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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
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.
Can an American open an Italian bank account?
It depends:
- if the person is on a official trip to Italy and will be earning an income while his stay in India then - Yes he can open an account with any Bank in Italy.
- if the person is on a personal/tourist trip to Italy and will not be earning any income during his stay here in India then - No, he cannot open an account with any Bank in Italy.
Core current assets are the essential assets, without which a company can not function.
Since these assets are crucial to the survival of the company, they are usually not sold to raise cash. This implies two things. Firstly, the core current assets are not liquid and secondly, if a company is selling core current assets to raise cash, it is in dire situation or even close to bankruptcy.
What is the maximum amount of cash you can deposit in a UK bank?
No bank in any country around the globe can limit the amount of money that can be deposited into its accounts. It is your money and you can deposit it anytime you want and with any bank you want. If the amounts are huge, the banks may ask you to provide a source of income for regulatory reporting purposes. But, they can never say No to a deposit or set any limits on the same.
How do you check balance from account trough internet?
Use the bank site
and then log in into net banking and then see the balance
and if u want any other transaction through netbanking even that facility is also available in this service that is TPT i.e third party transfer and mutual funds and getting of my account details and if any etc.
Can i open a savings account at the age of 17?
I'm with Wells Fargo, and I opened my first account when I was like 10? You'll need your parents there if you're under 18 I believe, or maybe its 16, but there isn't an age limit.
Is it forgery if a spouse writes a check out of a single account?
It depends:
a. No - If the spouse writes a check out of a single account held by the person writing the check
b. Yes - If the spouse writes a check out of a single account that is held by their spouse and the person writing the check is not a joint owner of the account.
To be simple: Writing a check from an account that is not held by the person writing the check is a crime.
