The purpose of a zero balance bank account is to have somewhere to put some money when an unexpected emergency arises. It is wise to have one just in case.
A delinquent account is any account that has a past due balance. It will remain in delinquent status until the account has a zero balance.
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A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
A check in most accounting is considered the same as cash and therefore it is treated the same. A debit to the cash account will be made to note payment of the account and a credit to the appropriate account payable account to bring the AP down to a zero balance. The check will then be deposited with the normal bank transactions and recorded as such in the bank statements for the company.
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
Usually banks offer zero balance bank accounts to customers who have salary accounts with them. I have a zero balance account with DBS and since DBS and POSB are part of the same group, I guess they too will have a zero account balance bank account. You need to submit this bank account to your employer and if they GIRO your salary to this account automatically every month, it should be fine.
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If you have a negative bank balance for six months, the bank is likely to charge you fees and ask you to pay them what you owe. Once the account is back to zero, the bank will likely close that account.
Yes, Banks provide zero balance savings accounts to customers. But this feature is not available to everyone. It is only available to special category of customers like:Salary Account holdersSenior CitizensChildrenEtc.The bank may choose to offer zero balance account facilities to any customer under their sole discretion.
The suspense account is a balance used to force the trial balance to agree. Once the errors have been located the respective amounts are debited or credited out of the suspense account until the balance is zero.
Similar to a bank account balance. If you have a positive balance of received money it will show here. If you are just a buyer you mostly have a zero balance as when you buy things your balance is used first.
yes you can deposit money in any other branch of pnb bank.
CDA is a banking acronym for Controlled Disbursement Account. A CDA bank account is a subsidiary account to a Master account that is manually funded for a specific purpose (i.e. Accounts Payable, Payroll, etc.). Usually the CDA account balance is checked each morning for withdrawn funds, and if approved the exact funds are transfered from the Master account to satisfy the withdrawal. The alternative bank account structure is a ZBA account, which stands for Zero Balance Account. A ZBA account is a subsidiary account that is directly tied to the Master account so that any deposits/withdrawals are automatically transferred (swept) to the Master account, thereby maintaining a Zero Balance in the subsidiary account. The primary difference is that CDA provides a higher level of security since it requires a positive confirmation to transfer funds between the Master and Subsidiary accounts.
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A delinquent account is any account that has a past due balance. It will remain in delinquent status until the account has a zero balance.
I think it is US $ 500 for a simple checking account. The bank would give you an ATM card and a check book for this account. However if you arrange to have a Direct Deposit (Your Monthly Salary/paycheck) into this account Bank of America waives this minimum balance requirement and you can have it as a Zero-Balance checking account.
Some banks offer zero account balance accounts. In them you need not maintain any minimum balance to run the account. But in most cases each bank would have a minimum amount that needs to be maintained. For example in a Nationalized Bank in India where the account gives you features like cheque book, ATM card etc, the minimum balance is 1000 rupees. In case you fail to maintain the minimum balance then the bank has the rights to charge a penalty. This would be charged on a monthly basis based on the number of times your account has failed to maintain the min balance.