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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 do you get a bank to unfreeze an account?
The process for getting an account unfrozen is confusing and frustrating, You must go to court and show the reason why the account should not be frozen. If the creditor who froze it = knew it was an exempt account he can be sued. If there are any other monies in the account except for exempt deposits ( i.e. Workers Comp - SS SSDI most pensions etc check your state statutes as each state is different. The account holder would need to file a motion for the judgment award to be "quashed" in the court where the bank levy was granted. The account cannot be closed after a garnishmen/levy order has been executed upon it. Obviously the account holder should not deposit any more funds into said account. A joint account holder must file a motion with the court with documented proof of the funds in the account belonging to them to have said monies returned.
Checking account check missing?
You may want to put a stop payment on the check depending on its amount. There is usually a fee to place a stop payment on an acct. Some banks fees are $40 to $50. If the check is for $10 then it would make no sense to place a $50 stop payment because you would not get the $50 back. Im not sure about you but i would rather somebody cash a $10 check rather than losing $50 on a stop payment. If the check was for a substantial amount lets say $500 then it would behove you to place a stop payment. If the stop payment was $50 then it would save you $450 if someone where to try and cash the check.
If you have a personal checking account at a bank in the USA your Financial Institution (FI) may have policies governing the amount of money you can take out at one peticular time. You obviously can't walk in to the bank and request that all of your one hundred thousand dollars be presented with out any prior warning. Every bank's branch suites the needs of its community; if it's members routinely ask for large amounts of money at one time it will keep alot on hand to services their needs. However, many FIs now require customers to sign Large Cash Withdrawal notices thereby eliminating liability if you were to walk away from the branch and your cash was lost or stolen. Your best bet is to call your FI and ask if they require notice of large cash withdrawals.
Is it a felony to write a check on a closed account in Ohio?
Fraud is certainly a crime. If you do so fraudulently, it might be a felony (whether it is or not may depend on the amount of the check).
If you do so accidentally (the account was closed and you didn't know about it at the time; maybe it was a joint account and your spouse closed it without telling you, or maybe the bank closed it for some inscrutable reason of their own) it's embarrassing, but probably not an actual crime as long as you make the check good as soon as you discover your error.
Which banks offer a no fee checking account?
Although most of the online banks discuss savings account options to get better interest rates over the "brick and mortar" counterparts, there are online banks that offer free checking accounts also. One example of such banks is UnivestDirect online bank.
Is it illegal to overdraw your bank account?
The answer is - It Depends.
Many banks offer overdraft facility where you can actually withdraw more money than what you have in your account. In such cases - it is perfectly Legal.
But, in cases where your bank hasn't offered this feature to you it is Illegal.
What are the types of commercial banks?
Commercial banks can be classified based on who owns them. they are:
- Public commercial banks - The banks that are owned by the government
- Private commercial banks - The banks that are owned by private individuals or companies
- Foreign commercial banks - The banks that are owned by individuals or companies that are incorporated outside the country where the bank operates
Can you write a check to your husband from your joint account?
ofcourse no .... never a woman married can get of check the account of her husband and vice versa except if there is a Bank power of attorney
thanks
What is the difference between depository bank and custodian bank?
On the simplest level, depository is used to refer to any place where something is deposited for storage or security purposes.
Custodian is responsible for safeguarding a firm's or individual's financial assets
How do you take someone off joint checking account?
You can visit the bank branch where you hold the joint account and submit a written request to remove your name from the list of account holders for that account. The bank may ask you to get the other holders of that joint account and ask them for approval before doing so.
Can your bank account be garnished if you have someone else on your account?
Maybe, it depends on the laws of the state of residency and how the account is set up. Also there are states which do not allow garnishmen or wages or bank accounts for certain debts. In most cases a joint account by persons who are not married can be levied upon. Basically the account is "frozen" by court order, then the non-debtor account holder has to petition the court to release the funds belonging to them. Without knowing the state of residency it is not possible to be more specific, sorry.
What are the eight types of business transaction?
cash sales, credit sales,purchase on account,collection from sales on account,settlement of purchase on account, direct purchase on cash,installment sales and installment payment
Which bank offers the best incentives for an online checking account?
Incredible Bank currently offers the highest APY for accountholders, however there is a $15 monthly fee, which may be waived under certain circumstances. FNBO and ClearSky Accounts offer 0.85% APY with no monthly fees.
What does correcting entry mean on a bank statement?
Accountants make correcting entries when they find errors. There are two ways to make correcting entries: reverse the incorrect entry and then use a second journal entry to record the transaction correctly, or make a single journal entry that, when combined with the original but incorrect entry, fixes the error.
Adjusting entries should not be confused with correcting entries, which are used to correct an error. That should be done separately from adjusting entries, so there is no confusion between the two, and a clear audit trail will be left behind in the books and records documenting the corrections.
How much money do you need to start a checkings account?
== == Most of the major banks require a minimum balance to keep open. While some smaller banks and credit unions let this rule slide to keep customers, Financial collapse of September 2008 has forced most banks to moving back to a minimum balance rule. The amount of the minimum balance often varies depending on the bank and the type of account. Savings accounts? Many savings accounts do require minimum balances. Typically as long as you keep the minimum balance in your account, they will not charge you a fee. Many banks offer accounts with no minimum balance or a very low minimum balance.
What is the difference between commercial bank and specialised bank?
Specialised banks are formed to cater specific needs of industries,export units etc.These are Foreign exchange banks,Industrial development banks,Export -import banks etc.
Commercial banks are governed and regulated by Indian Banking Regulation Act 1949 and according to it banking means accepting deposits from public for the purpose of lending investment.
Does The US Treasury keeps a checking account with the Federal Reserve?
Yes the US treasury keeps a checking account with the Federal Reserve
What is the present financial status of Banking industry?
In 2002 there were 7,933 commercial banks in the United States, about 73 percent of which were state chartered. While asset growth had slowed in 2001 and 2002, compared to the 8.7 percent increase in 2000, it remained similar to.
Formula for calculating gross profit?
To determine the Gross Magin, apply the following equation: Sales-Cost=Profit (Profit/Sales) x 100= %Gross MarginFor example: Annual Widget Sales =$1000 Cost to Make Widgets= $400 Profit on Widgets=$600 ($600/$1000)= 0.6 x 100= 60% Profit Margin
Which is the first commercial bank of Nepal?
Rastriya Banijya Bank (RBB) has the largest numbers of branches in Nepal.
Over 131 branches.
Are post dated checks in California legal?
Agreeably, some courts don't feel the date on the check makes any difference at all. that it is simply a demand note as of it's issuance.
But even under the alternative, why wouldn't a financial instrument (a check) NOT be legal? It is able to be redeemed at some future time. It basically becomes a promise to pay at some time, not on demand now. Almost all financial instruments have time frames that you need to wait for them to mature, or after which they become worthless.
Of course, the issuer of a check can't say it is payment in full when issued. It is only worth what the one accepting it agrees it is worth (the present value of the promise, like any promise to pay something in the future).. And the check must be covered when it is supposed to be, and if not, then it can be a criminal act.
Section 3-104(2)(b) of the UCC, defines a check as "a draft drawn on a bank and payable on demand." A postdated check, since it is not payable on demand, does not satisfy this demand. Consequently, it has generally been held by most states that the giving of a post-dated check does not constitute a present fraud nor is it within the scope of the bad check laws.
What is the purpose of a savings account?
Opening a bank account is a great idea for any person seeking to save money. By opening up a savings account, one is truly making a financial decision that will benefit him or her for the rest of one's life.
Opening up a savings bank account is a great idea because it will force one to set aside money from a paycheck. It is always a good idea to keep money separate from a checking account, rather than keeping all of one's money together in one account. A person may be easily tempted to spend a lot of money, if he or she sees thousands of dollars sitting in a checking account. By setting aside money in a separate account, the temptation to spend it directly will lesson.
A person will also be able to gain interest on any money that is put into a savings account. A savings account allows a person to save money and earn money at the same time. With a checking account, a person is usually not able to gain interest on money. A person should also seek to open up a money market account at a bank, if that sort of thing appeals to a person. A person will be able to earn 4% interest usually within a money market account. Many savings accounts offer very low interest rates, due to the state of the financial market and the tough economy. However, money markets have been steadily increasing their interest rates, which means the consumers benefit and are able to build up greater savings. This is truly one of the best ways a person can build up savings in a way that is easy and does not require a large investment of time or even other funds.
Can certain banks allow you to gain interest on a checking or savings account?
Yes! All banks offer many kinds of Checking and Savings accounts. Typically Savings accounts earn higher interest rates than Checking accounts. There are a couple savings accounts that earn the most interest: Money Markets and CD's (Certificate of Deposits). Money Markets are great because most banks allow you to write a few checks each month, however you usually have to maintain a pretty high balance (this varies at different banks.. ask about it at your bank). CD's are great because they earn an even higher interest rate however unfortunately you are not supposed to withdraw from them. and can be charged a fee for doing so. When you open up a CD you chose a certain amount of time to set all of the money aside in that account. The times are usually 6 months, 11 or 12 months, 18 months, 24 months, 3 years, 4 years, and 5 years however different banks will offer different amounts of time. No Catch CD's are rarely offered but are great because they allow you to withdraw once without receiving a penalty fee. You open up a CD if you have some extra money you are able to set aside for a while that will earn high amounts of interest for just not touching it!
Can a joint checking account be frozen if the account holders are not married?
yes it can..the banks does not care if it is a joint account or not and they do not care if you are married
What will be the initial deposit to open a Bank of America account?
I think it is US $ 500 for a simple checking account. The bank would give you an ATM card and a check book for this account. However if you arrange to have a Direct Deposit (Your Monthly Salary/paycheck) into this account Bank of America waives this minimum balance requirement and you can have it as a Zero-Balance checking account.
