Money Management
Commercial Bank and Checking Accounts

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


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2015-07-15 19:26:24
2015-07-15 19:26:24

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


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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.

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

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.

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.

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?

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

Usually because it is costing the bank more to service the account than they are earning on the money deposited * Savings account with a low balance or too many transactions. * Checking account frequently overdrawn. * Loan with late payments (but they want this one paid off and then closed).

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.

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.

A checking account is a basic type of account where you can keep your money and use it as and when you like. Having a checking account is good because:You can save your surplus cash in the account for your future needsYou get an ATM/Debit card that you can use for shoppingYou get a check book that you can use to pay off people money that you owe them

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.

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.

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.

A checking account is one of the basic types of bank accounts available to customers.Having a checking account is good because:You can save your surplus cash in the account for your future needsYou get an ATM/Debit card that you can use for shoppingYou get a check book that you can use to pay off people money that you owe them

Having a checking account is good because:You can save your surplus cash in the account for your future needsYou get an ATM/Debit card that you can use for shoppingYou get a check book that you can use to pay off people money that you owe them

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

If you hate paying bills through snail mail, and sometimes find yourself even forgetting to mail in the payments for bills on time, it may benefit you to allow the people you owe to debit electronic payments from your checking or savings account. Not everyone likes signing up to have electronic payments withdrawn from their account, but it does help if you need your bills paid on time (and don’t want to take the time each month to write and mail the necessary checks).If electronic payments are to work for you, you need to make sure that you keep whatever bank account you’re having the payments withdrawn from balanced. Having electronic payments debited from your bank account will not work for you if you are not up to the responsibility of keeping your bank account balanced. If you are a responsible person who balances their checking and/or savings account often, then chances are electronic payments will work out very well for you.If you are able to make a note of what bills are to be paid electronically every month, then it is likely that electronic payments will be something useful to you. Losing track of what bill payments you are having withdrawn electronically is a really bad idea. You do not want to overdraw your bank account because you have not checked to see which payments are going to be deducted from it on specific dates.Electronic payments may work out better for you if the company wanting to debit them from your account is willing to offer you a discount if you do sign up for the electronic payment service. Some companies are so happy to get you to switch over to the electronic payment method that they are more than willing to deduct a few dollars from your billings if you do it. Check to see if the companies you deal with on a regular basis offer any savings if you do allow them to deduct your payments electronically.

Not usually. Unless it includes NSF charges. It may affect the terms and charges though, for period of time. Actually, I was turned down for a checking account at Bank of America because my credit was poor, so that is not true. It can effect you getting a checking account. It just depends where. I have to go to a credit union to get an 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.

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!

It could be blocked or "frozen because you owe a creditor money.

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

Both Checking Accounts and Savings Accounts are basic types of bank accounts provided by banks to their customers. The difference is: a. There are limitations on the number of trasactions that can be performed in a savings account on a per month basis whereas for checking accounts there are no limitations b. The interest rate offered by banks on savings account is much higher than what is offered on checking accounts because banks offer almost no interest in them

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