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You know that a bank can take money from one's account if they owe on a credit card but can that bank withdraw funds from a different bank's checking or savings account to pay off said credit card?
Wiki User
∙ 11y ago
If the accounts are held by the same customer - then yes ! The alternate account is an asset - and can be plundered to pay off your debt
Wiki User
∙ 11y ago
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What is a type of savings vehicle?
Checking account
What amount of money in a checking or a savings account upon which interest is based?
The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.
How can you withdraw money out of a savings bond?
A savings bond is not a bank account, you can't just withdraw money from it. It has a maturity date. When the bond matures, you can cash it in. Until then you can't.
Does it cost money to withdraw from a savings account?
depends on your bank/credit union
Can you open a savings account while in chapter 13?
yes you can open a savings and a checking both
What does overdraft on your checking account mean?
== == Overdraft on your checking account happens when a withdraw or check written exceeds the funds in the account. Often banks will honor the withdraw or check but then charge the account owner on the borrowed funds. Many banks will offer overdraft protection which will pull money from a different account (often a savings account, line of credit, or credit card).
What are some of the limitations of a savings account?
One limitation of a savings account is the amount of withdrawals you can make per month. Unlike a checking account, which let's you withdraw money until there are no funds left, savings accounts are restricted to 6 withdrawals per month. Another limitation is that withdrawals usually can only put into a linked checking account- you can't directly transfer funds from a low-interest savings account to a savings account with a higher yield.
Are there more fees in a checking account compared to a savings account?
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.
How many bank accounts should you have?
At least 3. A checking account, a savings account to link to the checking account so the bank doesn't charge you for overdraft fees and a separate savings account in a different bank just in case of emergency purposes.
How can you split a payment between your savings account and your checking account In the ePay function?
In the ePay function, how can you split a payment between your savings account and your checking account
In the ePay function how can you split a payment between your savings account and your checking account?
In the ePay function, how can you split a payment between your savings account and your checking account
Is it wise to combine my checking and savings account, and why?
It wouldnt be wise to combine unless you are putting money from checking into your savings. A savings account is a little more protected and shouldn't be used as a checking.
What are the benefits of having a savings account instead of a checking account?
You can spend your money without having to withdraw cash first.
What's one difference between a checking account and a savings account?
savings account earns interest.
What makes a savings than a checking account account a better investment?
A savings account earns interest.
What are the various types of bank accounts?
* Savings Account/Checking Account * Current Account * Fixed/Time Deposits * Recurring Deposits
Why is a checking account more convenient is savings account?
It's easier to spend the money in a checking account.
