No, that should be reported to the bank immediately. The bank will eventually discover the error if the account holder does not and will take whatever steps needed to rectify the problem. An account holder who knowingly uses such funds is guilty of a criminal offense.
is it possible for money to be deposited in an inactive bank account
deposited money is credited to your concern bank account
Deposited Money is termed as "CR" or "Cr" or "Credit" it is a transaction in which money is deposited or credited or added to a customer's bank account. The bank balance of the account will increase by the amount of money that was actually credited during this transaction.
It Depends. If there is a valid bank account including the extra digits you put in by mistake, funds will be transferred to that account. The bank will not take any liability out of this wrong transaction that arose out of your mistake in entering the account number incorrectly. But, if there is no valid account with those numbers then the transaction will be cancelled and the money will be deposited back into your account. If by chance, money got deposited into the wrong account, you have to file a legal complaint to get your money bank. The bank can only provide details of to whose account the money was deposited and will not help you out to get the money back.
A bounced check. Probably a check that you deposited into your account was no good so the bank returned it and deducted the money from your account.
If you knowingly spend money that was deposited into your account in error (if you KNOW it was not yours but spend it anyway), you are responsible for repayment to the bank. This might also be construed as a crime depending on the laws in your jurisdiction. It is generally both unlawful and immoral to knowingly take something that is not yours.
It depends. Yes - If they have deposited money into their accounts held with the bank, they are called creditors No - If they do not have any money deposited in their account with the bank. Instead if they are loan customers they are called debtors (or people who owe a debt to the bank)
One can do the same things with an online bank account that they would do with any other bank account. Money can be deposited or withdrawn, bills can be paid, and interest can be earned.
A bank account is a fund deposited by a customer into a bank from which they can make withdrawals.
When you earn interest on your money in a bank account, the interest earned is deposited into your account normally at the end of the month.
Counterfeit postal money orders, like counterfeit money, cannot legally be deposited in a bank account. Bank clerks are not required to absolutely verify the status of a money order before accepting it, and the bank is not required to honor it in any case. The responsibility of a clerk who pays out money erroneously is subject to the policy of the individual bank. But the bank account holder is ultimately liable for all counterfeit or fictitious items deposited or cashed through their account.
Actually nothing special happens. The few things that happen are:Your bank balance increases by 10000 (the amount you deposited)The money you deposited is available for withdrawal anytime you wantThe money you deposited starts earning an interest for you for as long as this money is kept in that account.
To write a letter to a bank about the wrong cheque amount being deposited into your account, you should provide as much information as possible. Include information on whether the error is to your benefit or not, and how much should have been deposited into your account instead.
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
No. Only Cash (Money) can be deposited into a bank account. Gold is a valuable metal and there is no way a bank will accept that and deposit it into your account. However, you can always rent out a safety deposit locker with the bank and keep your gold in that for safekeeping.
A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.
[Debit] Bank account [Credit] Cash account
A bank deposit slip is used for credit. Credit is an action in which money is deposited into a bank account. For doing so, we need to fill a deposit slip. The deposit slip contains details like the name of the account holder, amount of money deposited, the denominations, date of deposit etc.
You are responsible for any money that is present in your account. If you feel some transaction (a deposit) has happened in your account which you are not aware of, you must notify the bank of the same. If you happen to hold on to this money and it so happens that this money was being used by terrorists and they put it into your account by mistake, you will also be in trouble. So it is better if you intimate the bank reg. this.
If you owe money to the bank they are entitled to withdraw it from any monies deposited into your account.
Debit Bank account Credit Cash account
Cash credit Account (CC)This account is the primary method in which Banks lend money against the security of commodities and debt. It runs like a current account except that the money that can be withdrawn from this account is not restricted to the amount deposited in the account. Instead, the account holder is permitted to withdraw a certain sum called "limit" or "credit facility" in excess of the amount deposited in the account.Cash Credits are, in theory, payable on demand. These are, therefore, counter part of demand deposits of the Bank.Overdraft (OD)The word overdraft means the act of overdrawing from a Bank account. In other words, the account holder withdraws more money from a Bank Account than has been deposited in it.