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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

How do you write a letter to bank manager for lost bank pass book?

To,

The Manager

__________ (Fill in the name of the bank and branch in the blanks)

From,

_____ (Fill in your Name)

______(Fill in your Address & Phone number)

Sir,

Sub: Reg. Lost Passbook for Bank Account ______ (Fill in the Account number)

As my passbook linked to my bank account _____ (fill in your bank account number) has been lost I kindly request you to issue a fresh passbook card so that I can keep track of my banking transactions like before.

Thank you

________ (Fill your name and sign)

Can you put your payroll check in your girlfriends bank account with your name on it?

Yes. The account is considered a joint account and both individuals can deposit as well as withdraw funds from the account. There is no restriction as to the individual or individuals with whom one can make a joint account.

What do the national commercial banks do?

Modern commercial banks provide both individual and corporate customers with an increasing number of financial services. Recent innovations in this industry include the introduction of credit cards, accounting services for corporate firms.

What is the history of the state commercial banks?

Among the first institutions created by the administration of President George Washington was the Bank of the United States. Washington's Secretary of the Treasury, Alexander Hamilton, insisted that a national bank was necessary to.

What are factors of commercial paper?

Factors provide financing on accounts receivable by discounting accounts receivable on a non-recourse basis. Upon buying the accounts, the factor assumes the position of the seller--including the risk of default and credit losses

Can you deposit a business check to your personal account?

No, you cannot deposit a business check into a personal checking account. You can only deposit a check into an account that shares the same name, i.e. A check is made out to ABC company--it can only be deposited into an account that is titled ABC company. It cannot be deposited into a personal account--even if that is the personal account of the owner.

Can you get out of a joint checking account?

Yes. If you want to get out of a joint account, you can contact the bank and submit a written request to be removed as a joint holder of that account. The other parties involved in the joint account have to approve your removal from the account, only then the bank will complete the formalities.

Why do Certificates of Deposit earn higher interest rates than regular savings accounts?

Banks make money by lending loans out of the money we deposit with them. In case of a regular savings account, you can withdraw your money anytime you want. So the bank cannot effectively use this money to make profits themselves. But, in case of a Certificate of Deposit the bank knows that you will not withdraw the money until the stipulated deposit period, so they can effectively utilize this money to make a profit and therefore share a percentage of the same by means of a higher interest rate.

What is liquidity problem in bank?

Liquidity means a bank is able to pay its financial obligations. The main cause of liquidity problems comes about because of constantly changing deposit amounts. This is one reason it's in a bank's best interest to offer customers perks to sign up for direct deposit.

With the above noted, the primary cause of liquidity problems in commercial banks relates to that institution's unsuccessful business strategies. Along with this we often find far too many nonperforming loans. This normally means that the bank has not done good work in their research and their credit departments need to revamp on the criteria they set for making loans.

Why should you NOT write a check in red ink?

Confirmed with the royal bank of Canada and it I'd ok to write a cheque in any color as long as you can read it.

What is the name of the financial institution where the checking account is offered?

a bank, a savings and loans office or a co-op. these are places where you can open a chequing or a savings account or both.

Can an Italian visitor to Canada open a bank account?

Generally visitors to Canada can not open any account in here. The same is case with all countries. A person who is a visitor and plans to reside in a country only for a short term cannot open a bank account.

Bank account facilities are granted only to individuals who plan on residing in a country for a longer period of time (atleast 6 months or more) or people who have come to work in the country on a workers permit (in this case irrespective of the duration of stay)

How can you check your savings account balance through internet?

First you request for an internet banking login id. The bank would send you your login id along with a temporary password. Once you login to the banks website for the first time, it will prompt you to change the password. Once you are done, then you can use this login id and password combination to logon to the banks website and view details of your bank account anytime.