If it is your sole account you should always name a beneficiary. The bank will assist you if you visit any branch. If no beneficiary was named the funds in the account become part of the owner's estate upon death.
If the account is a joint account with the right of survivorship the full ownership will pass automatically to the surviving joint owner (who should then name a beneficiary through the bank).
your money is problably not kept in the bank but its loaned to other banks and other banks loan to your bank
You still owe money.
The bank would deposit a portion of the money with the central bank and then think of ways to lend this money and earn an income out of it.
When you deposit money in a savings account at a bank, the bank uses that money to make loans to other customers and earn interest. In return, the bank pays you interest on the money you have deposited in your savings account.
customers attempt to withdraw more money than the bank has on hand
your money is problably not kept in the bank but its loaned to other banks and other banks loan to your bank
If you have the same bank account, then your ex can get your money now before you die.
You still owe money.
The bank would deposit a portion of the money with the central bank and then think of ways to lend this money and earn an income out of it.
When you deposit money in a savings account at a bank, the bank uses that money to make loans to other customers and earn interest. In return, the bank pays you interest on the money you have deposited in your savings account.
customers attempt to withdraw more money than the bank has on hand
deposited money is credited to your concern bank account
customers attempt to withdraw more money than the bank has on hand
reserves is the money that a bank holds aside just in case they run out, they'll have money to back them up.When a bank runs out of reserves they can either get loans from the government or file bankruptcy.
Banks are insured up to 100,000.00 by the government.
Two things can happen: 1) The bank finds out and notifies you that the money has been returned. OR 2) The bank does not find out and you are richer and lucky.
You'll be ticketed for driving with an invalid registration and driving without insurance, and you still owe that money to the bank.