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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

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Which banks offer non status bank accounts?

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What are the square foot construction costs for a 3-story condo building and a 10-story condo building in Chandler, Arizona ? - Terry

How can you remove an ex from a checking account?

To remove an ex from a checking account, you typically need the cooperation of both parties involved. Contact your bank to discuss the process and requirements for removing someone from the account. This usually involves closing the existing joint account and opening a new individual account. Ensure any direct deposits, automated bill payments, or other financial arrangements are updated accordingly.

How do you record in your company's books the dated and post-dated checks received from clients?

Postdated checks. If a customer gives you postdated checks, treat them as a note receivable. In other words, debit it to Notes Receivable, not to Cash. On the date written on the check, deposit it to your firm's account, debiting Cash and crediting Notes Receivable. Returned checks. When the bank notifies you that it is returning a customer's check for NSF (not sufficient funds), debit the customer's account immediately-even if you plan to redeposit the check the same day. For good internal controls, instruct your bank to address all returned checks to someone other than you-possibly the owner or a senior manager. This can protect you if an employee tries to use fictitious checks to cover temporary shortages. http://www.aipb.org/newsletter/bookkeeping_tips/pdfs/BookkeepingTips_2-38.pdf

What is the difference between rural banks and thrift banks?

rural banks are concern only on mobilizing and giving financing needs to rural areas while Thrift banks are providing services to the thrift or savers meaning rural banks grant loans to small farmers and thrift banks cater the depository of the savers.

If you deposit a check into your account do you have automatic access to the money today?

It depends:

Yes - If it is a check from the same bank that you have an account with and it is from the same city/state

No - If the check is from a different bank or different state/city the money takes usually 2-5 days to reach your account

Who is liable for a joint bank savings account?

All parties that hold the account jointly are liability for the activities in the joint account. Even if one party is found to be carrying out illegal activities, the other party too is held responsible for not notifying the law enforcement authorities' reg. the same. They cannot claim ignorance or innocence under such situations.

Should interst earned on a checking account be added to the checking account balance?

There is a way to earn interest on a checking accounts and can be added to the account. You will have to back through a credit union.

Does a levy on a checking account get reported to chexsystem?

Yes, a levy on a checking account will be notated to chexsystem or a similar system. Anything that involves your checking account in a negative way will be shared in a reporting system.

How often can a creditor garnish a checking account?

Until the debt is paid according to the judgment award. States establish garnishment laws and each state differs somewhat in the way garnishment is implemented, the percenage allowed or if it is even allowed. Contact the court where the garnishment order was issued to obtain specific information concerning state garnishment laws.

Does sainsburys bank offer free savings accounts?

The savings accounts are free of charge, but there are balance requirements, depending on the type of savings account. There are also restrictions such as the number of withdrawals allowed each month.

Does it matter if your business account is at the same bank as your personal account?

There is no real problem with this - you might actually find it is more convenient to do your banking all in one place, and some banks offer special perks to those who have multiple accounts (even business and personal combinations).

What checks can be deposited into an estate bank account?

Checks made payable to the Estate, or to the Trustee of the Estate in their capacity as Trustee, and/or to the individual for whom the Estate is named.

Will bank hold the wire transfer fund if account number is mistaken added by extra digits?

It Depends. If there is a valid bank account including the extra digits you put in by mistake, funds will be transferred to that account. The bank will not take any liability out of this wrong transaction that arose out of your mistake in entering the account number incorrectly. But, if there is no valid account with those numbers then the transaction will be cancelled and the money will be deposited back into your account.

If by chance, money got deposited into the wrong account, you have to file a legal complaint to get your money bank. The bank can only provide details of to whose account the money was deposited and will not help you out to get the money back.

What can you do if the IRS put a hold on your money in your checking account?

If the IRS has put a hold on your money in your checking account, it usually means that you owe taxes. In such a case, the best course of action is to contact the IRS to understand the reason for the hold and work out a resolution. You may need to consult with a tax professional if the issue is complex or if you need assistance with negotiating a payment plan or resolving any disputes.

Where in Ohio can you open a second chance checking account?

Woodforest National Bank offers a great second chance checking program. In Ohio, they are located in many super walmarts. Superwalmart locations that do not currently have a woodforest national bank should be opening one up within the next year or two-- they are rapidly expanding in Ohio.

Here are some details of the account:

$9.95 per month without direct deposit

$7.95 per month with direct deposit

As soon as you pay off what you owe to whatever bank put you on chex systems, and provide proof, you qualify for their totally free checking.

http://www.woodforest.com

It doesn't matter if you are on chex systems or any other bank black list. You can open up an account at woodforest. They are very friendly and helpful, and actually remember who you are when you come back in! Hands down the best bank I have ever opened an account with. They also have awesome hours (7 days a week!)

There are plenty of banks and credit unions that offer these second chance checking accounts. A company called "Bad Credit MD" has a pretty large list of these banks. You can view them at http://www.badcreditmd.com/second-chance-checking-account/

What if you are not married and you want to apply for a joint account?

This should not be a problem if you both are credit worthy. Joint accounts are held by family members, friends and so on.

Can creditors garnish joint savings accounts if one party on the account is not named in lawsuit?

In most states, creditors can garnish any account joint or not as long as the person they are trying to collect from is on that account.

Sorry. The non debtor account holder should supply proof of the amount of funds held in the account that belongs to them. The court will then decide which funds are subject to levy. An exception to the levy of joint accounts is if the account is held by a married couple in a state that recognizes Tenancy By The Entirety of personal property, in such a case, the account cannot be levied when only one spouse is the debtor.