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How does money in my account benefit the bank. does it mean the bank is richer?
Wiki User
∙ 15y ago
The money you deposit into your account is an obligation for the bank to be paid to you anytime you want.
The bank would lend this money to its other customers and earn an interest income from it.
Wiki User
∙ 15y ago
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How you get interest rate?
First you need a bank account and money you put the money in the bank account, wait for a year or two and then you get more money in your bank account
What is the Money placed in a bank?
Money placed in a bank account
What does relationship bank account mean?
A relationship bank account does not use money...
My current bank account was closed and someone has been depositing money to it can the bank use this money for an outstanding loan?
my bank closed my account can i reopen the same account again
Can you send money to Indian bank account through money gram?
Yes, you can send money to an Indian bank account through MoneyGram.
How do you put money on an account?
Walk into an ATM and deposit the money into your bank accountWalk into the bank branch (any bank that you have an account with) and deposit the money into your bank account
How you get interest rate?
First you need a bank account and money you put the money in the bank account, wait for a year or two and then you get more money in your bank account
Who owns your money in a bank account you or the bank?
The person whose name is on the account owns the money. The bank holds it for them.
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
What is withdrawal of bank account?
taking out money from your bank account because you want to use the money.
What are advantages to having savings in the bank?
The main benefit to having savings in a local bank is the ability to garner interest. Interest means that you receive, what is essentially, free money just for having a certain amount of money in a bank account.
What is the Money placed in a bank?
Money placed in a bank account
Is there a bank account that you can pay small bits on money into but cannot get anything out for a specified number of years?
Yes, PPF account you get higher rate of interest and tax benefit.
How does a personal bank account work?
you have to have money then you must put it into a bank then you have a bank account.
What are the benefits of getting a savings account?
The benefit of having a a savings account is that your money is safe and protected in a bank. Not only that but there is an interest rate which will add to you account generally at the end of every month. It also makes your money more easily accessed.
When do we debit bank account?
We debit our bank account every time with withdraw (take out) money from our bank account.
What is money placed into an account?
money in a bank account, when u put money into an account it is called a deposit.
