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There are banks that will help you regarless of your credit history. If you have been reported to chexsystems, your name remains on file for 5 years but there are also banks that do not use chexsystems

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โˆ™ 2008-07-05 11:03:07
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Q: How long will it be before you can open a checking account if you were denied a checking account not because of bankruptcy but because of outstanding debt?
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Why is outstanding expense is credited in outstanding expense account?

Because it is a liability for business

Is a checking account an asset?

From the account holders perspective yes a checking account is an asset. The amount of money you have in your checking account is your asset. From the banks perspective it is a liability because whenever you want your money, the bank has to give it to you.

What are the disadvantages of using checking accounts?

Many checking accounts do not offer interest on the money in your savings account. This is a disadvantage because the money you put in a savings account will collect interest, where a checking account will not.

Are there more fees in a checking account compared to a savings account?

Most checking accounts have no fees. Savings account has more fees than checking accounts because of the higher interest yields available in a savings account.

Do you have a right to see your parent's checking account if they have both died?

yes because you will not have any money and you will have to get money out of their checking account

Can a minor have a debit card?

No a minor can't have a debit card because in order to have a debit card, he/she has to have a valid checking account. How can a minor have a checking account when banks don't let you open a checking account until you are 18?

If your payments are on time can they repo your truck just because a separate checking account is in default?

IF your loan contract calls for cross-collayteralization of the checking account, YES.

Is it possible to overdraw a checking account using a debit card?

Yes a lot of people tend to overdraw their checking account because they do not know how to balance their checkbook.

Can a bank take your deposits out of your account after you have filed for bankruptcy?

no because you have no money idiot

For a small business, what are the benefits of opening a business checking account rather than using a personal checking account?

There are several benefits from opening and maintaining a business checking account rather than using your personal checking account. When you use a business checking account you are segregating your business funds from your personal funds, thus creating better organization for your business. Also, having the business checking account will help at tax time because all your business transactions will be within the business checking account and there will be no need to sort through your personal transactions. Finally, the business checking account will allow you to use a taxpayer identification number (TIN) so the funds can legally be owned by your business, instead of using your social security number on the checking account. For a small business, opening a business checking account allows you to get more interests. In addition, transactions are processed faster compared to a personal account.

What is the minimum amount need to start a checking account at 5th 3rd bank?

To start a checking account at a fifth third bank you must at least have a minimum of fifteen dollars, because fifteen dollars is the cost of the monthly fees to keep the checking account.

How soon can you put money in a checking-savings account after a bankruptcy discharge?

What is on your credit report has no bearing on opening a bank account. What is important is any reporting on Telecheck which would show whether or not you have any fees owed to a banking institution or owe a merchant any because because you had written any checks that has not cleared.

What is the term for money kept in a checking account?

A checking account is called a "demand deposit" because it is available for transfer to another individual or company by writing a check or draft.

How long after you file bankruptcy can you get a checking account?

A checking account has nothing to do with a bankruptcy unless the bank you are going to deal with does a credit check on you and uses this information to Approve/Disapprove you based on that info. If you are turned down by a bank try another, some bank in your area will give you a Checking Account I'm sure. Good luck getting a checking account. I filed chapter 7 and was discharged over a year ago and NO ONE in the area will give me a checking account. I have to get my paycheck cashed to pay bills. The above person can't get a checking account probably because when they filed for bankruptcy, they included some current bank account they had. When you do this, the bank will place an inquiry on Check Systems and that is what banks used to determine if they will grant you a bank account at their branch. I understand your problem entirely. Refer to the above comment about ChexSystems. Keep in mind that not all banks use ChexSystems, there are still 20% of banks that use some other system or no verification system. If you have been legitimately reported to ChexSystems for owing a bank money, there is no way to remove it unless you can get the bank that added the report to request the removal. You can however, get a note placed on the account if you have paid the debt in full - this will not ensure that you can open a checking account, but it does improve your chances with a bank that has the option of overriding a ChexSystems report. Easiest way out, check with your local credit unions and smaller banks. Odds are one of them either doesn't use ChexSystems or they will open an account even with negatives on that system. ; I just came out of Chapter 7 and could not open an account as long as you included the bank in your bankruptcy and have your discharge papers along with the line item showing they were included into the bankruptcy you can open another account. Just order a chexsystem report then dispute the item as paid and request it to be updated/removed you then will be able to open another account within 30 days. If they dont show a 0 balance you can sue them under the bankruptcy law. but you wont have a problem as i was able to open account 15 days after my dispute.

Can a corporation earn interest on a checking account?

Yes - if the bank is giving an interest on the checking account. But, banks usually pay very little or 0% interest for checking accounts because of the frequent transactions and the liquid nature of the money in it.

Can creditors classify an account as a charge off because it was included in a chapter 7 bankruptcy?

Of course. A charge-off is a tax benefit and has nothing to do with your bankruptcy.

Why is a checking account sometimes called a demand deposit?

A Checking account is also called a demand deposit , because the money can be withdrawn at any time - that is ," on demand. This is right out the book this is right.

Can I deposit a check into someone else's checking account?

no, because that would be bad.

Why would a business open a checking account instead of a savings account to manage cash?

because there just good like that

Can anyone garnish a checking account in the state of Florida?

My husband had co-signed for a car for his daughter over 7 years ago before I even ment him and the car was reposesed for non payment. The loan company came after my husband and a judgment was filed against him. Although he did not have his own checking account, we have a joint account. (I put him on my account after we married). Unbenounced to me, they went into my checking account seized it and took every penny I had. So yes..this does happen. Be carefull about who you have a joint checking account with, because It happend to me!

If your bank account has been frozen because your ex-husband filed for bankruptcy how can you get your funds out?

A bank account can usually only be held for thirty days from the time it is secured. The joint account holder should contact the bankruptcy trustee to learn what is necessary to have their percentage of the funds returned.

Can a bank take your paycheck because you said you were filing bankruptcy?

Only the State and Federal government institutions have the right to levy your bank account directly. Banks can take your paycheck to cover insufficient funds in the check-owner's bank account (with that bank) but cannot do so just because the owner of the account is filing for bankruptcy.

What responsibilities do checking account owners have when using their account?

You should carefully study your options, because a wise choice can save you money.

What is the purpose of checking account?

A checking account is one in which you keep a certain amount of money and use it for your regular day to day transactions. For ex: to pay your phone bill, to pay for your groceries etc. Banks usually do not give you a significant interest on your deposit in this account because of the liquid nature of the account and because you can withdraw your funds anytime you want.

Do you close your checking account when you are filing bankruptcy on online payday loan companies that debit your account?

Closing your account is the only way to ensure they won't take any more money. Many payday lenders are bottom feeders who don't abide by the laws anyway. Just because you file bankruptcy doesn't necessarily mean they will stop trying to take money out of your account. Secondly, find out if payday loans are legal in your state. Some states have made them illegal. It may not be necessary to file bankruptcy if payday loans are your only issue. A bankruptcy attorney should give you a free consultation. Your state attorney general or financial regulator could give you more info on payday loans in your state.

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