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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.
3,404 Questions
Can customers with a personal checking account use the night deposit?
Yes as long as your bank has ATM's.
Can you write checks from a money market account?
Yes, but there is typically a limit to the number you can write before incurring a service fee. Check your schedule of fees or ask your bank for details specific to your account.
How do you write a letter to a bank manager for return of a cheque?
download the special format on the internet , and learn from the sample on the internet .
What checking account fees can be avoided through good record keeping?
The most prevalent fees that can be avoided through good record keeping are overdraft fees. By keeping track of checks you've written and electronic debits you have authorized, you can be sure that your checking account still has money after all the transactions are processed. In this way, you are not charged an overdraft fee because your account is never "in the red"- avoid a negative balance and you won't get charged the fee.
Many checking accounts charge monthly fees, but some accounts waive the fee if you maintain a certain balance. By keeping good track of your balance, you will know whether you will be charged the monthly fee or not before your statement comes in.
What are the best online business checking account with bad credit and new open business?
Business checking accounts, just like all other checking and savings accounts, do not consider your credit when you want to open up a new account- you only need to be aware of any reports on you within ChexSystems*. As long as you are clear in ChexSystems, you should be able to open up a checking account with your deposit, personal ID, and Employer Identification Number (EIN).
With that said, it is hard to determine the best checking account for you as a new business owner, since banks of both the online and brick-and-mortar variety have different terms. Some may offer interest for keeping a certain amount in your account, while others may give discounts on their monthly fees to reward certain behavior. Always look around for the best deals and features that fit your needs...
* ChexSystems is a reporting agency where banks report accounts that become overdrawn for extended periods of time without any communication from the account owner. As long as your deposit accounts (checking, savings) remain in good standing or are quickly funded if they become overdrawn, you are relatively safe in Chex and thus would encounter fewer problems in opening new accounts versus someone who does have a "baddie" within ChexSystems...
What bank lets you open an account with them with no deposit?
I believe the perfect bank for you is either ING Direct or Ally Bank. If you just want the highest yield on your accounts period, go with purple (Ally). If you want great service and an innovative checking account concept with just a marginal drop in APY (for the savings account at least) you can't go wrong with orange (ING). Either one will ask if you'd like to deposit money, but I believe neither requires it...
Is it ok not to have a passbook on bank accounts?
Yes. A passbook is essentially a way to get a summary of transactions when a customer doesn't feel comfortable using online banking and does not want to wait for a bank statement. It is also a way to withdraw money if you don't have your account and customer numbers customized, but a bank teller can also look up your account information if you show ID.
How to calculate interest for saving bank account?
Most banks either compund mothly or yearly. Find that out, and check the terms and conditions to see whether they use average daily balance (rare but good) or if they don't compund if you withdraw money (too common). If everything is going to compund, you multiply your balance by your % APY, which depends on the account and your bank. The number you get is the interest yield for the month or year!
The math explanation...
The equation: P=C(1+r/n)^nt where P is what youwill end up with, C is the initial investment, r is your % APY, n stands for how many times it compunds each year, and t stands for time in years
Example: 0.05% APY, balance = $10,000, compounded monthly
In one year, the equation is P=10000 (1+0.05/12)^12 = $10511.62
What is difference between cross check and bearer check?
A Bearer cheque is one which the bearer (the person to whom the cheque was issued) can present at the bank on which the cheque was given and receive the cash
For ex: If I give you a cheque on my ICICI Bank account in Chennai to you, you can take that cheque to any ICICI bank branch in Chennai and collect the cash that is written on it (if i have sufficient balance in my account)
whereas a crossed cheque is one that cannot be cashed as said above. It can only be deposited into the payees (your) bank account
Technically the money is not in their pocket. The check must be deposited or cashed by the person it is written out to, or otherwise endorsed. If the payee does not cash or deposit the check, they cannot give it out like bills of currency. When the check is deposited, the money is taken out of the check writer's account and deposited to the person it is written out to. If you cash it instead, the institution gives you their money and takes money out of the check writer's account.
Why do you want a savings account?
A savings account is a great place to save money towards a particular goal (like a car, boat, home, etc) while letting the amount grow in interest income.
What if your benefits are on a debit card and you cant open up a checking or savings account?
You should contact the issuer of your debit card to determine the best way to withdraw your benefits from the card. Most likely they will inform you of a bank in your area that supports fee-free cash advances from the card. You may also be able to make withdrawals at an ATM using your PIN number (again, check with your card issuer to determine if there is a way to do this without incurring a fee) and should be able to use the card itself to make purchases at the store.
What should you do when checking a conscious person?
Ask them what month it is because most people in shock can't answer basic questions, if they are in shock cover them with a blanket and elevate their feet unless they have heat stroke. Also check for injuries and put pressure on bullet and knife injuries as well as pressure on any head wounds.
How scheduled bank become multi state scheduled bank?
When an bank has its operations and branches in different states of a country.
What is the difference between the commercial banks and micro finance banks?
The difference between the commercial banks and micro finance banks is in their functions and ability. The main difference is in the lending limits with micro finance banks having lower limits.
What is the penalty for writing a check on a closed account in Florida?
You may be fined by the bank for writing a check on a non-existent account. Plus, the person to whom you gave the check can sue you for the money and for which you can be arrested and jailed. Writing a check on a closed account is illegal and you can be jailed for the same.
How do you request for bank statement?
You contact (call, write, email) the bank where you hold the account and ask for a statement of your account. Some banks charge a fee for this service so don't forget to ask about any charges to get a statement.
Is a checking account reported to the government?
Yes. As per the government regulations, all bank account transactions beyond a certain amount are reported to the Government. For ex: in USA, if a deposit of over $5000 happens in an account, the bank has to intimate the Government. Similarly in India, if a deposit of over Rs. 50,000 happens in an account, the bank has to intimate the Government.
Can you stop payment on a check if its going to over draw your account?
Yes, you can do a stop payment. However, the bank where you issue the stop payment will charge a fee for doing so. Plus, the person to whom you gave the check can sue you for non-payment of money and file a legal complaint against you to the police. This can cause you to be arrested.
