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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 often can the IRS lien a checking account?
The IRS does anything they feel like, as many times as they like. It was a major reason I moved to Canada.
Are the banks closed on inauguration day?
I cannot speak for every bank in the world, but in the US the Federal Reserve is closed, which in turn means all banks close as well (I work for a US bank and am off that day)
Which money transfer agency has 12 digits reference number?
Does the money gram have 12 digit control number?
How do you terminate a sub S corporation?
The same way you terminate any other small corporation in the U.S.: as determined by federal and state laws, the articles, and bylaws.
Can you put a stop payment on a certified check?
No, one cannot put a stop payment on a certified check. The point of issuing a certified check is to guarantee that the check can be cashed immediately - like cash.
What is the concept of an emotional bank account?
It is an imaginary term generally used to describe the status of a relationship. If your emotional bank account is overdrawn, then the other person has had enough of your B.S., and will not cut you any more slack!
What is a transaction narration?
A "transation narration", as per my understaing, is synonymous with "transation description". It's a comment that you add to the transaction to identify it for some purpose.
Do you need a checking account to pay bills?
It isn't an absolute necessity to have a checking account, but as far as paying your monthly bills, any other way of doing it is extremely "clumsy". You cannot send cash through the mail, and getting separate money orders for every bill, every month - as I said - clumsy. You'd get sick of that in a hurry.
Why can't a bank be closed for more than 3 days?
There are many reasons why a bank cannot be closed for more than 3 days at a time. People rely on banks and money exchanges to survive for example.
Is money in a checking account FDIC insured?
Yes if they are in an institution otherwise covered by the FDIC and are within the coverage limits.
Can a bank order a 500 bill from the us treasury for a customer?
No. Although the $500 bill remains legal tender, the largest bill still in circulation in the United States is a $100 bill. You could purchase a $500 bill as a collectible item from a coin/currency dealer, but it would cost you more than $500.
No! It's done, it's over, they can't touch you!! And that is technically not your money. If they tried to come after you, it's because they think they can get away with it. Tell them you will call your lawyer and they will not call again!!
What type of bank account have the highest effective annual return?
A Fixed Deposit (also called a Certificate of Deposit) is the bank account that has the highest effective annual return. A FD Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit
What are the benefits and drawbacks of free checking accounts?
The benefits are usually that there are no monthly fees, no minimum balance, and only a small balance needed to open the account. The drawbacks are that you do not earn interest in most free checking accounts, and you are limited in the services that you can use. For most regular people, a free checking account serves them well. For wealthy people, free checking does not allow them to gan interest on the large amount of money they have,
No, once a bankruptcy is filed an automatic "stay" is in place, and creditors cannot pursue any collection action. Even outside of bankruptcy, a creditor cannot arbitrarily garnish a debtor's bank account. The creditor needs to file and win a lawsuit, be granted a judgment and then enforce the judgment as a bank account garnishment.
What is inter bank participation?
In the non-cash payment system money is transferred from a payer's account to a payee's account. This means that the operating of the non-cash payment system is reserved to financial institutions - banks with which clients deposit their money on accounts. Banks execute the payments based on their clients' instructions transmitted in the form of a written document (payment instruction forms, cheques, etc.), or by technical means (instructions transmitted on data media, electronically via computers linked with the bank, vocally by phone, or via a special banking applications by mobile phone, or using a payment card, which may also be considered an electronic payment instruction). If both the payer and the payee have their accounts at the same bank, that bank will execute the money transfer (account settlement) in its own clearing centre. If the payer and the payee have accounts with different banks, the payer's bank has to use the "interbank clearing centre" for the transfer.
If the money that is being deposited into the checking account is a gift, then they do not pay taxes. However, if this is a business transaction, then they may have to pay taxes.
