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Banks may charge you for/under the following services
1. Annual account maintenance charges
2. Debit/ATM card annual fees
3. Charges for issuing Demand drafts
4. Charges for not maintaining minimum balance
5. Charges for bounced cheques etc...
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∙ 15y ago
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What is revenue leakage in a concurrent audit?
IF BANK NOT COVER CHARGES TO ITS CUSTOMERS THAN WE SAID THAT ITS A REVENUE LEAKAGE. CHARGES MEANS-INTERESTS,INSPECTION CHARGES, PROCESSING CHARGES, LOCKER RENT CHARGES etc.
For what purpose does a bank charge its customer?
For the same reason any business charges its customers: to make money. That is why people start businesses.
What is the journal entry for bank services charges?
[Debit] Bank service charges xxxx [Credit] cash / bank xxxx
What journal entry is needed to debit for bank service charges?
[Debit] Bank service charges [Credit] Bank account
What is the meaning of bank voucher?
A bank voucher is a bank receipt that a customers receives when they go to the bank.
What is revenue leakage in a concurrent audit?
IF BANK NOT COVER CHARGES TO ITS CUSTOMERS THAN WE SAID THAT ITS A REVENUE LEAKAGE. CHARGES MEANS-INTERESTS,INSPECTION CHARGES, PROCESSING CHARGES, LOCKER RENT CHARGES etc.
If the federal sells a treasury bond to a bank what will be the effect on the interest rate the bank charges its customers for a loan?
The interest rate will increase since there are fewer available funds for the bank to loan.
How does a bank make a profit?
Banks make a profit by:By collecting fees from their customers for the services they offerBy collecting service charges from their customers for their services they offerBy collecting interest from their customers who have taken loans from them
If the federal reserve buys a treasury bond from a bank what will be the effect on interest rate the bank charges its customers for a loan?
The interest rates will decrease since there are more available funds for the bank to loan.
What will be the effect on the interest rate the bank charges its customers for a loan if the bank buys a Treasury Bond from the Federal Reserve?
The interest rate will increase since there are fewer available funds for the bank to loan.
For what purpose does a bank charge its customer?
For the same reason any business charges its customers: to make money. That is why people start businesses.
What is the reason for overdraft charges from a bank?
Bank overdraft charges are the result of someone spending more money than they have in their bank account. The bank then charges interest on the overdrawn amount.
What are some fees that the Hong Leong bank charges its checking customers?
Some fees that Hong Leong Bank may charge its checking customers include monthly account maintenance fees, overdraft fees, returned check fees, and stop payment fees. It is important to refer to the bank's fee schedule or contact their customer service for the most accurate and up-to-date information on fees.
How much do bank officers charge for their services?
In INDIA, bank service and other charges are determined by individual banks conisdering its deposit position, loan products, the demand and supply position, etc. Bank Officers are prohibited from personally charging for the services they offer to the customers. Each bank has its own service charge strucutre and charges will be levied according to this list.M.J. SUBRAMANYAM, BANGALORE, INDIA
If the Federal Reserve sells a Treasury bond to a bank what will be the effect on the interest rate the bank charges its customers for a loan?
The interest rate will increase since there are fewer available
What is journal entry for bank charges?
bank charges a/c debit to cash a/c credit
What is the journal entry for bank services charges?
[Debit] Bank service charges xxxx [Credit] cash / bank xxxx
