0
My bank held a deposit for three days during which time checks were returned. Once the deposit wait period is over do they have to return the NSF fees since the money was there?
Wiki User
∙ 16y ago
No, unless it was because of their error. Most likely the money was not really "there". The checks have to be sent to the federal reserve, and then sent to the bank that they were drawn on, and then the money has to be transferred. This takes time. ps - you should change banks, modern software can do this in less than a day, by transmitting the images (pursuant to the check truncation act).
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
What are the advantages and disadvantages of investing in a term deposit?
Advantages of a term deposit- - With a term deposit you receive a set rate of return/profit at the end of the period. - A term deposit is a secure investment the money is always returned at the end of the period no matter what. - If the interest rates of a bank fall you still receive the interest for the rate at which the investment was made. - You only need a small sum of money to invest in a term deposit, some terms range around only $1,000- $10,000. - You can pick how long you want to deposit your money so it best suites your needs. Disadvantages of a term deposit- - If interest rates go up during the term of the deposit you are locked to the rate at which you applied at - You are unable to get your money at during the term, if you do withdraw you money a large penalty is applied - You might miss an opportunity to make a big purchase on something or invest in a better deal, because your money will be non-withdrawable -
Can a bank in India change the rate of interest during the currency of a term deposit with them?
No. The rate of interest on a term deposit (Fixed Deposit) cannot be changed during the duration of the deposit. For Ex: you deposit Rs. 10000/- on Jan 1st 2011 with a bank in India at 8% rate of interest for a period of 1 year. Even if the deposit rates change to let's say 7.5% a few weeks after that, the bank has to honor the commitment it has given to you at the time of opening the term deposit and it cannot change the rate of interest.
What is the maximum period of deposit in recurring?
10 years
What are fixed deposit accounts?
A Fixed deposit account is one in which you deposit a specific amount of money with a bank for a specified duration of time. you cannot withdraw that money before its maturity date. if you do you would have to pay a penalty for doing the same. usually fixed deposits offers us a higher rate of interest than normal bank accounts
Which is a type of savings account that is designed to accrue interest for a specific period of time?
certificate of deposit
What are the advantages and disadvantages of investing in a term deposit?
Advantages of a term deposit- - With a term deposit you receive a set rate of return/profit at the end of the period. - A term deposit is a secure investment the money is always returned at the end of the period no matter what. - If the interest rates of a bank fall you still receive the interest for the rate at which the investment was made. - You only need a small sum of money to invest in a term deposit, some terms range around only $1,000- $10,000. - You can pick how long you want to deposit your money so it best suites your needs. Disadvantages of a term deposit- - If interest rates go up during the term of the deposit you are locked to the rate at which you applied at - You are unable to get your money at during the term, if you do withdraw you money a large penalty is applied - You might miss an opportunity to make a big purchase on something or invest in a better deal, because your money will be non-withdrawable -
Can a bank in India change the rate of interest during the currency of a term deposit with them?
No. The rate of interest on a term deposit (Fixed Deposit) cannot be changed during the duration of the deposit. For Ex: you deposit Rs. 10000/- on Jan 1st 2011 with a bank in India at 8% rate of interest for a period of 1 year. Even if the deposit rates change to let's say 7.5% a few weeks after that, the bank has to honor the commitment it has given to you at the time of opening the term deposit and it cannot change the rate of interest.
Why has your period not returned?
Maybe you are pregnant.
In what period can a recycled aluminum can be returned to the store as a new product?
In what time period can recycled aluminum can be returned to the store as a new product?
If you put a deposit on a car can you change your mind Can You forfeit the deposit and get out of the deal?
if someone puts a deposit on a car after a 2 weeks period they change there mind do have to give them there deposit back
What is the right of free deposit in the Jeffersonian Period?
freedom
What is cumulative deposit?
Interest will be give at the end of period.
What is the maximum period of deposit in recurring?
10 years
In what time period can recycled aluminum can be returned to the store as a new product?
In what time period can recycled aluminum can be returned to the store as a new product?
What law allows Banks to hold checks that are deposited?
The Expedited Funds Availability Act (EFAA) sets forth guidelines for banks to hold checks for a specific period before funds from the deposit are made available to the depositor. This law helps to prevent check fraud and ensure the security of the banking system.
Will you get benefits if you withdraw before the flexi deposit scheme maturity period?
Yes, under flexi deposit option you can withdraw before the maturity period and yet get a portion of profits.
What kind of interest is paid on the deposit plus accumulated interest from period to period?
A Compound interest !
