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Top Website Directory - Premier Article DirectoryArticle Details
A Current Account: Deposits And Withdrawals |
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| Date Added: July 02, 2010 05:21:59 AM | |
| Author: sayvannah14 | |
| Category: Society: Advice | |
A current account is a service provided by banks and other financial institutions which allows bank customers - both individuals and businesses - to deposit money and withdraw funds from an account at any time. The terms of a current account may differ, but in general current account holders can repay debts using personal checks in place of cash. Electronic debit cards or cash machine cards can also be used to access individual accounts or withdraw cash. Virtually every bank provides some form of current account service for their clients. Some may require an initial deposit before establishing a new account, along with proof of identification and contact information. Low-income applicants may open a no-frills current account where personal cheques and other services are available free of charge. Other clients may benefit from interest payments, providing that they maintain a high minimum balance each month. Normally, a current account is handled through careful posting of debits and credits. The account holder is supplied with official cheques which contain all of the essential routing and posting information. When a cheque is filled in correctly, the recipient treats it the same as cash and completes the transaction. As soon as the recipient deposits the cheque into his or her own bank account, a bank worker files the cheque electronically and the cheque writer's bank receives the cancelled cheque and sum to be taken out from the cheque writer's account. This process is applied for every cheque written against an individual current account. Owners of current accounts are responsible for keeping track of their balance, even though the bank will routinely issue its own accounting statements. Cheques must reflect an actual amount of money contained in the current account itself. If a cheque is written for an amount of money higher than the available balance, the cheque writer will be charged countless fees. The recipient of the bad cheque can demand prompt cash payment for the original debt and a fee for the returned cheque. Some banks will shield current account owners by making the proper payments and informing the cheque writer about the overdraft. Often the bank will reimburse their losses by charging for services provided, so it is better to avoid writing cheques when the balance is unknown. For more information about current accounts, visit www.checkingaccount.ca. |
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