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Is it legal for a bank to hold every deposit made into a business account for seven days?
This would depend on the state banking regulations. If every other bank of this type, is holding the deposits seven days, then it is probably legal. If not, then switch banks. I'm assuming you are in the US. If not, ignore this answer. If the bank is doing this, it's legal, but unusual unless all the deposits are checks from banks in other Federal Reserve Districts. Otherwise the FDIC and state banking inspectors would be on the owners like stink on a skunk! With all the recent electronic advances in check processing, the bank has their credit with the Federal Reserve that night for any check drawn on any US bank and SHOULD know if it was returned within 48 hours at the most. Check with another bank and see if they have the same policy. If not, move your account.
What else can I help you with?
Is it permissible to deposit a business check into a personal account?
It is generally not recommended to deposit a business check into a personal account as it can create confusion and potential legal issues. It is best to deposit business checks into a business account to keep finances separate and organized.
Can I deposit a business check into my personal account and withdraw cash from it?
No, it is not recommended to deposit a business check into a personal account and withdraw cash from it. It is best to deposit business checks into a business account to keep personal and business finances separate and avoid potential legal or tax issues.
Can I deposit a check made out to my LLC into my personal account?
No, you cannot deposit a check made out to your LLC into your personal account. You should open a separate business account for your LLC to deposit business-related checks. Mixing personal and business funds can lead to legal and financial complications.
Is it permissible to deposit my business check into my personal account?
It is generally not recommended to deposit a business check into a personal account, as it can create confusion and potential legal issues. It is best to have a separate business account for business transactions to keep finances organized and compliant with regulations.
Is it legal to cash a check made payable to a business?
Yes, as long as you are cashing the check on behalf of the business (as a legal representative of the business) or if you are depositing the check into the account held by the business you can legally cash the check. No - of you are not a representative of the business or if you are trying to deposit it into an account that doesn't belong to the business.
Is it legal to transfer funds from business to personal account?
It is legal as long as both accounts belong to the same person/company. If the owner of a company transfers cash from his business account to his business account it is legal. But, if his Personal Assistant does it from her boss's business account to her personal account, it is illegal.
What are the legal bits that the business have to take into account?
Copyright. (Name of the business)
Is it legal for a temp agency to direct deposit into a bank account from a previous assignment a long time before without your recent permission?
You can make a deposit into anyones account whether you are on it or not, but you have to be on the account to make withdrawls and to switch funds around. It is not legal for anyone to take funds from your account unless authorized in writing or in person
What are thebasic requirements for a fixed deposit account?
The basic requirements for opening a fixed deposit account are: a. Amount to deposit b. Existing relation with bank (You need to hold some sort of account with the bank. Else, you will be asked to open one) c. Source/Proof of legal income If you have these, any bank will be willing to open an fixed deposit account for you.
Can you deposit a check made out to a trust into a personal account?
No, you cannot deposit a check made out to a trust into a personal account. Trust accounts are separate legal entities and should have their own designated bank accounts for deposits.
Should prepaid rent be deposited in security deposit account?
Some states have statutes which state that a security deposit cannot be comingled with the landlord's funds. Some legal scholars have concluded that, since the last-month-rent deposit is the landlord's funds, these cannot be in the same account.
What is call deposit receipt?
A Call Deposit Receipt is a certificate issued to government institutions and corporations as a type of security deposit. The institution or corporations it is issued to can redeem it at any time for legal tender from the issuers account.
