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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 can i check my Himalayan bank account?
You can check your bank account from Himalayan bank of Nepal by either visiting the bank and asking for the information or visit them online and enter your account number and password to access your account.
What are the different types of bank guarantees?
This is usually issued for an amount equal to between 1 and 2 percent of the contract value. It gives the employer compensation for additional costs if the party submitting the tender does not take up the contract and it must be awarded to another party. == Normally issued for an amount equal to between 5 and 10 percent of the contact value, this guarantee assures payment to the employer in the event that the contractor fails to fulfil contract obligations. == This enables the employer to get a refund of advance payments made in the event of default by the contractor. It is issued for the full amount of the advance payment, but may contain reduction clauses, which enable a reduction in the maximum amount upon evidence of progressive performance. == Most major projects call for stage payments as work progresses. Often the employer retains a percentage of the payment (retention money), as cover for any hidden defects in the completed work. A retention money guarantee allows for immediate release of retention money to the contractor. The employer can get a refund of retention money released, in the event of default by the contractor. == This is used as security for payment obligations. It is also referred to as a Standby Letter of Credit. == This is normally not trade related. Its purpose is to provide security to another bank to advance money to an individual or company. It is often used when a company does not have any credit record and wishes to expand offshore. == This ensures that the contactor does not abandon the contract after completion of the construction phase, but continues to honour any maintenance obligations as per the original agreement. == Contractors often need to import equipment temporarily to carry out a contract. Import duty would normally be payable, but the customs authorities will grant exemption if the contractor undertakes to re-export the equipment on completion of the contract. The contractor then has to provide the customs authority with this guarantee, which prevents the contractor from selling the goods instead of re-exporting them. == This enables the buyer to obtain release of the goods from the carrier, despite the bills of lading being lost or delayed.
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
What happens if you make a mistake and write a check for more money than you have in your account?
Two main things can happen:
1. The bank will pay it, and charge you a fee for being overdrawn (this will depend on the type of account you have, and maybe how much it is for).
2. The check will bounce (will not be paid).
How do you write an application to the bank for bank statement?
The best way to write an application to the bank for a bank statement is to find a template for it or an example and then copy it replacing the example information with your information. By doing this it allows you to make sure it is professional, formal and gets your point across.
Is there a time limit for stopping payment on a personal check?
Yes usually 6 mothns, but it is possible to get the check 'refreshed' by the person who signed it.
What are the basic principles of a commercial banks?
There are a few main characteristics of a commercial bank. The main characteristic of a commercial bank is that they are operated for profit. The operate for businesses, provide loans both secured and unsecured, accept deposits, issue checks, offer safe deposit boxes, and process payments.
Overdraft is the word. The bank agrees to extend credit to cover a check written for more funsd than you have in the bank. In effect, they are making a loan to you.
Can Bank of America take money out of my checking account to pay off a charged off credit card debt?
To whomever posted this question, please e-mail me. I have a similar issue with Bank of America and am currently doing some research. Contact me and we can possibly discuss.
MMonterio@comcast.net
The answer to this question is YES, to anyone out there that has credit cards at bank of america, and also have checking accounts there that have balances, at a certain point in default, they can and WILL take money out of your checking. I just had it happen to me, and my lawyer says its legal because its in the fine print of the loan. Your checking account is collateral. They also do this completely un-announced.
A Current Account is a Bank Account opened in the name of a business establishment. Banks giving overdraft facilities, by checking the old transactions, if it is necessary for the establishment.
Another meaning:
A current account is a record of transactions between two parties, for example, between a bank and its customer or utility company and its customer.
A current account is a type of bank account into which your wages are paid and you pay your debt/bill from. As compared to a deposit or savings account where you would put surplus money to earn interest on it. One would not normally pay money out of a deposit account on a regular basis.
Can a bank account balance be checked online?
Yes,If you have a Net Banking option provided by your Banker.
What is the Swift code for President's Choice Financial?
CIBCCATT
CIBCCATT
ask your money sender if it is okay to use correspondent bank because in PCF case we use CIBC as a correspondent bank and I could not get the money :( note money was coming from Europe as Canadian dollar.
Which bank is the best for an online checking bank account?
To find the best online checking account for yourself, contact any financial institution you already use and like and see if they offer online checking services. With a previous relationship established, you know you can trust them. You can also ask fellow students what institutions they use and like.
Does Regions Bank open accounts if your on chexsystem?
Regions Bank does not use Chexsystems. They offer a full range of services. Regions locations are found in the southern United States spreading north to Illinois, Indiana and Virginia.
Bank reconciliation is the act of settling differences contained in a bank statement and the cash account in the books of the bank's customer. Once completed, the adjusted bank balance must prove to the adjusted book balance.
When it does, it indicates that both records are correct. Journal entries are then prepared to update the records and to arrive at an ending balance in the cash account that agrees with the ending balance in the bank statement.
What is the process in writing a checking account check?
Here is the process in wrinting a checking account check: First Write your name of the person or company that you want to pay then write the date you are writing the check. Write the amount of the check using numbers. Write the reason for the payment.
Can a co signer remove their name from a checking account?
Check the wording of the loan documents (you should have gotten a copy), and/or check with the lender, but probably not. You signed as being co-responsible for the loan - the lender accepted your assurance - now you are as responsible for the loan as the borrower. If fact, you are the co-borrower. If the original borrower defaults and you become responsble for the paymetns, your complaint is with the person you co-signed for.
Can you open a account in rbi?
No. The Reserve Bank of India is not a normal bank that offers bank account facilities to customers. It is the central bank of India and it supervises the banking operations of all the banks in the country. They are the banker to all the banks in the country and do not take up customer requests for bank accounts.
Which banks offer access to one's checking account online for free?
Almost all banks offer free online bill pay. Some of the banks that offer it are Bank of Internet USA, Clear Sky Accounts, Century Bank Direct, Ally Bank, Yield Bank, State Farm and ING Direct. Most banks require you to have a checking account to be able to access the free online bill pay.
What banks offer free checking with direct deposit?
US Bank offers free checking with direct deposit. Wells Fargo and Bank of America are two others that offer free checking with direct deposit. All of these banks have locations around the United States.
Define retail banking and corporate banking?
Retail banking is one which provides banking or financial services directly to consumers, rather than corporations or other banks. In other words, Retail Banking focuses on catering banking needs of individual customers in an integrated manner. Retail banking services include installment loans, residential mortgages, equity credit loans, deposit services, and individual retirement accounts. Retail banking is a high volume business with many service providers competing for market share. Some retail banking services, for example, credit cards, are among the most profitable services offered by financial institutions.
In contrast with this, wholesale-bankingor corporate banking focuses more on corporate-style entities and high-value transactions, providing a broad range of services to large corporations, mid-sized companies and small businesses. Often, a financial institution will provide these services at discounted rates based on the number of services at a package. This approach makes it more attractive for a company to place all financial matters with a single institution rather than using different banks and agencies for each banking service that the business needs to function. The advantage of wholesale banking is the easy access to the total financial portfolio, which makes transfers between accounts much simpler. Wholesale banking also includes features that allow for efficient transfers of funds and other financial instruments between financial institutions.
Commercial banking is normal banking business done for profit considerations. Corporate banking is financing corporates. M.J. SUBRAMANYAM, BANGALORE
Why the regulations in financial institutions?
Prudential regulation in financial institutions enables transparency and protection of stakeholders of the institutions.
No, and please NEVER EVER! give a collection agency ANY personal financial information. Not your place of employment, other creditors, and most importantly NEVER NEVER bank account, credit union, etc. information. DO NOT ALLOW them to make an automatic withdrawal, no matter what sort of intimidation tactics they try.
