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A minimum balance is the lowest amount of money that must be maintained in an account, such as a savings or checking account, to avoid fees or to earn interest. Banks often impose this requirement to ensure account holders maintain a certain level of funds. Failing to meet the minimum balance can result in monthly maintenance fees or loss of account benefits. It's important for account holders to be aware of these requirements to manage their finances effectively.
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How inflation affect balance on current account?
Current account balance is preserved by delocalisation of money around the world like river flow. If it fails to occur,then inflation comes before us disgusing in huge problem. The main reason behind this, is bad management in finace world and also in the field of combatting blackmeller and money hoarder !
How can I transfer money from my credit card to my checking account?
To transfer money from your credit card to your checking account, you can typically do a balance transfer or a cash advance. A balance transfer involves moving money from your credit card to your checking account, usually with a fee and a promotional interest rate. A cash advance allows you to withdraw cash from your credit card at an ATM or bank, but usually comes with high fees and interest rates. Be sure to check with your credit card issuer for specific instructions and fees.
Can I withdraw money during the weekend when my bank account is 0 but salary comes in on the Monday after the weekend?
If your bank account balance is $0, you typically cannot withdraw money unless you have an overdraft protection that allows you to go into negative balance. Most banks do not process transactions over the weekend, so your salary will not be available until Monday when it is posted. Therefore, you will need to wait until your salary is deposited on Monday to access funds.
Is having multiple open credit cards with no balance bad or good for your credit rating?
It's wise to use your credit cards ONLY if you have cash in your bank account. Purchase something on each one, then when the statement comes pay it in full.
How long does it take to pay off credit cards if you continue to pay the minimum balance?
Frankly, if you continue to pay only the minimum balance, you will never be able to end paying off your credit cards. If you pay just the minimum, almost all of your payments only go to the interests and finance charges. If you continue to make purchases, the more you incur interests and finance charges for the unpaid balances. You will not only ruin your score, you will also ruin your finances. Responsible use of credit card is to purchase only what you can pay when your bill comes. Take it from me, I experienced this situation. With my original $1000 balance, my total credit went up to $19,000 because of interests, charges and penalties! How long? Until your limit has been exhausted and you are required to pay for the total amount.
I have some money despoisted on my PayPal account if i spend that money does the charge appear on the bank statement or not because it isn't whithdrawing money from the bank is it?
you did not mention if your account comes in a passbook or an ATM card. if it is a passbook account, bank charge will only appear in your bank statement if you fall below the bank's minimum balance requirement. and if it is an ATM, bank charge will also appear if you withdrew your money to other bank's ATM machine.
Is purchasesaccount debit or credit?
Purchases account is personal account in nature and basic rule for personal account is debt what comes in and credit what goes out so purchases is a debit balance as a default balance.
Where does the sum of customers' unpaid balances that is compared to the general ledger balance comes from?
The sum of customers unpaid balance or balance of account receivables in the General Ledger usually comes from a subsidiary ledger which contains an individual account receivable for each customer, the total of these accounts are summed and placed in one single account in the "general ledger".
Is purchase a debit or credit balance?
A purchase you make is a DEBIT against your account.
What are advantages of telephone banking?
There are multiple advantages when it comes to telephone banking. You can easily check your account balance or transfer money from your savings to your checking account.
What is the second requirement?
A second requirement is the one that comes after a first requirement in a list of requirements.
Is purchases a credit or debit?
Purchases are personal account nature and as a basic accounting rule debit what comes in and credit what goes out so purchases has debit balance as normal balance.
Is a suspense account an income or expense account?
Suspense account is created as a temporary account for balancing the trial balance.Errors in accounting are depicted through trial balance when it comes unbalanced.For temporary rectification the unknown balance amount is treated as suspense amt and it can either be debit(Expense) or credit(Income).The unknown balance amount will be set-off during identification of the error via reversal entries.
Why bad debts comes on asset side?
The Allowance for Doubtful Account is on the asset side of the balance sheet because this account is a contra account to accounts receivable. In accrual accounting there is an assumption that not all receivables will be paid.
What is a Subsidiary General Ledger account held with the Public Debt Office of the Reserve Bank of India?
The Central Bank makes it mandatory on all commercial banks to invest a certain percentage of their liabilities [(only demand) or (demand and time both)] in government securities viz. T-Bills, Bonds etc which is called Statutory Liquidity Requirement. These securities are parked in an account maintained with the Central Bank which is called Subsidiary General Ledger. The main purpose of this account is the holding and trading of government securities. Why is holding separated from trading? B/c holding is the minimum requirement. Trading comes in case of Excess Securities which can be traded by the commercial banks. For example, if a commercial bank is carrying a short position, and has excess securities available, it will borrow from the interbank against security (called Repo)while comlying with the minimum requirement. This involves movement of SGLA (subsidiary General Ledger accounts). Entry will be as follows: Current Account (commercial bank) debit SGLA credit The Central Bank makes it mandatory on all commercial banks to invest a certain percentage of their liabilities [(only demand) or (demand and time both)] in government securities viz. T-Bills, Bonds etc which is called Statutory Liquidity Requirement. These securities are parked in an account maintained with the Central Bank which is called Subsidiary General Ledger. The main purpose of this account is the holding and trading of government securities. Why is holding separated from trading? B/c holding is the minimum requirement. Trading comes in case of Excess Securities which can be traded by the commercial banks. For example, if a commercial bank is carrying a short position, and has excess securities available, it will borrow from the interbank against security (called Repo)while comlying with the minimum requirement. This involves movement of SGLA (subsidiary General Ledger accounts). Entry will be as follows: Current Account (commercial bank) debit SGLA credit
Is purchases comes under nominal account or Real Account?
Purchase and sales are comes under Real account. Why because as per real account what comes in debit and what goes out credit that is this one is related to property
At what account does purchase account comes?
expenses a/c
