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Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
What is the journal entry for cheque of another bank deposited to bank?
[Debit] Bank account [Credit] Cash account
What is entry for interest credited into Bank account?
bank account debit and interest payable credit
What is the difference between a checking account and credit card account?
checking from bank fund & credit card prepaid by credit
What is Account type of credit Union account?
At a credit union, you can have checking, savings, money market, etc. just like you would have at a bank. One difference is that credit unions are owned by its members (account holders), rather than stockholders.
Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
Is it legal to check your credit to open an account with a bank?
Yes, it is perfectly legal to check your credit score before opening an account with a bank. The bank themselves would run a credit check on you before finalizing the account opening procedure. However a good credit score is not mandatory to open a deposit account.
Can a felon have a bank account.?
It depends - on what they were convicted of. It's unlikely that someone convicted of fraud would be granted a bank account or credit card.
What is the entry for bank loan account?
Debit Bank Account - Assets Credit Bank Loan Account - Liability
Is it possible to transfer funds from a credit card to a bank account?
Yes, it is possible to transfer funds from a credit card to a bank account through a process known as a cash advance. However, this option may come with fees and high interest rates, so it is important to carefully consider the implications before proceeding.
How much would it cost to open a credit account with HSBC?
Opening a credit account with any Bank including HSBC is free of cost. We just have to fill online application and the process will be continued by the Bank.
How can closing a bank account potentially impact my credit score?
Closing a bank account can potentially impact your credit score if the account has a negative balance or if it is your oldest account. This can affect your credit history and overall credit utilization, which are factors that can influence your credit score.
How can I transfer my credit card payment to my bank account?
To transfer your credit card payment to your bank account, you can typically do so by logging into your online banking account and setting up a transfer from your credit card to your bank account. You may also be able to do this by contacting your credit card company directly or visiting a bank branch.
Can you transfer funds from a credit card to a bank account using a bank transfer?
Yes, it is possible to transfer funds from a credit card to a bank account using a bank transfer.
How long does it take to transfer money from a credit card to a bank account?
It depends. If you are going to withdraw cash from your credit card through an ATM and then manually deposit it to your bank account, it would happen immediately. But, if you raise a request with the bank to arrange for the funds transfer from the credit card to your bank account, they may take 3-5 working days to process your request.
What bank will give you a bank account if your credit is terrible?
Most banks would give you because after all you would be depositing cash into your account. Only when the bank has to give you cash it would bother about it. Getting products like cheque books, overdraft or credit card or loans might be the difficult part. Getting an account should not be much of a fuss.
What is a counter credit or bank giro credit?
A BANK GIRO IS A TERMS OF PAYMENT WHEN OF USING A SLIP PROVIDED BY THE BANK IN ORDER TO CREDIT AN ACCOUNT
