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Commercial Bank and Checking Accounts

Checking accounts are deposit accounts that allow customers to deposit or withdraw any amount of money, subject to funds’ availability. Most commercial banks offer checking accounts to both individuals and companies.

500 Questions

Is consumer banking same as retail banking?

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Asked by Wiki User

Yes, consumer banking is basically the same as retail banking.

What makes computer excellent tool for data processing?

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Asked by Wiki User

The computer is easier to use for data processing because of the copy and paste feature and the ability to save the information. Using a computer is much more efficient and faster than writing things down by hand.

What bank routing number is 102100400?

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Asked by Wiki User

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I'm a Sam's Club associate and I need to sign up for direct deposit.?

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Asked by Wiki User

Direct deposit is when in this case the employer will send your paycheck each week to your bank. You will have to fill out paperwork concerning your bank account and your bank will be notified that your account will be receiving this money each week or however often you get paid.

What is the deduction made by a bank for handling a checking account?

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Asked by Wiki User

The deduction made by a bank for handling a checking account is typically referred to as a monthly maintenance fee. This fee covers the costs associated with maintaining the account, such as processing transactions, providing customer support, and managing the account infrastructure. The specific amount of the fee varies by bank and account type.

Why are accounts closed out?

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Asked by EncofBizandFinance

Accounts may be closed out for various reasons, such as when a customer requests to close their account, when the account becomes inactive or dormant, or when the account holder passes away. Additionally, accounts may be closed out by the bank or financial institution for reasons such as non-compliance with account terms, fraudulent activities, or a decision to terminate a particular product or service.

How can one use a commercial checking account?

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Asked by Wiki User

To use a commercial checking account, first, open an account with a bank or financial institution that offers commercial banking services. Then, deposit funds into the account through various methods such as cash, checks, or electronic transfers. Finally, use the account to manage business transactions such as making payments, receiving payments, and keeping track of business expenses and cash flow.

What type of checking account usually requires the highest balance to be kept on deposit?

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Asked by Wiki User

A high-yield checking account typically requires the highest balance to be kept on deposit. These types of accounts often offer higher interest rates than regular checking accounts, but in exchange, they require a minimum balance to be maintained in order to earn the high interest rate.

What is dmat account?

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Asked by Wiki User

DMAT account stands for Demat Account. It is an electronic account used to hold and trade securities in electronic format. It eliminates the need for physical certificates and enables investors to buy, sell, and transfer securities electronically. DMAT accounts are widely used in India for trading and storing securities such as stocks, bonds, mutual funds, and other financial instruments.

What responsibilities do checking account owners have when using their account?

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Asked by Wiki User

Checking account owners have several responsibilities when using their account. They are responsible for monitoring their account balance regularly, keeping track of transactions, and ensuring there are sufficient funds to cover any outgoing payments. Additionally, they should safeguard their account information, such as their debit card and personal identification number (PIN), to prevent unauthorized access and fraudulent activity.

Has santander any bank branches in France?

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Asked by Wiki User

Yes, Santander has a presence in France. They offer banking services in France through their subsidiary, Santander Consumer Finance, which specializes in automotive lending and consumer credit. However, they do not have branches for general banking services in France.

My checking and savings account have been frozen by a credit card company. My husband's name is not on this debt but we have a joint checking account. Can they take all of our money?

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Asked by Wiki User

It depends on the laws of your jurisdiction and the specific circumstances of your situation. Credit card companies typically have the right to freeze accounts and seek payment for outstanding debts. However, if your husband is not personally liable for the debt and the funds in your joint account are solely his, you may have grounds to challenge the freeze. It is advisable to consult with a legal professional to understand your rights and options in this matter.

What annual fee does First Citizens Bank charge on a checking account?

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Asked by Wiki User

First Citizens Bank offers different checking account options, so the annual fee can vary. It is recommended to check their website or contact the bank directly to get accurate and up-to-date information about any annual fees associated with their checking accounts.

Can a bank account be garnished if the secondary account holder owes someone?

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Asked by Wiki User

Yes, a bank account can be garnished if the secondary account holder owes someone. If there is a legal judgment against the secondary account holder, the creditor may obtain a court order to garnish funds from that account to satisfy the debt. However, the specific rules and limits for garnishment vary by jurisdiction, so it is best to consult a legal professional for advice specific to your situation.

When closing a checking account do you have to do it at the same branch you opened it at?

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Asked by Wiki User

You can typically close a checking account at any branch of the same bank, regardless of where you initially opened the account. Some banks may also allow you to close your account online or over the phone. It's best to check with your specific bank for their policies and procedures.

If you pay the bank that you owe money to on the chex systems can you open a checking account with them again?

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Asked by Wiki User

Paying off a debt owed to a bank listed on ChexSystems may improve your chances of being able to open a checking account with them again. However, each bank has its own policies and may still consider your past history when deciding whether to approve your application. It's best to contact the bank directly to inquire about their specific guidelines and requirements for opening a new account.

What kind of accounts does Bankline offer?

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Asked by Wiki User

Bankline offers a range of accounts including current accounts, savings accounts, business accounts, and foreign currency accounts. They also provide specialized accounts like trust accounts and charity accounts. Additionally, Bankline offers online banking services for easy access and management of these accounts.

Is a bank account a personal account?

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Asked by Wiki User

Yes, a bank account is considered a personal account. It is owned and operated by an individual for their own personal financial transactions and savings.

What are the items of receipts and payments in bank reconcilation statement?

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Asked by Wiki User

The items of receipts in a bank reconciliation statement include deposits made into the bank account, interest earned, and any other income received. The items of payments include checks written, electronic transfers made, bank fees deducted, and any other expenses incurred.

Is a bank account an open ended account?

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Asked by Wiki User

No, a bank account is not an open-ended account. A bank account is a closed-ended account, meaning that it has a fixed term or duration. An open-ended account, on the other hand, does not have a fixed term and can continue indefinitely.

Where can you go and get a cash advance?

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Asked by Wiki User

You can get a cash advance from various places, including banks, credit unions, payday loan stores, and online lenders. Additionally, some credit cards also offer cash advances, although they often come with high interest rates and fees. It's important to carefully consider the terms and costs associated with a cash advance before obtaining one.

If you have a checking account with a negative balance for over six months what can the bank do?

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Asked by Wiki User

If you have a checking account with a negative balance for over six months, the bank may charge additional fees, close the account, and report the delinquent account to credit bureaus. The bank may also pursue legal action to recover the funds owed, such as taking you to court or sending the debt to a collection agency. It's important to communicate with the bank to discuss repayment options and try to resolve the negative balance.

Can a bank freeze on a checking or a savings account?

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Asked by Responsibilty

Yes, a bank can freeze a checking or savings account under certain circumstances. This typically occurs when there are suspicions of fraudulent activity, court orders, or if the account holder has outstanding debts or liabilities. The bank freeze is a temporary measure intended to protect the account and prevent further misuse.

Can landlord require direct rent payment from checking account?

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Asked by Wiki User

Whether or not a landlord can require direct rent payment from a checking account depends on the terms of the lease agreement. It is important to review the lease carefully to determine if there are any specific payment methods that the landlord requires. If the lease states that rent must be paid via direct withdrawal from a checking account, then the landlord can require it.