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Can your bank take money from your account to pay a credit card they issued?
Wiki User
∙ 12y ago
Yes. You owe them and they will take the money. Plus, charge you an extra fee for doing it.
Wiki User
∙ 12y ago
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Can you be denied a savings account?
No. As long as you have money that can be deposited into the savings account, the bank cannot deny giving you a savings account. However, if you have a history of bad checks being issued, default on credit card payments etc the bank will not issue you any credit cards or check booklets.
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
What does cash in the bank mean?
It means you bank account is in credit, you have money to spend.
When you add money to your bank account is it debit or credit?
It's a credit. When you take money out - it's a debit.
How do you get money from an atm?
The bank stores money inside the ATM machine, which can be fetched by the account holders of the bank through the debit or credit card issued at the time time of opening the bank account. Withdrawing money out the ATM machine is simple, all you need to do is insert your card as per instructed and enter you PIN and the amount of money you want to withdraw from the kind of account you have with the bank. The ATM will count and provide you with the required amount.
Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
Can you be denied a savings account?
No. As long as you have money that can be deposited into the savings account, the bank cannot deny giving you a savings account. However, if you have a history of bad checks being issued, default on credit card payments etc the bank will not issue you any credit cards or check booklets.
Does amazon accept money from bank account?
Yes, Amazon accepts money from the bank account via the credit cards.
What is the journal entry when cheque issued to creditors is dishonoured?
[Debit] Bank account xxxx [Credit] Accounts payable account xxxx
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 account for Issued Share Capital?
[Debit] Cash / bank xxxx [Credit] Share capital account xxxx
What does cash in the bank mean?
It means you bank account is in credit, you have money to spend.
When you add money to your bank account is it debit or credit?
It's a credit. When you take money out - it's a debit.
How do you get money from an atm?
The bank stores money inside the ATM machine, which can be fetched by the account holders of the bank through the debit or credit card issued at the time time of opening the bank account. Withdrawing money out the ATM machine is simple, all you need to do is insert your card as per instructed and enter you PIN and the amount of money you want to withdraw from the kind of account you have with the bank. The ATM will count and provide you with the required amount.
What is direct credit?
direct credit is money transferred from 1 bank account to another.
Why do funds paid into your bank account appear as credit entries on your bank statement?
The funds are a credit to the bank that is issuing the statement. They "owe" you the money, therefore the credit.
What is difference beween a debit card and a credit card?
A debit card is issued by your bank, and when you use it, funds are withdrawn from your bank account thus reducing the money you have the bank. It's like writing a check. When you use a credit card you are, in effect, borrowing money from some company or institution to pay for your purchase and must pay this money back at some time in the future. But, the amount of money you have in the bank is not affected.
