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Is a customer deposit a current liability?
Yes, customer deposits is that amount which is received in advance for the services in future.
What are suspicious activities bank?
Unusually high amounts of deposits/withdrawals which are not the usual pattern of the customer Too many cheques given by the customer Deposits made at odd times and at different branches when the base branch is near the customers address etc.
What is layaway sales?
Retail sales promotion scheme under which a customer deposits a fraction of the cost of the merchandise he or she wants but cannot buy at present. The store holds the merchandise until a certain date on or before which the customer completes the payment and takes the delivery.
What information is needed for a Bank of America customer to set up direct deposits into their checking or savings account?
To set up direct deposits into your checking or savings account with Bank of America, you will need your Bank of America account number, the routing numbers for the branch you use, and your employer's address.
Is deposit acredit or debit?
If it is customer deposits then it is liability of business to be paid then its balance is credit but if it is deposit with other companies or in bank then it is asset of business and default balance is debit balance.
What does the Federal Deposit Insurance Corporation do?
It acts as an insurer of bank customer deposits. A+
Are deposits assets or liabilities of a bank?
Customers deposits in a bank are the bank's liabilities because they are OWED to the customer.
What is the meaning of Mobilization of deposits in banking?
It means campaigning and collecting customer deposits. for ex: a bank may have a campaign with advertisements and gifts to attract deposits. That is called mobilization of deposits
What is the nature of returnable deposit?
A Returnable Deposit is one in which a bank accepts a deposit from a customer and returns it to the customer when he/she wants to take it back. Some of the types are: a. Savings Account Deposits b. Checking Account Deposits c. Fixed Deposits d. Recurring Deposits e. etc.
What financial institutions do not take customer deposits?
finance companies
Which financial institutions does not take customer deposits?
investment bank
What accounts are affected when you receive 550 from a customer for future services?
Debit - Cash. Credit - Customer Deposits.
Is a customer deposit a current liability?
Yes, customer deposits is that amount which is received in advance for the services in future.
Should customer deposits be shown on the balance sheets as a current liability or as unearned income?
Customer deposits should be shown on the balance sheets as a current liability. This is because the deposits represent an obligation or liability to the company to fulfill the customer's orders or requests. It does not meet the criteria to be recorded as unearned income, which typically refers to amounts received in advance of the company providing goods or services.
What are suspicious activities bank?
Unusually high amounts of deposits/withdrawals which are not the usual pattern of the customer Too many cheques given by the customer Deposits made at odd times and at different branches when the base branch is near the customers address etc.
What is the difference between cetificate Deposits and Time Deposits?
They both refer to the exact same thing. It is just two different terms by which we are referring to this deposit product. In this, a customer deposits a lump-sum amount with the bank for a fixed amount of time at a fixed rate of interest. In return, the bank gives a certificate to the customer which he/she can surrender after the stated time in return for the invested amount + interest. They are called Time Deposits, Certificate of Deposit, Fixed Deposits etc.
What is a banking service in which a customer deposits money and writes checks to withdraw at his or her convience?
A checking account
