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Can a bank that issued you a credit card take money out of your checking account to pay its past due balance if you are late 120 days?
Read the contract you signed when you applied for the card and I'll bet you find that provision is there. Bankers may like to get all the money they can, but they are VERY carefull to follow the law and the rules and regulations from FDIC or the state bank examiners. Little infractions cost them big fines when the examiners find them doing something wrong.
What else can I help you with?
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
State three possible reasons why a debtor's account might have a credit balance?
Overpayment Payment in advance Credit note issued Deposit received
What are the legal requirements for a credit card company to send you a check for a credit balance as a result of overpaying your credit card bill?
If an account is overpaid, the creditor may wait 30-60-90 to issue a refund. This is done so that a refund is not issued to a closed account that may have charges pending.
Is a credit issued to a customer a debit or credit to Accounts Receivable?
Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.
Is debit credit note issue for adjusting account balance if a supplier and customer is same?
Yes, a debit or credit note can be issued to adjust account balances between a supplier and customer when they are the same entity. A debit note is typically issued by the buyer to the seller, indicating a reduction in the amount owed due to returns or discrepancies, while a credit note is issued by the seller to the buyer to acknowledge the return or adjustment. This process helps maintain accurate financial records and balances for both parties involved.
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
State three possible reasons why a debtor's account might have a credit balance?
Overpayment Payment in advance Credit note issued Deposit received
What is a non checking account?
A non-checking account is the account in which cheque book is not issued like for customer for getting loans
What documentation issued by a bank increases a company's checking account balance?
A bank-issued deposit slip increases a company's checking account balance when funds are deposited. This document serves as a record of the transaction, detailing the amount being deposited and the account it is credited to. Additionally, a bank statement may also reflect this increase, providing a summary of all transactions, including deposits, during a specified period.
Nick has a revolving department store credit card account with?
A revolving department store credit card means that the interest accumulates monthly and the balance carries over. Most credit cards that are issued by a department store have this type of account.
What is the normal balance of a common stock account?
Credit balance (it's an equity account - and should normally have a credit balance, if it doesn't you have issues that need to be resolved, pronto) - should be the par value times he number of shares... andt here can be shares issued with different par values, keep that in mind.
How can I receive a refund to my credit card that currently has a zero balance?
If you are due a refund to your credit card that has a zero balance, you can contact the company that issued the card and request the refund to be applied as a credit on your account. This will allow you to use the refund amount for future purchases or request a check for the refunded amount.
When were debit card invented?
Debit cards were first issued in 1978 by the First National Bank of Seattle. Debit cards connected to the cardholder's checking account with their available balance.
Do you have to pay back the entire balance every month or can you choose how much you pay?
The answer depends upon what type of account you have. There are different types of accounts which have a card. The typical credit card is issued on a revolving account. This type of account allows the consumer to pay a minimum balance (set by the credit card company) and REVOLVE the remainder over to the next month. This is a costly proposition for the consumer, incurring the most interest charges. A charge card (as opposed to a credit card) may be issued on an open account. This type of credit grantor, the most well-known of which is American Express, issues an account which has no credit limit, but must be paid in full every month. There are no credit terms on such an account, and there is no way to revolve the balance over. Some department stores also issue cards on this type of account. It is important to know which type of account you have and to pay according to the terms of your specific card holder agreement.
What are the legal requirements for a credit card company to send you a check for a credit balance as a result of overpaying your credit card bill?
If an account is overpaid, the creditor may wait 30-60-90 to issue a refund. This is done so that a refund is not issued to a closed account that may have charges pending.
Where do I go to check my account balance online?
A person can check their bank account balance online by logging onto their bank's official web page and logging into their account and checking what the current balance for their account says.
Is a credit issued to a customer a debit or credit to Accounts Receivable?
Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.
