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Can you open an account at one bank if you still own overdraft fees at another bank?
Wiki User
∙ 15y ago
Yes, very well you can. Provided you have all the necessary documents and enough cash to maintain the minimum balance with that bank. You would need an address proof, identity proof and photographs and if possible a person to introduce you to the bank along with cash for opening balance.
Wiki User
∙ 15y ago
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Can a bank overdraw your account to pay their own charges?
It Depends: Yes - If you have a valid overdraft account with the bank and you currently do not have enough balance in your account to pay for bank charges No - If you do not have a valid overdraft account with the bank.
What will bank do if you can not pay overdraft?
The bank does not care if you cannot pay the assessed overdraft fee. From experience they will then continue to accrue fees to the account sometimes per day as long as you are overdrawn if then still not paid it will go to your credit report. The next time you attempt to set up a bank account after being blacklisted from another bank it becomes harder each time to open an account elsewhere.
What is bank overdraft?
Bank Overdraft is a facility wherein a bank customer can withdraw more money than what is actually available in his/her account. Let us say I have an overdraft account with ICICI Bank and have only Rs. 5000 in my account, I can withdraw even 15000 or 20000 from my account. I will have to repay this money that I took from them in future or else they will charge me an interest. The bank will also set an Overdraft limit which will define how much money over and above my bank balance I can withdraw.
Difference between bank loan and bank overdraft?
These two terms are different.For a bank overdraft, you should have an account with the bank and it is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis.A bank loan is a fixed amount for a fixed term with regular fixed repayments. The interest on a loan tends to be lower than an overdraft.
Can a bank service fee overdraft your account?
A bank service fee can make your account negative. Whether or not they will assess an additional "overdraft fee" depends on the bank's policies and applicable laws in your jurisdiction.
What is the journal entry for overdraft?
For an overdraft, the journal entry would be to debit the bank account (increasing the overdraft liability) and credit the corresponding expense account or accounts that led to the overdraft. This reflects the additional amount drawn from the bank account beyond the available balance.
Can a bank overdraw your account to pay their own charges?
It Depends: Yes - If you have a valid overdraft account with the bank and you currently do not have enough balance in your account to pay for bank charges No - If you do not have a valid overdraft account with the bank.
What will bank do if you can not pay overdraft?
The bank does not care if you cannot pay the assessed overdraft fee. From experience they will then continue to accrue fees to the account sometimes per day as long as you are overdrawn if then still not paid it will go to your credit report. The next time you attempt to set up a bank account after being blacklisted from another bank it becomes harder each time to open an account elsewhere.
If you hqve a checking account in an overdraft condition can you open another account in another bank without having the account attached to the first account?
Yes, you will be able to open another bank account at a different institution until the bank account that is in overdraft decides to report you to check systems. Once you are reported to check systems as having owed a bank via a checking account, it is very hard to get off of it and that may prevent you from opening a bank account pretty much anywhere. Most banks check check systems.http://paymenttransactionsystems.comhttp://merchantpos.net
What is Overdraft account?
Bank Overdraft is a facility wherein a bank customer can withdraw more money than what is actually available in his/her account. Let us say I have an overdraft account with ICICI Bank and have only Rs. 5000 in my account, I can withdraw even 15000 or 20000 from my account. I will have to repay this money that I took from them in future or else they will charge me an interest. The bank will also set an Overdraft limit which will define how much money over and above my bank balance I can withdraw.
What is bank overdraft?
Bank Overdraft is a facility wherein a bank customer can withdraw more money than what is actually available in his/her account. Let us say I have an overdraft account with ICICI Bank and have only Rs. 5000 in my account, I can withdraw even 15000 or 20000 from my account. I will have to repay this money that I took from them in future or else they will charge me an interest. The bank will also set an Overdraft limit which will define how much money over and above my bank balance I can withdraw.
Difference between bank loan and bank overdraft?
These two terms are different.For a bank overdraft, you should have an account with the bank and it is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis.A bank loan is a fixed amount for a fixed term with regular fixed repayments. The interest on a loan tends to be lower than an overdraft.
What is overdrawn account?
Bank Overdraft is a facility wherein a bank customer can withdraw more money than what is actually available in his/her account. Let us say I have an overdraft account with ICICI Bank and have only Rs. 5000 in my account, I can withdraw even 15000 or 20000 from my account. I will have to repay this money that I took from them in future or else they will charge me an interest. The bank will also set an Overdraft limit which will define how much money over and above my bank balance I can withdraw. An account where the customer has used his/her overdraft facility is called an overdrawn account
How can one go about increasing their current account overdraft?
If someone needs to increase the current amount of overdraft on a bank account, one would have to contact the bank. There are papers that have to be signed to increase any limits on a bank account.
Can a bank service fee overdraft your account?
A bank service fee can make your account negative. Whether or not they will assess an additional "overdraft fee" depends on the bank's policies and applicable laws in your jurisdiction.
Does bank overdraft go on a balance sheet or income statement?
Bank overdraft is shown in balance sheet same as bank account or any other cash account, it's a short term bank credit.
What is authorised overdraft?
An authorised overdraft is an amount of money that you have agreed with you bank and which you can withdraw from the account for which the overdraft has been set up, the overdraft being the extra fund you have access to when your account does not hold sufficient funds.
