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Do banks charge fees for direct debit?
Most banks do not charge any fees for direct debit transactions. Banks who do not charge these fees include most credit unions, Chase, and Bank of America.
What are the advantages of debit cards over credit cards?
A debit card is limited to the amount of money you actually have in an account, so it is difficult to overdraw on one. With a credit card, you are using a bank's money on credit, while with a debit card you are spending money you already have. With debit cards, you do not get any "rewards" (benefits that the credit card company gives you in return for origination fees they charge places that take their cards). However, you also do not face any interest on unpaid balances. You can also still take out too much and get your account into negative. Perhaps the only real advantage is that if you log into your debit account everyday, you can see your balance with all your purchases. Credit cards can take days to post your purchases and may not give you a correct balance. Debit cards are just like cash, since they are usually linked directly to your bank account. However unlike cash, if you withdraw too much, you will definitely incur overdraft fees and such.
What are balance transfer rates normally used for?
Balance transfer fees are charged on credit cards for sending money from one credit card to another. These fees have a big impact on how much you can save.
Are there any credit cards which have no balance transfer fees?
There are plenty of credit cards that offer no balance transfer fees. Some common examples are the City Simplicity Card, Discover It, and the Capital One Platinum Prestige Credit Card.
Why does capital one charge interest fees?
Capital One charges interest fees when the balance on the credit card is not paid in full each month. The user will cease to pay interest fees when the balance on the credit card reaches zero.
Is fees earned debit or credit?
Fees Earned is an Income and whenever an income increases its credited! So that makes it a credit.
Is Fees earned is decreased is it debited or credited?
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
Do unearned fees go into an income statement?
Not right away. When you record unearned fees or revenue it only hits the balance sheet. Ex: Debit- Cash or AR (Asset Account) Credit- Unearned Revenue (Liability) It is a liability until the revenue is earned in which case you then Debit: Unearned Revenue Credit: Revenue/Sales Account (finally and income statement account!)
What is the accounting journal entry to record loan fees amortized?
Debit: Deferred loan origination fees Credit: Interest income
What are the costs of using credit cards and debit cards?
With a debit card, some banks will pass the fees onto you. This is why it's always important that you use your debit as credit. When you use your card as credit, you have the fees passed onto the merchant, rather than you.
What is the journal entry for revenue received from professional fees?
cash a/c debit fees a/c credit
Do banks charge fees for direct debit?
Most banks do not charge any fees for direct debit transactions. Banks who do not charge these fees include most credit unions, Chase, and Bank of America.
Are fees earned showed on a balance sheet?
No Fees Earned is Income Statement item it dont show on Balance sheet
What is the journal entry of fees received?
Fees A/c Dr. To Cash A/c Cr.
What is the journal entry to record collected fees?
Debit cash / bankCredit fee income
What is the journal entry for fees earned?
Debit cash / bank / accounts receivableCredit fee income
What are the advantages of debit cards over credit cards?
A debit card is limited to the amount of money you actually have in an account, so it is difficult to overdraw on one. With a credit card, you are using a bank's money on credit, while with a debit card you are spending money you already have. With debit cards, you do not get any "rewards" (benefits that the credit card company gives you in return for origination fees they charge places that take their cards). However, you also do not face any interest on unpaid balances. You can also still take out too much and get your account into negative. Perhaps the only real advantage is that if you log into your debit account everyday, you can see your balance with all your purchases. Credit cards can take days to post your purchases and may not give you a correct balance. Debit cards are just like cash, since they are usually linked directly to your bank account. However unlike cash, if you withdraw too much, you will definitely incur overdraft fees and such.
