withdraw money from an ATM, this transaction will be reflected as Debit in your account because you have taken money from your account.


"Because the man lost his account information, he was unable to make a bank transaction."


A standing order or a direct debit allows money to be taken out of your account, as the account holder has authorised the transaction. A transaction that will continue until the account holder states otherwise and cancels any future automatic withdrawal payments.


A vote on account in parliament refers to an approval or a disapproval of a certain bill.



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