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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
yes cash account is a real account cause it wll not come under persanal account ( consist of bank and peoples account) and not a nominal account( consist of incomes and expenses)
Can a minor open TD account with senior?
Yes. There are no restrictions as to who can open a Term Deposit account. Let's say you want to deposit $10000/- towards your sons college funds, you can visit your nearby bank branch and open a TD as a joint account between you and your son.
A minor is a person who has not completed the age of 18 years. As such according to Section 11, of the Indian Contract Act of 1872, a minor is not competent to contracat. Therefore, any contract entered into by a n\minor except those fjor the necessaries of life supplied to him, is void ab initio, and are therefore unenforceable.
However, a banker can open a savings bank accout in the name of a minor and he runs no risk, as long the account is in credit.
Similarly, a banker can also open a Term Deposit account in the name of a minor provided he doesn't give loans to the minor. This is because a banker will have to face risks when he gives a loan to a minor because he cannot recover the loan amount from the minor, who is not competent to contract.
In case a banker decides to grant a loan to a minor for the necessaries of life for him, it is necessary to satisfy himself that the minor has got sufficient property. This is because a minor's property can be made liable, but a minor cannot be personally made liable for the loan.
In the eyes of law, a minor is a pampered child. Hence, a minor can become a major problem.
M.J. SUBRAMANYAM, XCHANGING, BANGALORE
Most bank report to a company call Chex Systems. They are a credit bureau that are used for reporting on deposit accounts at banks instead of loans. If the bank you owe money to reports to chex systems and the bank you wish to open an account at uses chex systems more then likely you will need to pay the other account off first. That doesn't mean that you can't find a bank that will open an account for you it will just be difficult to do. The best thing would be to just pay the bank what you owe money to. Most banks aren't going to open an account with an outstanding amount owed to another bank because they don't want you to do the same thing to them.
What is expanded commercial banks or universal banks?
Expanded commercial banks are banks whose authority include, in addition to commercial banking power, the authority to exercise the powers of investment houses, the authority to invest in the equity of non-allied undertakings and to own up to 100% of the equity of a financial intermediary other than a commercial bank or a bank authorized to provide commercial banking services.
What does analogical statements mean?
Analogical statements draw similarities or comparisons between two different things based on their shared characteristics. They are used to help explain complex concepts by linking them to more familiar or understandable ideas. Analogies often involve the use of "like" or "as" to make the comparison clearer.
Is consumer banking same as retail banking?
Yes, consumer banking is basically the same as retail banking.
What makes computer excellent tool for data processing?
The computer is easier to use for data processing because of the copy and paste feature and the ability to save the information. Using a computer is much more efficient and faster than writing things down by hand.
What bank routing number is 102100400?
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I'm a Sam's Club associate and I need to sign up for direct deposit.?
Direct deposit is when in this case the employer will send your paycheck each week to your bank. You will have to fill out paperwork concerning your bank account and your bank will be notified that your account will be receiving this money each week or however often you get paid.
What is the deduction made by a bank for handling a checking account?
The deduction made by a bank for handling a checking account is typically referred to as a monthly maintenance fee. This fee covers the costs associated with maintaining the account, such as processing transactions, providing customer support, and managing the account infrastructure. The specific amount of the fee varies by bank and account type.
Revenues and expenses are accumulated and reported by period, either a monthly, quarterly, or yearly. To prevent their not being added to or commingled with revenues and expenses of another period
How can one use a commercial checking account?
To use a commercial checking account, first, open an account with a bank or financial institution that offers commercial banking services. Then, deposit funds into the account through various methods such as cash, checks, or electronic transfers. Finally, use the account to manage business transactions such as making payments, receiving payments, and keeping track of business expenses and cash flow.
What type of checking account usually requires the highest balance to be kept on deposit?
It differs from bank to bank. Each bank has different types of checking accounts that require different balances because they get diffrent benefits. For example, Wells Fargo has a checking account called the PMA checking, which stands for Portfolio Management. To keep it free you need to have $25000 or more in combined balances, including 10% of your mortgage. Combined balances means the total of all your accounts with Wells Fargo. This account gets bonus interest rates on savings accounts, gets all check designs free, entitiles the owner to 100 free stock trades per year in a wellstrade account, makes any other account the owner has free without a minimum balance, waives the fee on a line of credit, and gets other perks. Usually MoneyMarket checking accounts require high minimum balances because they earn the highest rate of interest.
A DEMAT stands for a De-Materialized account. This is a special type of account that is required in India to trade in the Indian stock exchanges NSE and BSE. There are many banks like ICICI, HDFC etc that offer DEMAT accounts to citizens of India.
What responsibilities do checking account owners have when using their account?
Checking account owners have several responsibilities when using their account. They are responsible for monitoring their account balance regularly, keeping track of transactions, and ensuring there are sufficient funds to cover any outgoing payments. Additionally, they should safeguard their account information, such as their debit card and personal identification number (PIN), to prevent unauthorized access and fraudulent activity.
Has santander any bank branches in France?
Yes, Santander has a presence in France. They offer banking services in France through their subsidiary, Santander Consumer Finance, which specializes in automotive lending and consumer credit. However, they do not have branches for general banking services in France.
If it is a joint account, they can take the funds in that account. Depending on which state you live in, there are different exemption rules. In Michigan, they can take all the funds, even if the account is joint, as long as it has your name on it. If your husband had an account with his name only (which is what you may want to set up immediately), then they could not take those funds. Your husband is not legally responsible for your credit card debts if your name is the only name on the credit card. Check with your state's laws regarding collection and exemptions.
What annual fee does First Citizens Bank charge on a checking account?
First Citizens bank offers several checking accounts. Their Free Checking account does not have a monthly or annual fee if e.statements are accepted instead of paper statements. Liberty Classic and Liberty Advantage accounts are free with direct deposit. Select Checking has a fee of $8 per month, which can be avoided with a direct deposit of more than $250, or with a balance of $1500 in the account each month. Premier checking has a monthly fee of $16, unless the account has a balance of $5000 each month.
Can a bank account be garnished if the secondary account holder owes someone?
Yes it can be. I had my Checking account garnished and seized because of my partner. Once was due to "Back Child Support" which was later repaid back to us over time because of a paperwork screw up. FAST to take it but slow to get it back. Even asked if we wanted to gift to his EX REALLY you bounced things because of your mistake then ask us to gift it and then get upset when we said no.
Another time was because of a ticket he got for tail light being out and he forgot about it and poof accounts seized.
So in my experience YES it can
When closing a checking account do you have to do it at the same branch you opened it at?
In most cases no. Almost all banks have core banking services in place and you can close your checking account in any branch of the bank with whom you have an account. If you are unfortunate enough that the bank does not have core banking features and has branch-banking only then you need to close it only at the branch where you opened it.
Paying off a debt owed to a bank listed on ChexSystems may improve your chances of being able to open a checking account with them again. However, each bank has its own policies and may still consider your past history when deciding whether to approve your application. It's best to contact the bank directly to inquire about their specific guidelines and requirements for opening a new account.
What kind of accounts does Bankline offer?
Bankline offers online corporate internet banking which allows businesses to carry on everyday banking, payments and transfers over the internet. it also offers online trade and credit rating tracker.
Is a bank account a personal account?
It can be but does not have to be. There are many kinds off accounts, private, corporate, savings, deposit etc. Each offers different services according to the needs of the customer.
What are the items of receipts and payments in bank reconcilation statement?
In a bank reconciliation statement, receipts refers to deposits that have been made to the account in the given time period (received by the account). Payments refers to debits to the account such as ATM withdrawals and checks written.
