Commercial Bank and Checking Accounts

Confirms that a sum of money is CLEAN and not the proceeds of crime, drug trafficking or passing on money that does not belong to you.

Private banking has many years of history since it early days in Switzerland. In today's terms, we refer to the same thing as wealth management. The old private banks are the likes of UBS AG, Credit Suisse, Pictet etc. The manager who deals directly with the clients are called Private Bankers.

The minimum requirement to open a private banking account start from as low as around USD1million to as high as USD30million. Most Private Banks, will be willingly to accept a client with bankable asset of around USD1million onwards, with the potential to growth further.

These days , due to the growing affluence in many countries, bank had tried to target this mass affluent , by launching a lower minimum account opening balance for this group of people. This will come under personal banking, and the banker that deals directly with client will be called personal banker. The minimum can be as low as USD20,000 or even lower in some cases. Some Banks also term this as Priority Banking.

An investment size of USD250,000 for a FX deal is very common in Private Banks, bankers fly over to the home country of their clients to see them. And usually a Private Bankers has at most 50 clients.

An investment size of USD250,000 for a FX deal is rare in Personal Banking, banker dont fly over to see their offshore clients, except in some cases travel locally to meet their clients. And usually a Person Banker can have as many as 100-300 clients. Client with client around USD20,000- USD500,000 with the bank being the norm.

If you want to know how bank checks work, it's like this. You write an instruction (called a check) to your bank, telling them to pay a certain amount of money to a specific person (although you can also make out a check to "cash" meaning that anyone can cash it). You can then give this check to the person you wish to pay. This person then deposits the check in his or her account. His or her bank goes through a process of check reconciliation on a daily basis, because there are a huge number of checks being written and what matters to a bank is the total difference between how much money they are receiving from another bank, and how much money they owe to that same bank. If they are receiving $10,350,000 from a given bank, but also owe $10, 010,000 to that same bank, then the difference is $340,000 which they would then receive from that bank. Meanwhile, your personal account is debited for the check you wrote, and the person who deposited your check is credited. The money, thus, is transferred, as you specified.

Introductory paragraph What was audited and the division of responsibility * management for the financial statements * the auditor for expressing an opinion scope paragraph The nature of the audit process Opinion paragraph The auditor's opinion on the fair presentation of the financial statements Explanatory paragraph If an unqualified opinion cannot be expressed, reasons why

Generally the employee at the accounts opening desk is known as "Accounts Opening Assistant". They open the account by entering your request detail into the system and obtain an account ID (Account Number). An "Account opening Officer" verify the details in the system with the request you made. After verification other details and documents (such as passbooks, Debit Card details, Mobile & Internet banking services) will be attached.

There are many benefits one can receive on bank accounts which pay interest. Some of these include earning money while saving ones own. Some banks will waive service charges if ones account remains above a set dollar amount.

what is a chekcing account at a credit union

No. In the United States, only a government entity is allowed to freeze bank accounts, and only for the investigation of (and sometimes resulting conviction for) criminal acts. Creditors have the following legal tools at their disposal to get their money back:

* Statementing/Invoicing (monies due from prior months carry to subsequent statements)

* Collections Processes (including phone calls, emails and letters)

* Workouts (generally part of collections, but effectively modification of terms to better work with the debtors particular situation)

* Lawsuits (typically a last resort)

When a lawsuit occurs, a civil judgment may be reached and the individual will be required to pay the amount owed. The court, at that time, may garnish wages in order to be sure that the amounts are paid, however, they STILL may not freeze a bank account for such a judgment.

Most all banks have a free checking account option. You must be at least 18 years old to apply for a free checking account. It is required of you to have a job, or be in college in order to get the full benefits of a free checking account.

If you want mobile banking, or SMS banking, you can write the bank manager to see if it's something they offer. If they do offer it, you'll ask about opening an account with it or adding it on to your current account.

basic checking is $0

A EFT (Electronic Funds Transfer) can take up to 7 business days depending on each bank's guidlines and which district their ACH (account clearing house) is located. Wire Transfer typically are "instant" but the time frame is usually 2 to 24 hours. To view availability of these funds also depends on how processing works at your bank. For example, direct deposits are usally made within the hours of midnight to 2AM, but you may not see it in your account until 10AM. Contact your bank to see what their policies are for funds transfers or if you have your account disclosures, look under the title "Funds Availability" and Reg. E transactions.

Online banking is not safe. hackers can hack your debit card number and pin.. if Online banking is done without being asked a ATM card pin.. the it can be considered as safe.. instead of PIN it should ask for your address..

Very well yes. You can have as many checking accounts as you want with as many banks as you want. There are no such restrictions anywhere across the globe. However it is difficult to maintain numerous bank accounts. It is easier to maintain 2 or 3 accounts.

A multitude of banks offer online checking accounts for businesses. The primary difference between them will be fees and services provided. Wells Fargo, PNC and Bank of America all cater to small business bank needs.

Commercial Bank 1. Receiving Deposits:

This is the main function of commercial banks to collect savings of individuals and firms. They offer different types of deposits for the facility of the customers.

i. Current Account or Demand Deposits:

Any amount can be withdrawn from this account any time without any notice. No interest is allowed on this type of account.

ii. Saving Account:

This type of deposit account which is usually held by the middle class group. The

saving account carries lower rate of interest.

iii. Fixed Deposit:

Amount cannot be withdrawn before the fixed future date in this type of deposit. High interest is allowed in fixed deposit which is different according to period.

2. Advancing Loans:

This is the important function of the commercial bank. Credit is given to the people in different ways.

(a.): Making Loans:

There are three types of loans given to borrowers.

i. Short Term Loans:

These loans are advanced for the period of six months to one year. High Interest rate

Is charged on this type of accounts.

ii. Medium Term Loans:

Loans from one to five years are called medium term loans.

iii: Long Term Loans:

Loans which are advanced for the period, more than ten years are long term loans.

(b.): Bank Overdraft:

Banks allows their trustful customers to draw more than the deposit they have in the

Bank. Bank charges interest on overdraft.

(c.): Cash Credit:

Bank also gives credit against immovable property and interest is charged by the

bank.

(d.): Discounting of Bills:

This is income source of bank to discount bills of exchange. They charge nominal

Interest and discount only reputed and clear bills of exchange.

Commercial Bank 1. Receiving Deposits:

This is the main function of commercial banks to collect savings of individuals and firms. They offer different types of deposits for the facility of the customers.

i. Current Account or Demand Deposits:

Any amount can be withdrawn from this account any time without any notice. No interest is allowed on this type of account.

ii. Saving Account:

This type of deposit account which is usually held by the middle class group. The

saving account carries lower rate of interest.

iii. Fixed Deposit:

Amount cannot be withdrawn before the fixed future date in this type of deposit. High interest is allowed in fixed deposit which is different according to period.

2. Advancing Loans:

This is the important function of the commercial bank. Credit is given to the people in different ways.

(a.): Making Loans:

There are three types of loans given to borrowers.

i. Short Term Loans:

These loans are advanced for the period of six months to one year. High Interest rate

Is charged on this type of accounts.

ii. Medium Term Loans:

Loans from one to five years are called medium term loans.

iii: Long Term Loans:

Loans which are advanced for the period, more than ten years are long term loans.

(b.): Bank Overdraft:

Banks allows their trustful customers to draw more than the deposit they have in the

Bank. Bank charges interest on overdraft.

(c.): Cash Credit:

Bank also gives credit against immovable property and interest is charged by the

bank.

(d.): Discounting of Bills:

This is income source of bank to discount bills of exchange. They charge nominal

Interest and discount only reputed and clear bills of exchange.

This should pose no particular problem, presuming your not trying to open an account using a check from the closed one! Any bank should be happy to open a new checking account for you, if you have an inital deposit (any bank will wait for your deposits to absolutely clear before letting you draw against them). Checking accounts are not really a credit thing...you can only legally write checks for money you have already deposited.

If the writing of the checks was done KNOWING that the account was closed, then the intent to defraud has been established. There are number of charges which might apply, depending on the circumstances (e.g.- fraud - larceny - uttering). It could depend on the total amount of the fraud, but it could be a felony offense.

possible. After my five years with chex systems passed, I opened a checking account and the bank closed it after two months due to my chex systems record. They froze it and then closed it without notice to me. I found out when the ATM card quit working. I then had to get Chex systems to write a letter to them because my record should have been gone after five years, but that did not help me get my account back.

Yes, if the account holder resides in a state where the banking laws allow the action without due process of law.

Ending bank account balance per bank statement - add deposits made before and upto the date of the ending balance on the bank statement that are not on the bank statement - subtract checks and other expenses (debit cards, etc) made before and upto the date of the ending balance on the bank statement that are not on the bank statement - the end result is the reconciled bank account balance. 'Bank reconcilation statement' means veryfying / realising every transactions done with bank. It may be related with payment made or credit received or particular interest charged or received.

This means that a check you took from a customer could not be deposited into your account because they did not have the money to cover their check. The bank deducted the amount of the check from your account.