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What else can I help you with?
Does interest apply to dormant savings accts?
No. Banks will offer interest only on active bank accounts. Dormant accounts are inactive and do not earn any interest. Customers need to keep their accounts active if they wish to earn an interest through their accounts
How long do banks keep record of cashier checks that they cashed?
Banks typically retain records of cashed cashier's checks for a period of five to seven years, depending on their internal policies and regulatory requirements. This retention allows them to address any potential disputes or inquiries related to the transaction. However, it's advisable to check with the specific bank for their exact record-keeping policies.
Is there a minimum account that you need to keep in a savings account?
It depends on the type of savings account you have. Usually banks don't expect a minimum balance if your account is a salary account. However, depending on the country and bank the number would vary. For ex: nationalized banks expect approximately Rs. 1000 for normal savings accounts while private banks expect much higher minimum balances.
How long do you need to keep your bank accounts?
1+2
What is the purpose of cheque butt?
To keep a record of who the cheque was payable to and how much. Essential before on line/telephone banking when you only got a statement every 3 months To record the details of the cheque, such as payee, amount and purpose, for you later reference. These details are needed to reconcile accounts and monitor unpresented cheques.
How long banks keep records of closed checking accounts?
Forever. Banks do not destroy details of checking accounts that were closed or the details of the people who held the accounts ever. They keep it safely so that they can use it in future if anyone (say law enforcement agencies) need it
Why do banks charge dormant fees?
Banks charge dormant fees to cover the costs of maintaining inactive accounts and to encourage customers to keep their accounts active.
Where do banks really keep their money?
Banks keep most of their money in accounts at the central bank and in liquid assets like cash and government securities.
What is a paperless title?
A paperless title is an electronic title. Banks keep a record of the title but they do not print it out but keep the record in the computer.
Who Keeps a record of checks?
Banks and other businesses, keep a record of cheques on databases saved on servers.
Do banks keep records of all checks cashed at their bank?
Yes. Banks keep a record of every single transaction (And that includes checks as well) that was performed at their bank. There are regulatory requirements that mandate these record keeping activities.
Do Facebook accounts ever expire?
They don't expire....but the officials of facebook keep deleting unwanted accounts....:-)
Look For Banks That Offer Free Checking Accounts?
You might not have considered all the fees that come along with banking. Make sure to check the various banks in your area before you open up a checking account. Many banks offer free checking accounts and free savings accounts. However others do not - and instead have fees associated with checking accounts or a minimum balance you must have to keep your account open.
Does interest apply to dormant savings accts?
No. Banks will offer interest only on active bank accounts. Dormant accounts are inactive and do not earn any interest. Customers need to keep their accounts active if they wish to earn an interest through their accounts
Do banks keep a record of personal checks on your account from another bank?
No, you make many transactions they no know.
Why do you have banks?
Banks are an integral part of an economy because they keep the cash flow circulating between those who have surplus and those who need cash. Banks accept deposits from people who have surplus cash and disburse that as loans to people who need cash for various reasons. Apart from that they offer checking accounts, savings accounts, debit cards, credit cards, DEMAT/Trading accounts etc.
How long do banks keep a record of canceled checks?
The IRS has up to 7 years to audit you. Keep em for 7 years and shred.
