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How does the money you save in a bank account help someone else?
Wiki User
∙ 12y ago
Banks are the financial intermediaries of the economy. Without them there will be no financial prosperity. Banks accept deposits from people who have surplus and lend out loans to people who need the money. They offer other services like bank accounts, credit cards etc.
So, the money you save in a bank will given out as a loan and will help someone else.
Wiki User
∙ 12y ago
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Can you get in trouble opening a bank account for someone else?
Yes you can. It is illegal to open a bank account for someone else unless they have given a written legal power of attorney to you.
How do you transfer money from your bank account to someone else's at a different bank?
You, uh, write them a check or, if it's savings, you buy a money order or cashier's check that you pay for with a withdrawal slip from your savings account plus, probably, a small fee.
Can someone else's paycheck be deposited to your bank account?
If endorsed. Yes.
If an individual deposited money into a bank account and placed someone else as a signer to that account can the signer draw funds off the account without first asking the owner?
You can put my name on the account and I'll try that theory out for you. Make sure its good money
Can a bank take your funds to cover losses in someone else's account?
No, they cannot. They can only debit money from the account of the person who has caused them losses and not just any random customer. If a bank does that then you have the right to complain against them and have the charge reversed
Can someone else put a lock on your bank account?
If they have a legal claim on money in that account, and they get a court to issue an order, yes.
Can you get in trouble opening a bank account for someone else?
Yes you can. It is illegal to open a bank account for someone else unless they have given a written legal power of attorney to you.
How do you transfer money from your bank account to someone else's at a different bank?
You, uh, write them a check or, if it's savings, you buy a money order or cashier's check that you pay for with a withdrawal slip from your savings account plus, probably, a small fee.
Can someone else's paycheck be deposited to your bank account?
If endorsed. Yes.
Can you open a bank account for someone else?
No, unless you have legal guardianship for that person, a bank will typically require the intended account holder to open the account.
If an individual deposited money into a bank account and placed someone else as a signer to that account can the signer draw funds off the account without first asking the owner?
You can put my name on the account and I'll try that theory out for you. Make sure its good money
Can you ope a bank account for someone else?
yes as long as they are your children and they still have to be with you
Can a bank take your funds to cover losses in someone else's account?
No, they cannot. They can only debit money from the account of the person who has caused them losses and not just any random customer. If a bank does that then you have the right to complain against them and have the charge reversed
Can you deposit someone else's check into their bank account?
Yes, most all banks allow anyone to deposit money into an account of anyone else. When doing this, the receipt they give you showing the deposit will not show the balance of the other persons account, as this is private information.
If you owe money at a bank can they still seize funds if you deposit a check from someone who also holds an account there into your checking account at a different bank?
To clarify, I owe money at US Bank for a defaulted credit card with them. I have a TCF checking account. If I try to deposit a check made payable to me, and that check happens to be a US Bank check, can US Bank seize the check made payable to me even if I deposit it into my TCF checking account? Not sure if they will see that US Bank funds are made payable to me from someone else's account. Any insight would help! Thanks!
How do you remove someone else's name from a bank account?
A person will need to check the bank's requirements in order to remove someone from a bank account. The primary person will need to contact the bank and will most likely have to go to the main bank branch.
How do you protect bank accounts from judgments?
You must have someone else on the account to prevent this is what I heard
