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For as long as the customer wants it to be kept open.
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∙ 14y ago
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How does a certificate of deposit work and what amts can you purchase?
A Fixed Deposit or a Certificate of Deposit is a special type of deposit account that can be opened by any customer. The customer will deposit a large sum of money with the bank for a predetermined period of time (Usually in months or years). The bank will offer a good interest rate to the customer for parking his/her money long-term with them. The customer wouldn't break his deposit mid term and keep it until maturity because if he does so, he will be charged a penalty for doing so. In terms of amount - you can purchase any amount you want. The only thing the bank might ask if you deposit huge sums of money is "source of income" and if you provide that, the bank will be willing to accept a deposit of any amount.
What is a CD in terms of banking?
A Certificate of Deposit is a special type of deposit account that can be opened by any customer. The customer will deposit a large sum of money with the bank for a predetermined period of time (Usually in months or years). The bank will offer a good interest rate to the customer for parking his/her money long-term with them. The customer wouldn't break his deposit mid term and keep it until maturity because if he does so, he will be charged a penalty for doing so.
Is a certificate of deposit a current or fixed asset?
Certificate of deposit if purchased for one year then current asset otherwise long term asset.
If cashed a cashier check at the bank when can you get your full amount you deposit?
how long it take to receive your money from the cashier check you deposit in bank of America bank
How long does it take to clear the bank if i deposit money into someones account how long does it take to clear the bank if i put money into someones account?
Most times, the deposit should be cleared into their bank account within 24 hours. The amount will vary depending upon the bank and when you make the deposit.
If a check is issued to A B and C can A alone deposit the check in his own bank account only?
Yes. As long as the check is not being cashed, the bank can stamp the check and deposit it.
What are bank cd rates and where can they be found?
Bank CD rates are certificate of deposit rates. These are rates for long term savings that earn a small (generally 1-2%) amount of interest over time. You can find rates for individual financial institutions on their websites, or on the website BankRate.com.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
How do banks benefit from people with savings deposit?
The banks loan out the money on deposit at higher rates of interest than they pay the depositors. Since most people keep their savings on deposit for long periods, the banks are able to do this. If everyone came at once and asked for their money, the bank would fail.
What are dc rates and how are they calculated?
A CD (Certificate of Deposit) is a form of investment that you invest in towards a company or a stock, usually a bank. They are calculated by how much money you invest, how long you are going to leave your money, and the rate of interest that they will pay you back with.
What happened to Deposit Guaranty national bank of Jackson Mississippi?
well.....long story
How long does a bank draft take to clear?
How long it takes for a bank draft to clear depends on where the back issueing the draft is located and where the draft is submitted for deposit.
