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Since I am a signer on my mom's checking account when she dies will any of her tax debt be transferred to me?
Wiki User
∙ 13y ago
Yes. Any tax liabilities that are due from a deceased individual get transferred to their legal heir. Since you are your mother's legal heir and a co-signer in her checking account, her tax debt would be transferred to you after her death. You need to pay the tax money your mother owes the government
Wiki User
∙ 13y ago
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What does savings account mean?
Generally a savings account pays interest, and a checking (current) account doesn't. Also, a savings account cannot be overdrawn, but with permission, it is possible to overdraw a checking (current) account. The previous person is correct, a savings account simply lets you save your money and make a little bit at the same time. With a savings account it is a little harder to spend it since they are not typically tied to a checkbook.
In accounting why the reverse principle is not possible - debit the the giver and credit the receiver?
The best way to explain this is by example: Wells fargo Bank has your bank account. Your account is a liability for them since this is not truly their money and it is obligated to you the account holder......so when they increase your account, they post a credit to it. Because to increase their liabilities they have to credit it......and when you use your debit card and decrease your account then wells fargo debits your account to remove the money. For you as the account holder your checking account is your asset......so if you were tracking your accounting in a program.....and you wanted to show where you deposited money into your account in your system then you would post a debit to increase your cash account.
What is saving bank account?
A savings bank account is an account that is designed to store savings. You cannot draw money out of it using a debit card or checks, but it pays a higher interest rate than a checking account.
What are the best online business checking account with bad credit and new open business?
Business checking accounts, just like all other checking and savings accounts, do not consider your credit when you want to open up a new account- you only need to be aware of any reports on you within ChexSystems*. As long as you are clear in ChexSystems, you should be able to open up a checking account with your deposit, personal ID, and Employer Identification Number (EIN). With that said, it is hard to determine the best checking account for you as a new business owner, since banks of both the online and brick-and-mortar variety have different terms. Some may offer interest for keeping a certain amount in your account, while others may give discounts on their monthly fees to reward certain behavior. Always look around for the best deals and features that fit your needs... * ChexSystems is a reporting agency where banks report accounts that become overdrawn for extended periods of time without any communication from the account owner. As long as your deposit accounts (checking, savings) remain in good standing or are quickly funded if they become overdrawn, you are relatively safe in Chex and thus would encounter fewer problems in opening new accounts versus someone who does have a "baddie" within ChexSystems...
Finding the Best Online Checking Account?
Finding the best online checking account is no easy feat. There are many considerations to keep in mind, while one searches for the online checking account that best serves his or her needs. This article will discuss some of the important factors one should keep in mind, while looking for a great online checking account from a reputable and safe bank. First, it is very important to make sure the website is secure, for wherever a person may wish to open an online checking account. Even if one is considering opening an online checking account with a major business, it is a good idea to research the safety and security of the website that bank uses for its online checking accounts. Simply consider how much valuable information one is transmitting online, when one is opening an online checking account. Information like how much one has in his or her finances, his or her social security number, address, credit card numbers, and other important identity information will likely be stored in the site. It is important to know who will have access to that information, and what one can do if identity theft unfortunately does occur. It is very important to research the policies of any bank, regarding its online checking accounts. That being said, it is important not to let the fact that information is transmitted online make one fearful about opening an account. There are plenty of reputable banks that do a great job at storing and securing private information. One bank that does a fantastic job at keeping consumers safe is Chase. Chase is devoted to keeping the information of its clients safe and secure. Another consideration to keep in mind is the customer service of a bank. Make sure that a bank offers great customer service, since one never knows when he or she will need to call a bank and figure out a mistake. It is important to find a bank with live sales associates that are available on a twenty-four hour basis. Imagine if one's identity truly was stolen. One would want to speak with a live person regarding the matter, rather than some computer device off in another state. It is important to make sure a bank prides itself on great customer service, before committing to opening a checking account at any sort of bank. Overall, these are all tips one should consider when opening an online checking account.
Have you ever transferred money from your bank to another account in the foreign country to a person who is a next of kin to any deceased farther from Senegal?
I have never transferred money from my bank account to a person from Senegal since most of them are usually scammers.
Is the Chase Total Checking bank account available to Canadians?
Yes, Chase Total Checking bank account is available to Canadians and has been since Chase Total Checking has been operational. This form of Checking is on-line based and it doesn't matter what location one uses it from.
Does the co-signer of a car loan need income?
Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.
Do any national banks have free checking?
I know Chase does, since I happen to have a free checking account with them. You do need to use your debit card occasionally, however, to maintain the free status.
What does savings account mean?
Generally a savings account pays interest, and a checking (current) account doesn't. Also, a savings account cannot be overdrawn, but with permission, it is possible to overdraw a checking (current) account. The previous person is correct, a savings account simply lets you save your money and make a little bit at the same time. With a savings account it is a little harder to spend it since they are not typically tied to a checkbook.
Does a co-signer have to have permission from the Primary Account Holder to be taken off of a car loan?
A co-signer of a car loan needs the permission of the lender to be taken off the loan. That is not likely to happen since the lender wants as many sources as possible for repayment of the loan. Each co-signer is responsible for 100% of the loan. If one doesn't pay the other will be held responsible.
Can you deposit a large check into your spouse's account that does not have your name on it?
Yes. There are no restrictions as to who can deposit cash into a checking account. Anyone can deposit cash into anyone else's account as long as they know the account number of the account into which they want to deposit cash. For ex: I can walk into the bank branch where you hold a checking account and deposit $500 into it if I know the account number. Nobody will ask or question me as to why I am doing so… Since in your case it is only your spouses' account no one is going to ask you anything. But, since the amount is high (as you say) she may have to show proof of income if the bank asks her to do so.
Can a spouse get a mortgage and have a co signer?
Yes. Banks require a co-signer to guarantee the loan will be paid. A co-signer is in the bank's interest. If the primary borrower doesn't pay the co-signer will be held responsible since they have guaranteed the loan repayment.
Can a spouse get a mortgage and have a co-signer?
Yes. Banks require a co-signer to guarantee the loan will be paid. A co-signer is in the bank's interest. If the primary borrower doesn't pay the co-signer will be held responsible since they have guaranteed the loan repayment.
How will a co signer know if the bill is getting paid?
The loan will go into default and the co-signer will be notified by the lender since the co-signer is legally responsible for the loan, which is why the lender wanted a co-signer in the first place. The co-signer should try to arrange notice from the lender when a payment is late.
What are the purposes of a checking account?
The purpose of a checking account statement, or any type of account statement for that matter, is to keep track of your account and make sure that no fraudulent activity is happening without your knowledge. Better to be safe than sorry!
How difficult is it to find out my EBT account balance?
Since its mostly about food stamps. Its a little difficult. The government would ask some questions concerning about checking your EBT account, so its not too much fuss about it.
