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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 a swift transfer mt999 means?

There is no such thing as a SWIFT MT999 transfer. A SWIFT MT999 is merely a means of communicating with another SWIFT party in much the same way as telex. As with telex, it is not "authenticated."

By "MT" means money transfer. This is also done by SWIFT using message types MT202 and MT103. These messages are "authenticated" and bear an electronic signature to prove their origin. An authentication key has to be agreed and set up between the parties concerned, this is called RMA.

How old do you need to be to open a bank account?

Old enough when you start working, i started mine at 9. but you can start yours earlier. if its a college fund start now

What is the penalty for writing checks on an account that has been closed?

You can receive jail time for bouncing checks, however specifics on sentences will vary from state-to-state.

I deposited a check Friday in my bank account but I only have 100.00 of the check I deposited. When will the full amount be available to me?

It depends on the size of the check. It sounds like a hold was placed on the check which could mean anywhere from 2-10 business days.

Can you open a checking account at 16?

Yes u can. I opened my checking account at 16 as well. However, it is known as a youth account and their are many restrictions to it. You have a limited amount of money that you are able to withdraw daily, unless if specified by you parent/guardian. I would suggest opening an account at TD Canada Trust. I beilve the restrictions only bothered me once when trying to by something worth $120.00 but unless if you are a big spender, the restrictions aren't a big deal. I hoped this helped :)

Can you sign your husbands check if you have separate accounts?

There are two ways to answer this question.. both of them are no.

1) If writing a check from your husands account, the signature in the bottom right hand corner needs to be his. No one else is allowed to sign the that corner except for the account holder. If you are both on the account then both or your names will be typed on the top left of the check, so either of you will be able to sign that line in the bottom right hand corner.

2) If you are asking about a signing a check that is written out to your husband, only he can sign the back of it. If he has asked you to deposit it into his account for him and has forgotten to sign the back then you are allowed to write "For Deposit Only" on the back and write his account number below if you know it. You are never allowed to cash a check that is written out to him unless he has signed the back, then written "pay to the order of (YOUR NAME) and then you have signed below. If it were going into a joint account you may deposit the check and receive cash back assuming you have money in the account.

What are the good qualities of good individuals?

This is a very opinionated question and will very from person to person based on their own preferences.

But in general, a need to be skeptical, a good scientific background, and a willingness to find the truth(strong sense of curiosity and determination) are all essential qualities to be a good researcher.

You need the meaning of Indian bank cif number?

it is not the account no!

it can be collected from any indian bank branch. all of your indian bank accounts can be linked using this CIF no..

How can I find out my CIF No. in SBI Savings Bank Account?

You can't do this on your own.

No no way possible.

If you're interested in finding out how, kindly contact Palo altos network services and they will help you.

What things does a person need to open a checking account?

When opening up a checking account every person who will be on the account needs.. 1) To be present. 2) To have their Social Security Number. 3) To have a Passport or State Issued Driver's License or State Issued Identification card. For children a School I.D. will work just fine.

Can your checking account and wages be garnished at the same time?

Not for the same debt, but a wage garnishment can be implemented by one judgment creditor and a bank account levy by an additional judgment creditor.

What is the practical difference if any between an irrevocable letter of credit and an irrevocable standby letter of credit?

A standby letter of credit ("Standby") is an irrevocable, binding undertaking by an Issuer (generally, a bank), made at the request of an Applicant (generally, a bank's customer), for the benefit of a Beneficiary, to ensure payment or performance of an underlying obligation. Its commercial value lies in its being totally independent of any agreement between the Beneficiary and the Applicant or the Applicant and the Issuer. Once issued, the issuer must honor the terms of the standby if the beneficiary presents documents, such as a draft (bill of exchange) or written demand for payment, that strictly comply with the terms of the standby letter of credit. Standbys are most frequently issued in the United States and until relatively recently, were less commonly used in the UK and Europe, where bank guarantees were more likely to be used to achieve similar purposes. In fact, because certain American banks were prohibited from issuing guarantees, standby letters of credit were developed as a substitute and became the primary means by which American banks ensured payment or performance. Typically, a standby is used to ensure payment of an obligation (such as a contract or lease calling for payment at a future time) or performance of an obligation (such as completion of a construction project). In the case of the performance standby, the beneficiary would seek to provide sufficient funds to enable another contractor to complete the project. Demand guarantees issued by banks or performance bonds issued by insurance companies would provide similar assurances. As standbys are often used internationally, a body of international custom and practice has developed to promote uniformity in handling standbys. It is embodied in the Uniform Customs and Practice for Documentary Credits (International Chamber of Commerce Publication 500) ("UCP"), which covers commercial letters of credit as well as standbys, and the International Standby Practices ("ISP"), which covers only standbys and was developed by the International Financial Services Association. Although proceeds of a standby may be assigned, the standby itself is usually not transferable unless the standby so provides. If the standby provides that it is transferable, the UCP and ISP differ on the consequences. Under UCP Art. 48(b), it may be transferred only once. Under ISP Rule 6.02, however, it may be transferred more than once, but the issuer must agree to the transfer requested by the beneficiary. In either case, the restrictions would effectively destroy the ability to trade the instrument quickly. === ===

Why is overdrawing a checking account poor financial management?

Because you are spending more money than you have available, and, theoretically, if you had properly managed your finances, you would have either made sure enough money was available for those things you absolutely had to pay/purchase or you would have made other arrangements concerning your bills so as to prevent overdraft of your account.

Is there a toll-free number for chexsystem?

Chex Systems toll-free phone number and other contact information:

Mail:

7805 Hudson Road, Suite 100

Woodbury, MN 55125

Fax:

602 659-2197

Toll Free Number:

800-428-9623

Discuss the functions of modern commercial banks?

A modern commercial bank provides the following facilities to its customers:

1. ATM/Debit card facilites for accout holders.

2. Credit card facilities.

3. Telebanking.

4. Net banking.

5. Electronic Real Time funfs transfer through RTGS/NEFT system.

6. Mobile banking.

7. Anywhwere, Anytime Banking.

8. CORE Banking solutions.

9. Bancassurace.

10. Clearing of cheques through Cheque Truncation System, where electronic image of physical form of cheques are transferred and payment settled.

M.J.SUBRAMANYAM, XCHANGING CO, BANGALORE.

What is the music in the chex mix commercial?

The music in the Chex Mix decoy bag commercial is an old Italian song called "Piccolissima Serenata." This is not the one I was looking for; I wanted the music for the Chex Mix commercial which has a guy at a bus stop dancing.

What if i overdraw my checking account after chapter 13 bankruptcy?

Writing bad checks is a criminal act..it can be a felony (depending on the amount)...the prior BK is irrelevant to future actions anyway.

How do you get balance on your hands?

check this website

http://www.wikihow.com/Do-a-Handstand or http://www.wikihow.com/Walk-on-Your-Hands

Is there a limit to how much cash one can withdraw from one's checking account?

There is no single answer to this question because every bank, for each type of account that it offers, will set a different cash withdrawal limit for each customer depending upon his or her previous track record and current credit rating.