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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
Commercial banks are the regular banks that provide basic banking facilities to its customers. Some of the facilities you can get from a commercial bank are:
a. Checking/Current account
b. Savings accounts
c. Internet/Mobile Banking
d. ATM Cards
e. Check Books
f. Deposit Accounts
g. Loans
h. Credit Cards etc.
What is non allied enterprise?
It is an enterprise that is not specified as an allied one. There is a lot of confusion with non-allied banks and their laws.
What are the banking watchdogs?
The Central Banks of the nation is usually called the banking watchdog. Since they supervise and oversee the operations of the various banks in the country and ensure that customer/citizens interest is protected, they are called the banking watchdogs.
Ex: Reserve Bank of India - in India, Federal Reserve - USA etc.
What is errors of omission in accounting?
ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.
Can you deposit a check made out to you into someone else's bank account?
No. A check can be deposited only into the account of the individual to whom the check is made out (issued) to. Depositing it into someone else's account is not allowed and even if done by mistake, the check will not be cashed and no payments will be made.
Is it illegal to remove your spouse from joint checking account?
No. it is not mandatory to have a joint account with your spouse. If you feel, you no longer wish to have your spouse in your joint account, you can let them know and then contact the bank to remove their name from the accounts joint holders list.
What is the current Statutory liquidity requirement of Commercial bank in Bangladesh?
19.0 percent of their total demand and time liabilities on daily basis, inclusive of
average 6.0 percent (at least 5.5 percent in any day) Cash Reserve Ratio (CRR) on biweeklybasis. The CRR is to be kept with the BB and the remainder as qualifying
unencumbered assets, either in cash or in Government securities. The SLR for the
banks operating under the Islamic Shariah is 11.5 percent (inclusive of average 6.0 percent CRR on bi-weekly basis and at least 5.5 percent in any day). The specialised banks are exempted from maintaining the SLR.
Can someone else close a checking account without premission?
No. A checking account can be closed only by the individual who holds the account. He/she needs to visit the bank and sign the account closure form in order to close their bank account. No one else can do that.
But, if the account holder has given the legal power of attorney to another individual, he can act as a proxy for the customer and close their bank account.
What step will you take to convince your customer not to close their account in your bank?
i will ask the customer what kind of problem does customer facing in our bank and then i try give solution based on customer quires. if customer is facing the problem like improper account maintaining. for that first i will ask apology and promise them the mistake never repeat again.
Can your checking account be garnished without wages coming in?
if you account is being garnished you would have an order from the court in your area.. Unless it Federal
Yes. Any tax liabilities that are due from a deceased individual get transferred to their legal heir. Since you are your mother's legal heir and a co-signer in her checking account, her tax debt would be transferred to you after her death. You need to pay the tax money your mother owes the government
Which bank lets you open a checking account without a social security number?
Actually None. A Social Security Number is a mandatory requirement if you want to open a checking account in the United States. However, if you are a new resident of the country (say a foreign worker) the bank will allow you to open the account with the SSN but you have to apply for your SSN and update your bank records within the first month of opening of the account. If you fail to do so, the bank can freeze or even close your account.
Why does a bank pay a lower interest on savings accounts and checking 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. Hence the rate of interest paid on these accounts is very low. 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.
In accounting Dr stands for Debit
Cr stands for credit
the terms literally mean
Debit (left side of the accounting equation)
Credit (right side of the accounting equation)
Which bank offer free checking?
I am sure most banks do have free checking accounts only if you sign up for a direct deposit or maintain the minimum account balance that is required.
What document do you complete to open a checking account?
Every bank has its own checking account opening form. The form will have blank columns where you fill in your details like:
a. Name
b. Address
c. Telephone number
d. Employment details
e. Nominee details etc.
Once you fill up the form and give the bank valid identity and address proof documents, the bank will take up your request for a checking account.
Can you open an account with a check made payable to anothr person?
No. Firstly you cannot cash a check made out to another person and it is a crime. Secondly, if you want to open an account in your name, you can use only cash or a check that is payable in your name i.e., the name of the account holder. If you try to use the other persons check, the bank may politely refuse you or in worst case raise a complaint against you for forgery with the cops.
How does a checking account get release from a dormant status?
Either to deposit or create activity within a bank stated period of time to pull it out of dormancy. Rules created within individual banking rules and regulations.
What are the basic requirements of opening a saving account in a commercial bank?
You need the following to open a bank account:
- An Identity Proof - Passport or Driving License
- Address Proof - Passport or Driving License or Phone Bill
- Photograph - For the bank records
- Proof of Employment - For the bank records to know more about you
- An Introducer - This is usually a requirement for the bank to postpone all the due diligence they would do on you to a later point of time. An introducer should be someone who has an existing relationship with the bank.
- Initial Deposit Money - When you open an account, the bank expects you to deposit a minimum amount (Depending on the type of account you are opening)
Which is a benefit of having a checking account?
Some of the benefits are:
- You get an easier way to save money
- You get a Debit card that you can use for shopping instead of having to carry cash in your purse
- You earn an interest on the money you keep in your account
- You get a check book that you can use for paying for services like telephone bill, grocery bills etc.
