Design a class named BankAccount in java to hold data for bank a account
-Balance
- Number of deposits this month
- Number of withdrawals
- Annual Interest rate
- Monthly service charges
The class should have the following methods:
Constructor : The constructor should accept aruguments for the balance and annual interest rate.
deposit: A method that accepts an argument for the amount of the deposit.The method should add the argument to the account balanc.
It should also increment the variable holding the number of deposits.
withdraw: A method that accepts an argument for the amount of withdrawal.The method should substract the argument from the balance.
It should also increment the variable holding the number of withdrawals.
calcInterest: A method that updates the balance by calculating the monthly interest earned by the account,and adding this interest earned by the account,
and adding this interest to the balance.This is performed by the following formulas:
Monthly Interest Rate = (Annual Interest Rate/12)
Monthly Interest =Balance * Monthly Interest Rate
Balance = Balance + Monthly Interest
montlyProcess: A method that substracts the montly service charges from the balance,calls the calcInterest method,and then sets the variables that hold
the number of withdrawls,number of deposits,and monthly services to zero.
Next,design a SavingAccount class that extends the BankAccount class.
The SavingsAccount class should have a status field to represent an acctive or inactive account.
If the balance of a savings account falls below $25,it becomes inactive.
(The status field could be a boolean variable.)No more withdrawals may be made until the balance is raised above $25,at which time the account becomes active again.
The savings account class should have the following methods:
withdraw: A method that determines whether the account is inactive before a withdrawal is made.
(No withdrawal will be allowed if the account is not active.)A withdrawal is then made by calling the superclass version of the method.
deposit : A method that deterines whether the account is inactive before a deposit is made.If the account is inactive and the deposit brings the balance abovee $25,the account becomes active agian.
A deposit is then made by calling the superclass version of the method.
monthlyProcess: Before the superclass method is called,this method checks the number of withdrawals.If the number of withdrawals for the month is more than 4,a service charge of $1 for each withdrawal above 4 is added to the superclass field that holds the monthly service charges.
(Don't forget to check the account balance after the service charge is taken.If the balance falls below $25,the account becomes inactive.)|||If you do not know Java, you could start with the Java Tutorial here
http://java.sun.com/docs/books/tutorial/
Scroll down to Getting Started and click on the link.
Check out Learning the Java Language as well.
I will give you some basics, but not do the whole thing myself.
You need to create a class BankAccount
public class BankAccount{
...
}
Inside this class you need to add methods.
The constructor
public BankAccount(double balance, double interestRate) {
...
}
The deposit method
public void deposit(double amount) {
...
}
The withdrawal method
public void withdrawal(double amount) {
...
}
The calcInterest method
private void calcInterest() {
...
}
The monthlyProcess method
protected void monthlyProcess() {
...
}
Now create a SavingsAccount class
public class SavingsAccount extends BankAccount {
...
}
The constructor
public SavingsAccount(double balance, double interestRate) {
super(balance, interestRate);
...
}
The deposit method
public void deposit(double amount) {
...
}
The withdrawal method
public void withdrawal(double amount) {
...
}
The monthlyProcess method
protected void monthlyProcess() {
...
}
You will need some variables in both classes.
BankAccount:
private double balance = 0.0;
private int deposits = 0;
private int withdrawals = 0;
private double interestRate = %26lt;whatever the interest rate is%26gt;;
private double serviceCharge = 1;
SavingsAccount:
private double minBalance = 25;
private boolean active = false;
The Main class
public static void main(String[] args) {
...
}
Variables:
private SavingsAccount sAccount;
In the main method create a new SavingAccount
That is a brief description, and gives you a start on what you will have to learn to be able to understand it.|||HOW many classes are we supposed to write?
I was going to do BankAccount for you (I had most of it written) until I saw that you were asking for even more.
Do your own homework. It only gets harder from here on out.
If you can't get classes, you're ******.
Thursday, December 15, 2011
Math question..........?
1. Edna Kropp's gross income for a year included salary, $12,400; commission, $27,750; interest, $440. Her adjustments to income were payments to a retirement plan, $2,000, and a penalty for withdrawing savings early from a time-deposit account, $126.
a. What was her gross income for the year?
b. Find her adjusted gross income for the year.|||Refer to this link to answer your problem: http://www.basic-mathematics.com/adjuste…
I hope this helps!
a. What was her gross income for the year?
b. Find her adjusted gross income for the year.|||Refer to this link to answer your problem: http://www.basic-mathematics.com/adjuste…
I hope this helps!
What happens if you haven't verified your ScotiaCard....?
I've been very busy in the past few months, and a long time ago ScotiaBank sent me a new debit card with a chip in it, and they told me to verify it (the card is verified by depositing/withdrawing money) and they wanted me to verify it within about 90 days of receiving the card (I believe).
That was almost a year ago and I want to get it verified now. Would it still work if I tried a year later? Or do I need to get something specially done?|||Call Scotia Bank and aks them what you would need to do get a new card would be the answer, and have the new card verified.
That was almost a year ago and I want to get it verified now. Would it still work if I tried a year later? Or do I need to get something specially done?|||Call Scotia Bank and aks them what you would need to do get a new card would be the answer, and have the new card verified.
My Pokemon Diamond Rom freezes up? Help?
Every time I try to use a Pc to withdraw/deposit pokemon, it freezes. Any help would be greatly appreciated.|||did you use cheats? gameshark? etc... that might cause it.|||That's because it is a DS ROM. Those are very unreliable. Using PC and switching pokes causes a great deal of save data change. With the natural instability of DS emulators, I'm not surprised that it crashed.|||Delete the ROM, keep the save file, and download another copy of the ROM, sometimes that happens.|||set up the configuration.
At a pokersite (pretty much all) when they match your first deposit can you just have that money payed out?
it seems too easy to just double your money and be able to withdraw it is there a clause that you have to play that money or leave it in for a certain amount of time|||You don't get the money right away. You have to play for real money and it is released a fraction at a time.
The days of making free money with deposit bonuses are long gone.|||Yes, obviously there is. Depending on the site will depend on the rules. Some give you all the money to play with right away, and you have to play a certain amount... others will take your bonus and put it aside and release it to you in pieces, once you've played enough to earn those pieces.|||Yes, you should play a certain amount of hands in order to be able to withdraw the bonus money. As a rule, poker rooms credit points for every $1 bet in cash games and tournament fees, redeemable for bonus Dollars at the end of the month. You are given a certain period of time to "earn" your bonus points - from 30 to 60 days, as a rule. Although you may see $600 or $800 bonuses, it's hard to "play out" such amount in 30 days if you are a beginner. So, read the rules and calculate your possible bonus besed on your table limits and the number of hours you play per day.
The days of making free money with deposit bonuses are long gone.|||Yes, obviously there is. Depending on the site will depend on the rules. Some give you all the money to play with right away, and you have to play a certain amount... others will take your bonus and put it aside and release it to you in pieces, once you've played enough to earn those pieces.|||Yes, you should play a certain amount of hands in order to be able to withdraw the bonus money. As a rule, poker rooms credit points for every $1 bet in cash games and tournament fees, redeemable for bonus Dollars at the end of the month. You are given a certain period of time to "earn" your bonus points - from 30 to 60 days, as a rule. Although you may see $600 or $800 bonuses, it's hard to "play out" such amount in 30 days if you are a beginner. So, read the rules and calculate your possible bonus besed on your table limits and the number of hours you play per day.
Can the company that I work for take money back out of my personal account?
A coworker of mine has direct deposit for her bi-weekly paycheck into her personal checking account. At some point in time, the company has made some sort of a mistake with the amount and given her too much money on a paycheck and had to get the money back from her. On two occasions, they have gone directly to the account and withdrawn the money from her account without her authorization. Does anyone know if this is legal?|||I dont believe that is legal. Its possible to do because they have all the banking info but i dont think its legal. I would talk to the bank and the company about this. They should ask the bank why they are letting this happen and they should ask the company to simply tell her if they made a mistake. Then she can give the money back. Also she she talk to HR about it. and not whoever is in charge of the payroll. Maybe someone shouldn't have the job that they have if they keep making this mistake. Maybe someone is stealing money....|||It is legal for the company to correct the mistake. Even though on her end, it seems like the company is going into her checking account to withdraw the money, all they did was go into the website where they process payroll and make the corrections. Therefore, the overage will automatically be deducted from her account.
C++ programming, debuging?
I have made the source as below, and if I compile it,
it keeps getting a compile time error that I can not find.
Thank you for your help.
#include %26lt;iostream%26gt;
#include %26lt;string%26gt;
using std::cout;
using std::endl;
using std::cin;
typedef struct account{
char acc_num[20];
char name[20];
char balance[20];
} ACCOUNT;
void make_f( ACCOUNT *array);
void deposit_f(ACCOUNT *array);
void withdraw_f(ACCOUNT *array);
void inquire_f(ACCOUNT *array);
enum { MAKE_ACCOUNT=1, DEPOSIT, WITHDRAW, INQUIRE } ;
int num=0; // NUMBER OF ACCOUNTS
const int MAX =100;
int main()
{
int select;
ACCOUNT array[MAX];
while(1)
{
cout%26lt;%26lt; "Select transaction: \n";
cout%26lt;%26lt;"MAKE_ACCOUNT \n DEPOSIT \n WITHDRAW \n INQUIRE \n";
cin%26gt;%26gt; select;
switch(select)
{
case(1): make_f(array);
break;
case(2):deposit_f(array);
break;
case(3):withdraw_f(array);
break;
case(4):inquire_f(array);
break;
default: cout%26lt;%26lt; "wrong input";
break;
}
return 0;
}
void make_f( ACCOUNT *array)
{
cout%26lt;%26lt; "Input an account number you want to make : ";
cin%26gt;%26gt; array[num]-%26gt;acc_num;
cout%26lt;%26lt; "Input name: ";
cin%26gt;%26gt; array[num]-%26gt;name;
num++;
}
void deposit_f(ACCOUNT *array)
{
int i;
char acc_number[20];
int deposit;
cout%26lt;%26lt; "Input account number";
cin%26gt;%26gt; acc_number;
for(i=0;i%26lt;num;i++)
{
if(strcmp(acc_number,array[i]-%26gt;acc_n鈥?br>
{
break;
}
}
cout%26lt;%26lt; "Input the ammount of money to deposit:";
cin%26gt;%26gt; deposit;
(array[i]-%26gt;balance)+=deposit;
cout%26lt;%26lt;"Current balance is "%26lt;%26lt; array[i]-%26gt;balance%26lt;%26lt;endl;
}
void withdraw_f(ACCOUNT *array)
{
int withdraw;
char acc_number[20];
cout%26lt;%26lt; "Input account number";
cin%26gt;%26gt; acc_number;
for(i=0;i%26lt;num;i++)
{
if(strcmp(acc_number,array[i]-%26gt;acc_n鈥?br>
{
break;
}
}
cout%26lt;%26lt; "Input withdraw ammount: ";
cin%26gt;%26gt; withdraw;
array[i]-%26gt;balance-=withdraw;
cout%26lt;%26lt;"Current balance is "%26lt;%26lt; array[i]-%26gt;balance%26lt;%26lt;endl;
}
void inquire_f(ACCOUNT *array)
{
for(int i=0;i%26lt;num;i++)
{
cout%26lt;%26lt; "name: "%26lt;%26lt; array[i]-%26gt;name %26lt;%26lt; endl;
cout%26lt;%26lt; "account number : "%26lt;%26lt; array[i]-%26gt;acc_num %26lt;%26lt; endl;
cout%26lt;%26lt; "balance: "%26lt;%26lt; array[i]-%26gt;balance %26lt;%26lt; endl;
}
}|||G'day mate,
You are missing the ending brace } for the main function.
return 0;
}
}
This is why the compiler thinks you have internal functions. They are in the main function. The "local function definitions are illegal" errors.
It will also get rid of the "unexpected end of file found" as you have enough end braces }
Hope that helps.|||The code seems fine. One way of catching the problem would using the "exception handling" technique in C++, with some (Exception - Try, Catch, Finally). That would help u to identify the run-time error. and to decide how to handle it..|||Code looks all right.
=
Which compiler are you using?
- Check warning %26amp; optimization settings.
it keeps getting a compile time error that I can not find.
Thank you for your help.
#include %26lt;iostream%26gt;
#include %26lt;string%26gt;
using std::cout;
using std::endl;
using std::cin;
typedef struct account{
char acc_num[20];
char name[20];
char balance[20];
} ACCOUNT;
void make_f( ACCOUNT *array);
void deposit_f(ACCOUNT *array);
void withdraw_f(ACCOUNT *array);
void inquire_f(ACCOUNT *array);
enum { MAKE_ACCOUNT=1, DEPOSIT, WITHDRAW, INQUIRE } ;
int num=0; // NUMBER OF ACCOUNTS
const int MAX =100;
int main()
{
int select;
ACCOUNT array[MAX];
while(1)
{
cout%26lt;%26lt; "Select transaction: \n";
cout%26lt;%26lt;"MAKE_ACCOUNT \n DEPOSIT \n WITHDRAW \n INQUIRE \n";
cin%26gt;%26gt; select;
switch(select)
{
case(1): make_f(array);
break;
case(2):deposit_f(array);
break;
case(3):withdraw_f(array);
break;
case(4):inquire_f(array);
break;
default: cout%26lt;%26lt; "wrong input";
break;
}
return 0;
}
void make_f( ACCOUNT *array)
{
cout%26lt;%26lt; "Input an account number you want to make : ";
cin%26gt;%26gt; array[num]-%26gt;acc_num;
cout%26lt;%26lt; "Input name: ";
cin%26gt;%26gt; array[num]-%26gt;name;
num++;
}
void deposit_f(ACCOUNT *array)
{
int i;
char acc_number[20];
int deposit;
cout%26lt;%26lt; "Input account number";
cin%26gt;%26gt; acc_number;
for(i=0;i%26lt;num;i++)
{
if(strcmp(acc_number,array[i]-%26gt;acc_n鈥?br>
{
break;
}
}
cout%26lt;%26lt; "Input the ammount of money to deposit:";
cin%26gt;%26gt; deposit;
(array[i]-%26gt;balance)+=deposit;
cout%26lt;%26lt;"Current balance is "%26lt;%26lt; array[i]-%26gt;balance%26lt;%26lt;endl;
}
void withdraw_f(ACCOUNT *array)
{
int withdraw;
char acc_number[20];
cout%26lt;%26lt; "Input account number";
cin%26gt;%26gt; acc_number;
for(i=0;i%26lt;num;i++)
{
if(strcmp(acc_number,array[i]-%26gt;acc_n鈥?br>
{
break;
}
}
cout%26lt;%26lt; "Input withdraw ammount: ";
cin%26gt;%26gt; withdraw;
array[i]-%26gt;balance-=withdraw;
cout%26lt;%26lt;"Current balance is "%26lt;%26lt; array[i]-%26gt;balance%26lt;%26lt;endl;
}
void inquire_f(ACCOUNT *array)
{
for(int i=0;i%26lt;num;i++)
{
cout%26lt;%26lt; "name: "%26lt;%26lt; array[i]-%26gt;name %26lt;%26lt; endl;
cout%26lt;%26lt; "account number : "%26lt;%26lt; array[i]-%26gt;acc_num %26lt;%26lt; endl;
cout%26lt;%26lt; "balance: "%26lt;%26lt; array[i]-%26gt;balance %26lt;%26lt; endl;
}
}|||G'day mate,
You are missing the ending brace } for the main function.
return 0;
}
}
This is why the compiler thinks you have internal functions. They are in the main function. The "local function definitions are illegal" errors.
It will also get rid of the "unexpected end of file found" as you have enough end braces }
Hope that helps.|||The code seems fine. One way of catching the problem would using the "exception handling" technique in C++, with some (Exception - Try, Catch, Finally). That would help u to identify the run-time error. and to decide how to handle it..|||Code looks all right.
=
Which compiler are you using?
- Check warning %26amp; optimization settings.
Java help. What code/method should i use for this program to work?
i have this program
it's kinda like a bank program
i can deposit and withdraw.
and at the same time, i can show my current balance.
1 is for deposit
2 is for withdraw
3 is for current balance
and
0 is for Exit
in 'Exit', the program shows the current balance after one or more instances of deposit or withdrawal. (now here's what i don't get) in Exit, it's also supposed to display the total withdrawal amount and the total deposit amount. How do i read my input from all the amounts for deposit/withdrawal that i've entered in the program? And how will I be able to add them all? separately (deposit and withdrawal).
CLASS ONE: RUNNER
package app.bank;
import java.util.Scanner;
public class Runner {
public static void main(String []args){
int choice=0;
double deposit=0;
double withdrawal=0;
Transaction transact = new Transaction();
do {
Scanner s = new Scanner(System.in);
System.out.print("1.)Deposit 2.)Withdrawal 3.)Current Balance 0.)Exit -%26gt; ");
choice = s.nextInt();
if (choice == 1){
System.out.print("Enter amount to deposit -%26gt; ");
deposit = s.nextDouble();
transact.setAmount((transact.getAm鈥?+ deposit));
}
if (choice == 2){
System.out.print("Enter withdrawal amount -%26gt; ");
withdrawal = s.nextDouble();
transact.setAmount((transact.getAm鈥?- withdrawal));
}
if (choice==3){
System.out.println("Current Balance-%26gt; " + transact.getAmount());
}
}while(choice !=0);
System.out.println("Current Balance -%26gt; " + transact.getAmount());
System.out.println("Total withdrawal amount -%26gt; " + transact.getWithdrawal());
System.out.println("Total deposit amount -%26gt; " + transact.getDeposit());
}
}
CLASS TWO: TRANSACTION
package app.bank;
public class Transaction {
private double amount;
private double withdrawal;
private double deposit;
public Transaction(){
amount=0;
withdrawal=0;
deposit=0;
}
public void setAmount(double amount){
this.amount=amount;
}
public double getAmount(){
return amount;
}
}
I guess Class Two: Transaction is lacking the code for that part. But I dont really know how to use that. Hoping you could help. Thanks in advance.|||You need a datastore for Transaction. Datastore can be an array or it can be ArrayList%26lt;Transaction%26gt; I don't know how far along your studies are.
With a datastore you could do methods like...
private String showBalance() {
Double total = 0.0;
for( Transaction t : transactions ) {
total += t.getAmount();
return String.format( "$%.2f", total );
}
and that method goes into that first Runner class
Transaction really should be subclassed
Deposit extends Transaction
Check extends Transaction
put specific behavior methods in the subclasses that block an overdraft, for instance
it's kinda like a bank program
i can deposit and withdraw.
and at the same time, i can show my current balance.
1 is for deposit
2 is for withdraw
3 is for current balance
and
0 is for Exit
in 'Exit', the program shows the current balance after one or more instances of deposit or withdrawal. (now here's what i don't get) in Exit, it's also supposed to display the total withdrawal amount and the total deposit amount. How do i read my input from all the amounts for deposit/withdrawal that i've entered in the program? And how will I be able to add them all? separately (deposit and withdrawal).
CLASS ONE: RUNNER
package app.bank;
import java.util.Scanner;
public class Runner {
public static void main(String []args){
int choice=0;
double deposit=0;
double withdrawal=0;
Transaction transact = new Transaction();
do {
Scanner s = new Scanner(System.in);
System.out.print("1.)Deposit 2.)Withdrawal 3.)Current Balance 0.)Exit -%26gt; ");
choice = s.nextInt();
if (choice == 1){
System.out.print("Enter amount to deposit -%26gt; ");
deposit = s.nextDouble();
transact.setAmount((transact.getAm鈥?+ deposit));
}
if (choice == 2){
System.out.print("Enter withdrawal amount -%26gt; ");
withdrawal = s.nextDouble();
transact.setAmount((transact.getAm鈥?- withdrawal));
}
if (choice==3){
System.out.println("Current Balance-%26gt; " + transact.getAmount());
}
}while(choice !=0);
System.out.println("Current Balance -%26gt; " + transact.getAmount());
System.out.println("Total withdrawal amount -%26gt; " + transact.getWithdrawal());
System.out.println("Total deposit amount -%26gt; " + transact.getDeposit());
}
}
CLASS TWO: TRANSACTION
package app.bank;
public class Transaction {
private double amount;
private double withdrawal;
private double deposit;
public Transaction(){
amount=0;
withdrawal=0;
deposit=0;
}
public void setAmount(double amount){
this.amount=amount;
}
public double getAmount(){
return amount;
}
}
I guess Class Two: Transaction is lacking the code for that part. But I dont really know how to use that. Hoping you could help. Thanks in advance.|||You need a datastore for Transaction. Datastore can be an array or it can be ArrayList%26lt;Transaction%26gt; I don't know how far along your studies are.
With a datastore you could do methods like...
private String showBalance() {
Double total = 0.0;
for( Transaction t : transactions ) {
total += t.getAmount();
return String.format( "$%.2f", total );
}
and that method goes into that first Runner class
Transaction really should be subclassed
Deposit extends Transaction
Check extends Transaction
put specific behavior methods in the subclasses that block an overdraft, for instance
Which of the following cannot be used as money in the U.S?
1.) Which of the following cannot be used as money in the U.S.?
A. five dollar bill B. a $5 deposit in a checking account C. one-seventh of an ounce of gold, worth $5 D. 500 pennies.
2.) "Dollar bills" are really notes issued by the
A. Federal Reserve B. United States Treasury C. Commercial banks D. Bureau of the Mint.
3.) Most of the money in circulation consists of
A. paper money B. coins C. checks D. savings
4.) What is the value of a $10.00 bill?
A. the cost of the paper it is printed on B. $10.00 in gold that is used to back it up C. it is hardly worth the value of the paper it is printed on D. $10.00 in gold and services.
5.) A check is considered money because
A. it is easily obtained from a bank B. it is generally accepted in payment for goods and services C. it is printed by the Federal Reserve D. it is similar in appearance to paper money
6.) The value of money
A. can increase or decrease B. remains the same at all times C. increase with the passage of time D. increases with the amount of gold in the United States treasury.
7.) Reserve requirements describes the system by which banks
A. keep a fraction of their deposits on reserve and do not lend them B. keep all their deposits on reserve C. may lend out sums equal to their deposits D. may lend sums equal to their total deposits plus a fraction beyond this amount.
8.) A basic assumption on which banks operate is that
A. everyone is not entitled to withdraw their deposits at the same time B. all depositors may be required to give advance notice of their intention to withdraw their deposits C. deposits are the property of the bank and are therefore withdrawn only with bank approval D. depositors usually do not withdraw all their deposits at the same time.
9.) The major source of income for banks is
A. service fees b. fees from the sales of government bonds C. interest earned on their loans D. taxes
10.) With a reserve ratio of 25% and deposits of $1,000,000, what is the total amount of money that a commercial bank is permitted to lend?
A. $750,000 B. $4,000,000 C. $250,000 D. I don't know|||Too many different answers to confuse you!
1. C, not generally accepted as payment, not counted in money supply. Anything CAN be used for money in any given transaction, but A and C are required by law to be used, and B is generally accepted.
2. B
3. C
4. D none are the definition, but D is the only one that meets the definition: $10 bill is worth whatever goods and services it can be used to purchase
5. B
6. A
7. A
8. D
9. C
10. A The money multiplier has nothing to do with the amount that an individual bank is allowed to lend out. A bank can lend out excess reserves only. The money multiplier applies to the entire banking system, and what can happen overall after the money is lent out.|||1.A
2.C
3.B
4.C
5.D
6.C
7.B
8.A
9.D
10.B|||May I jam this guys for the best of Michelle?
1.C, gold is not counted in M1 and M2, or money supply.
2.B. only in the US that it is an obligation of the Treasury.
3.C , checkable account.
4.C,we are not in gold standard anymore.
5.B
6.A
7.A
8.D
9.C
10.B, the money multiplier is 1/.25=4
A. five dollar bill B. a $5 deposit in a checking account C. one-seventh of an ounce of gold, worth $5 D. 500 pennies.
2.) "Dollar bills" are really notes issued by the
A. Federal Reserve B. United States Treasury C. Commercial banks D. Bureau of the Mint.
3.) Most of the money in circulation consists of
A. paper money B. coins C. checks D. savings
4.) What is the value of a $10.00 bill?
A. the cost of the paper it is printed on B. $10.00 in gold that is used to back it up C. it is hardly worth the value of the paper it is printed on D. $10.00 in gold and services.
5.) A check is considered money because
A. it is easily obtained from a bank B. it is generally accepted in payment for goods and services C. it is printed by the Federal Reserve D. it is similar in appearance to paper money
6.) The value of money
A. can increase or decrease B. remains the same at all times C. increase with the passage of time D. increases with the amount of gold in the United States treasury.
7.) Reserve requirements describes the system by which banks
A. keep a fraction of their deposits on reserve and do not lend them B. keep all their deposits on reserve C. may lend out sums equal to their deposits D. may lend sums equal to their total deposits plus a fraction beyond this amount.
8.) A basic assumption on which banks operate is that
A. everyone is not entitled to withdraw their deposits at the same time B. all depositors may be required to give advance notice of their intention to withdraw their deposits C. deposits are the property of the bank and are therefore withdrawn only with bank approval D. depositors usually do not withdraw all their deposits at the same time.
9.) The major source of income for banks is
A. service fees b. fees from the sales of government bonds C. interest earned on their loans D. taxes
10.) With a reserve ratio of 25% and deposits of $1,000,000, what is the total amount of money that a commercial bank is permitted to lend?
A. $750,000 B. $4,000,000 C. $250,000 D. I don't know|||Too many different answers to confuse you!
1. C, not generally accepted as payment, not counted in money supply. Anything CAN be used for money in any given transaction, but A and C are required by law to be used, and B is generally accepted.
2. B
3. C
4. D none are the definition, but D is the only one that meets the definition: $10 bill is worth whatever goods and services it can be used to purchase
5. B
6. A
7. A
8. D
9. C
10. A The money multiplier has nothing to do with the amount that an individual bank is allowed to lend out. A bank can lend out excess reserves only. The money multiplier applies to the entire banking system, and what can happen overall after the money is lent out.|||1.A
2.C
3.B
4.C
5.D
6.C
7.B
8.A
9.D
10.B|||May I jam this guys for the best of Michelle?
1.C, gold is not counted in M1 and M2, or money supply.
2.B. only in the US that it is an obligation of the Treasury.
3.C , checkable account.
4.C,we are not in gold standard anymore.
5.B
6.A
7.A
8.D
9.C
10.B, the money multiplier is 1/.25=4
JAVA program help! Please
I'm suppose to create a program using BankAccount and BankAccountTester classes, and am suppose to be able to create an account with a specified opening balance, make bank deposits, withdrawls and check balance.
My program compiles correctly, but it doesn't run, I am not sure what else I need to do to make sure that it runs correctly and accurately does all four tasks?
This is what I have so far:
public class BankAccount {
double balance;
String name;
public BankAccount( String name, double balance ) {
name = name;
balance = balance;
}
public void deposit(double amount) {
balance *= amount;
}
public void withdraw( double amount ) {
balance -= amount;
}
public void setBalance( double b ) {
b = balance;
}
public double getBalance() {
return balance;
}
public String toString() {
return "Name: " name " " balance;
}
}
import javax.swing.*;
public class BankAccountTester {
public static final int QUIT = 0;
public static final int DEPOSIT = 1;
public static final int WITHDRAW = 2;
public static final int INQUIRY = 3;
public static void main(String[] s) {
String lName = JOptionPane.showInputDialog( "Enter last name" );
String fName = JOptionPane.showInputDialog( "Enter first name" );
double openingBalance = Double.parseDouble( JOptionPane.showInputDialog( "Enter opening balance" ) );
String name = lName ", " fName;
BankAccount a = new BankAccount ( name, openingBalance );
Object[] options = {"Quit", "Deposit", "Withdraw", "Balance Inquiry"};
int chosenOption = 999; // A garbage value to get me into the while loop the first time.
do {
chosenOption = JOptionPane.showOptionDialog( null, "What transaction would you like to do?", "Transaction",
JOptionPane.YES_NO_CANCEL_OPTION, JOptionPane.QUESTION_MESSAGE, null, options, options[0] );
switch ( chosenOption ) {
case QUIT:
// Do nothing, will fall out of loop;
break;
case DEPOSIT:
double dep = Double.parseDouble( JOptionPane.showInputDialog( "Enter Amount of Deposit" ) );
a.deposit( dep );
case WITHDRAW:
double wd = Double.parseDouble( JOptionPane.showInputDialog( "Enter Amount of Withdrawal" ) );
a.deposit( wd );
break;
case INQUIRY:
JOptionPane.showMessageDialog( null, "Balance = " a.getBalance() );
break;
default:
JOptionPane.showMessageDialog( null, "Invalid Option" );
break;
}
} while ( chosenOption %26gt; 0 );
}
}
please help
thanks|||Hello,
This code here will not compile. Why do you think that it does?
Here are three errors my compiler found, all are string concatenation mistakes:
"Balance = " a.getBalance() should be: ("Balance = "+a.getBalance())
String name = lName ", " fName; should be: String name = lName+", "+fName;
return "Name: " name " " balance; should be: return "Name: "+name+" "+balance;
Remember, use the '+' sign to concat (aka combine) strings.|||your first code uses 2 variables with the same name
public BankAccount( String name, double balance ) {
name = name;
balance = balance;
}
either change parameter name or use this.name=name
also method deposit - need + not *
public void deposit(double amount) {
balance *= amount;
}
My program compiles correctly, but it doesn't run, I am not sure what else I need to do to make sure that it runs correctly and accurately does all four tasks?
This is what I have so far:
public class BankAccount {
double balance;
String name;
public BankAccount( String name, double balance ) {
name = name;
balance = balance;
}
public void deposit(double amount) {
balance *= amount;
}
public void withdraw( double amount ) {
balance -= amount;
}
public void setBalance( double b ) {
b = balance;
}
public double getBalance() {
return balance;
}
public String toString() {
return "Name: " name " " balance;
}
}
import javax.swing.*;
public class BankAccountTester {
public static final int QUIT = 0;
public static final int DEPOSIT = 1;
public static final int WITHDRAW = 2;
public static final int INQUIRY = 3;
public static void main(String[] s) {
String lName = JOptionPane.showInputDialog( "Enter last name" );
String fName = JOptionPane.showInputDialog( "Enter first name" );
double openingBalance = Double.parseDouble( JOptionPane.showInputDialog( "Enter opening balance" ) );
String name = lName ", " fName;
BankAccount a = new BankAccount ( name, openingBalance );
Object[] options = {"Quit", "Deposit", "Withdraw", "Balance Inquiry"};
int chosenOption = 999; // A garbage value to get me into the while loop the first time.
do {
chosenOption = JOptionPane.showOptionDialog( null, "What transaction would you like to do?", "Transaction",
JOptionPane.YES_NO_CANCEL_OPTION, JOptionPane.QUESTION_MESSAGE, null, options, options[0] );
switch ( chosenOption ) {
case QUIT:
// Do nothing, will fall out of loop;
break;
case DEPOSIT:
double dep = Double.parseDouble( JOptionPane.showInputDialog( "Enter Amount of Deposit" ) );
a.deposit( dep );
case WITHDRAW:
double wd = Double.parseDouble( JOptionPane.showInputDialog( "Enter Amount of Withdrawal" ) );
a.deposit( wd );
break;
case INQUIRY:
JOptionPane.showMessageDialog( null, "Balance = " a.getBalance() );
break;
default:
JOptionPane.showMessageDialog( null, "Invalid Option" );
break;
}
} while ( chosenOption %26gt; 0 );
}
}
please help
thanks|||Hello,
This code here will not compile. Why do you think that it does?
Here are three errors my compiler found, all are string concatenation mistakes:
"Balance = " a.getBalance() should be: ("Balance = "+a.getBalance())
String name = lName ", " fName; should be: String name = lName+", "+fName;
return "Name: " name " " balance; should be: return "Name: "+name+" "+balance;
Remember, use the '+' sign to concat (aka combine) strings.|||your first code uses 2 variables with the same name
public BankAccount( String name, double balance ) {
name = name;
balance = balance;
}
either change parameter name or use this.name=name
also method deposit - need + not *
public void deposit(double amount) {
balance *= amount;
}
What if my Annuity was paid for with AFTER-TAX dollars?
Assume I am over 60 but under 95. I am looking to withdraw my annuity over a given time, say 10 years, but the money used to initiate the annuity and deposits (the principle) were all paid with after-tax dollars. What will I have to do to ensure that I do not have to pay taxes on this portion of my withdrawal again??
I am actually asking this question on behalf of another, in case that was not already apparent.|||You're in luck. I'm in the annuity business. When your principal in an annuity is post tax dollars, whatever portion of your annuitized payments is return-of-principal is not taxed. Whatever portion of it is earnings or gain on the principal is taxed unless you have a Roth Annuity (typically created by opening a Roth IRA, then using that as a rollover vehicle to open the annuity, in which case all the proceeds are tax free when you annuitize).
As with most retirement vehicles, they're designed to have payments begin after age 59 and 1/2. If you begin receiving payments prior to that, the tax and penalty situations are different than what I described above.
Summary:
1. Wait till at least age 59.5 to begin receiving payment (which you are).
2. If it's a standard annuity, opened with after tax dollars, the payments received will only be partially taxed. The portion of payments that are a return of principal are not taxed, but the gains are. After all the principal is returned, the entire payment is gain and therefore taxable.
Essentially you will not have to pay the tax on the already-taxed principal again.|||It should be documented in the annuity as to what types of funds were allocated to it. Best bet is to talk to the institution thats holding it to see what the local and federal reporting requirements are and what types of documentation they can provide to you. If they are no help then any tax preparer should be able to help you out.
Pre or post-tax funding is something that is very spelled out at the get go.
Now if pre-tax funds were intermingled with it then it can get quite complicated but shouldn't be anything your average tax preparer couldn't help you with.|||Although the above answers are correct, simply stated you don't need to worry about it. The insurance company will send you a 1099 form each year indicating the amount that is return of principal and the amount that is earned interest. Only the interest is taxable.|||Do you already have the annuity? If so you need to contact the company you got it from and make sure they know that you have already paid taxes on this money because you do not want to have to pay taxes again on it. They should be able to clarify this for you. It should be specified in the contract so they know how it is to be distributed to you. One thing be sure and look at as far as speading the payments out, there are several ways you can elect to do it but be sure it is where the money is left to your benificiary if that is your desire because there is one particular way it is distributed over the period of time but when you die that ends the annuity. I hope this helps answer you questions.
You really need someone qualified as financial advisor to give you the best help. You may want to ask a friend or someone who knows a reputable person. Good luck to you.
I am actually asking this question on behalf of another, in case that was not already apparent.|||You're in luck. I'm in the annuity business. When your principal in an annuity is post tax dollars, whatever portion of your annuitized payments is return-of-principal is not taxed. Whatever portion of it is earnings or gain on the principal is taxed unless you have a Roth Annuity (typically created by opening a Roth IRA, then using that as a rollover vehicle to open the annuity, in which case all the proceeds are tax free when you annuitize).
As with most retirement vehicles, they're designed to have payments begin after age 59 and 1/2. If you begin receiving payments prior to that, the tax and penalty situations are different than what I described above.
Summary:
1. Wait till at least age 59.5 to begin receiving payment (which you are).
2. If it's a standard annuity, opened with after tax dollars, the payments received will only be partially taxed. The portion of payments that are a return of principal are not taxed, but the gains are. After all the principal is returned, the entire payment is gain and therefore taxable.
Essentially you will not have to pay the tax on the already-taxed principal again.|||It should be documented in the annuity as to what types of funds were allocated to it. Best bet is to talk to the institution thats holding it to see what the local and federal reporting requirements are and what types of documentation they can provide to you. If they are no help then any tax preparer should be able to help you out.
Pre or post-tax funding is something that is very spelled out at the get go.
Now if pre-tax funds were intermingled with it then it can get quite complicated but shouldn't be anything your average tax preparer couldn't help you with.|||Although the above answers are correct, simply stated you don't need to worry about it. The insurance company will send you a 1099 form each year indicating the amount that is return of principal and the amount that is earned interest. Only the interest is taxable.|||Do you already have the annuity? If so you need to contact the company you got it from and make sure they know that you have already paid taxes on this money because you do not want to have to pay taxes again on it. They should be able to clarify this for you. It should be specified in the contract so they know how it is to be distributed to you. One thing be sure and look at as far as speading the payments out, there are several ways you can elect to do it but be sure it is where the money is left to your benificiary if that is your desire because there is one particular way it is distributed over the period of time but when you die that ends the annuity. I hope this helps answer you questions.
You really need someone qualified as financial advisor to give you the best help. You may want to ask a friend or someone who knows a reputable person. Good luck to you.
Can a soon to be ex husband go into your joint account and withdraw money even though the wife used it more?!!?
My friend left her husband this past Friday. They got into huge argument and this one one of several they'd had recently, she packed up their 3 kids and left to go stay with her parents. Well she got her tax return back and it was deposited into her joint account she has with him, and although she used the account primarily for her job to do direct deposit, he never put any money into the account and didn't spend out of it, even though he would never take his name off the account. He has another account with another bank and uses that one for his job. Anyways, after she left, she was still getting settled into her parents house, when she decides to go and pick up some things form the store, she goes there and tries to use her debit card, it was declined. Later on, she found out that he had done withdrew all her money except 50 dollars . He took about 3 g's from her. Can he do this? This was her tax money that she received from her job, since she filed separate and he did too. They were separated at the time and both them filed separate, head of house hold because this time he moved out, then they reconciled, now this!|||Of course he can do this, and it's perfectly legal. His name was on the account. If it was a work account, why on earth would he have access to it? She's going to have to prove in court that it was indeed a work account, and that he had never used it before. She still may not get the funds back though. That's for a judge to decide. Tell her to get an attorney.|||Absolutely, he has legal rights to access any account that still has his name on it.
A judge may stipulate that he return half of it or more in a divorce settlement, but he has violated no laws.|||Absolutely, it was a joint account, he had every right to access it and withdraw money from it.|||yes, its in his name as well as in hers, so their marital status does not matter|||Yes.|||key word " joint " account so yes.|||Its a joint account, they both "own" it equally. At this point it comes down to who ever gets to the money first.|||yes.
if his name is on the account he has every right to take money out, or even close it if he feels like.
A judge may stipulate that he return half of it or more in a divorce settlement, but he has violated no laws.|||Absolutely, it was a joint account, he had every right to access it and withdraw money from it.|||yes, its in his name as well as in hers, so their marital status does not matter|||Yes.|||key word " joint " account so yes.|||Its a joint account, they both "own" it equally. At this point it comes down to who ever gets to the money first.|||yes.
if his name is on the account he has every right to take money out, or even close it if he feels like.
Can I withdraw my PF from RPFC, if its being deposited there for last 34 months? If yes, what's the procedure.
I am working with an MNC in Rajasthan, my Provident Fund is being deducted from my salary and being deposited in Rajasthan Provident Fund Corporation since October 2005 (for 34 months). Can I withdraw these funds from there as I am moving out of the country for a long time. If yes, what is the process of going for it.|||Use the appropriate form for claiming Provident Fund Pension, withdrawal benefit/scheme certificate, Employees' Deposit Linked Insurance benefit, etc. as given below :-
Form-19 : To claim final settlement of Provident Fund by a member.
AND
Form-10-D : To claim pension. (In duplicate : If within state, In triplicate : If outside state.)
OR
Form-10-C : To claim withdrawal benefit/scheme certificate under Employees' Pension Scheme '95.
Ensure that all columns of the application are filled completely.
Information in the application form relating to name, a/c no. should agree with the details available with Employees' Provident Fund Organization; which were furnished by the employer at the time of enrolling to Provident Fund.
Application should be signed by the member/claimant.
It should be attested by the former employer. In case attestation by the former employer is not possible, it should be got attested by any other authorized official specified with application form.
Application for final settlement can be sent by a member on completion of 2 months from the date of leaving service, if the reason for leaving service is other than superannuation, medical ground, retrenchment and V.R.S./ Female members getting married etc.
Desired mode of payment can be given legibly, if the amount involved is more than Rs. 2000/-. The amount will sent by deposit in payees' bank a/c. To facilitate this, Bank a/c no., name and address of the bank should be furnished. An advance stamped receipt should also accompany this application.
After all these formalities submit it to concerned EPFO Office.
Form-19 : To claim final settlement of Provident Fund by a member.
AND
Form-10-D : To claim pension. (In duplicate : If within state, In triplicate : If outside state.)
OR
Form-10-C : To claim withdrawal benefit/scheme certificate under Employees' Pension Scheme '95.
Ensure that all columns of the application are filled completely.
Information in the application form relating to name, a/c no. should agree with the details available with Employees' Provident Fund Organization; which were furnished by the employer at the time of enrolling to Provident Fund.
Application should be signed by the member/claimant.
It should be attested by the former employer. In case attestation by the former employer is not possible, it should be got attested by any other authorized official specified with application form.
Application for final settlement can be sent by a member on completion of 2 months from the date of leaving service, if the reason for leaving service is other than superannuation, medical ground, retrenchment and V.R.S./ Female members getting married etc.
Desired mode of payment can be given legibly, if the amount involved is more than Rs. 2000/-. The amount will sent by deposit in payees' bank a/c. To facilitate this, Bank a/c no., name and address of the bank should be furnished. An advance stamped receipt should also accompany this application.
After all these formalities submit it to concerned EPFO Office.
Microsoft Visual Studios 2008 - how to save?
I'm working on creating an ATM account using Microsoft VS 2008, that includes a login number, an "Amount" label, "Balance" label, and buttons: Deposit, Withdraw, and Logout. I am having a hard time understanding how I can logout of the account number while saving the balance, so when one logs back in, the balance remains. I am using "Getting Started with Microsoft VS 2008" by Michael Halvorson as a reference, but am missing just one important step.
Is anyone able to point me in the right direction as to how I can figure this out?|||In a real wold ATM, the account balance would be saved in a database (along with login id).
Not sure how this book is handling saving the data, but other options would be: save to a file of some sort, or save to memory(it would all go away when you exit the program).
But in any case, someone logging in or out doesn't change the data that is stored about their account. Logging out only means that you don't accept any more input from the user until they log in again. The data doesn't just disappear because you log out.
Is anyone able to point me in the right direction as to how I can figure this out?|||In a real wold ATM, the account balance would be saved in a database (along with login id).
Not sure how this book is handling saving the data, but other options would be: save to a file of some sort, or save to memory(it would all go away when you exit the program).
But in any case, someone logging in or out doesn't change the data that is stored about their account. Logging out only means that you don't accept any more input from the user until they log in again. The data doesn't just disappear because you log out.
Depositing Cash into Bank of America Checking Account?
I have a question. I have had a checking account for quite some time already. I always deposited checks into the atm. I never have deposited cash before when i go to a teller. I have withdrawn many times though. When i withdraw from bank of america at the teller, i have to swipe my debit card and then type my 6 digit pin.
Do i HAVE to fill out a deposit slip when depositing cash at bank of america? Or can i just give the teller the cash and tell them how much it is and swipe my debit card?|||If you go to a Bank of America ATM Machine, they typically give you the option to deposit cash or a check, and if you choose on cash, a slide will open and you just place the cash inside, the slide shuts and it counts your money for you and puts it onto your account. That's the experience I have had with it, I to have Bank of America and thats how I typically deposit cash. It takes upto 24 hours for it to show up on your account though.|||Deposit slip
Do i HAVE to fill out a deposit slip when depositing cash at bank of america? Or can i just give the teller the cash and tell them how much it is and swipe my debit card?|||If you go to a Bank of America ATM Machine, they typically give you the option to deposit cash or a check, and if you choose on cash, a slide will open and you just place the cash inside, the slide shuts and it counts your money for you and puts it onto your account. That's the experience I have had with it, I to have Bank of America and thats how I typically deposit cash. It takes upto 24 hours for it to show up on your account though.|||Deposit slip
Depositing Cash into Bank of America Checking Account?
I have a question. I have had a checking account for quite some time already. I always deposited checks into the atm. I never have deposited cash before when i go to a teller. I have withdrawn many times though. When i withdraw from bank of america at the teller, i have to swipe my debit card and then type my 6 digit pin.
Do i HAVE to fill out a deposit slip when depositing cash at bank of america? Or can i just give the teller the cash and tell them how much it is and swipe my debit card?|||The deposit slip keeps a record of your money. You want that. So does BofA. Fill one out.
But you are correct. If the ATM accepts your cash and card, the teller should too. You will get a receipt for the deposit as your proof.
Do i HAVE to fill out a deposit slip when depositing cash at bank of america? Or can i just give the teller the cash and tell them how much it is and swipe my debit card?|||The deposit slip keeps a record of your money. You want that. So does BofA. Fill one out.
But you are correct. If the ATM accepts your cash and card, the teller should too. You will get a receipt for the deposit as your proof.
What is the point of having a savings account if your financial institution offers a money market account?
I have a savings account with my credit union that offers a .050% rate. They offer a money market account beginning at 2.50%, compounded daily.
If your money is as accessible through a money market account, and you can deposit or withdraw money at any time from that account (my CU allows this, as long as I maintain a minimum balance), is there any reason to keep money within my savings account? It seems I would earn more interest by transferring my cash into a money market account.|||I have a two point answer for you.
First, you are talking about a cash account. The point of a cash accounts is (1) immediate access to the cash, (2) safety, and (3) if possible some return to "insure" against the loss in the value of money do to inflation.
For cash accounts of less than $100,000 in an FDIC insured bank the bottom line is that it really doesn't matter. So pick the account that pays you the highest interest and has the fewest restrictions. Personally, I'd use a CU checking account and set up an linked online account at ING Direct to function as my "money market account:" no restrictions on withdrawal, no minimums, competitive interest rate.
My second answer to you is even more blunt: savings accounts serve no purpose in the modern world and money market accounts that restrict the number of withdrawals you can make in a month are also relics of the bad old days: don't use either. Cash accounts are not for investment purposes -- on balances of less than $100k, the difference between 0.5% and 2.5% is a rounding error.|||Well, everyone's situation is different. It is very clear that you know what you are doing, so transfer your money from savings to a money market account.|||As long as you can maintain the minimum balance it may be a good thing for you. Usually the minimum balance is a huge amount with large penalties if you fall below it.
You can look into places like ING Direct which has a 4.2% interest rate and no minimum balance.|||some money markets only allow withdrawl on times of the month last 10 days.
save acct is more liquid and if you do not want losts of taxes you can have the lower rate acct.|||There is usually a min balance on a money market account.|||You are right. If you have enough for the minimum balance, just open the money market account and forget about the savings account. Sometimes the savings accounts are for small accounts like saving for Christmas, vacation, car, emergencies, etc.|||I'm like you - I have a credit union with savings and money market accounts that work the same way. The MM has a much higher interest rate, so I keep my money there. However this isnt' the case everywhere. Some places only let you do so many transactions through your money market or have other limitations. But if yours operate exactly the same way then you are exactly right to put it in the MM.|||You also need to keep higher balances in money markets to get the highest interest rates. Alot of banks money markets are tiered, so if you're under say $2,000 the interest goes back down to what it would be with just a regular savings account. It is nice to have if you keep high balances so you can earn the extra interest. You can writes checks off money market accounts, but they are limited to a certain number a month.
If your money is as accessible through a money market account, and you can deposit or withdraw money at any time from that account (my CU allows this, as long as I maintain a minimum balance), is there any reason to keep money within my savings account? It seems I would earn more interest by transferring my cash into a money market account.|||I have a two point answer for you.
First, you are talking about a cash account. The point of a cash accounts is (1) immediate access to the cash, (2) safety, and (3) if possible some return to "insure" against the loss in the value of money do to inflation.
For cash accounts of less than $100,000 in an FDIC insured bank the bottom line is that it really doesn't matter. So pick the account that pays you the highest interest and has the fewest restrictions. Personally, I'd use a CU checking account and set up an linked online account at ING Direct to function as my "money market account:" no restrictions on withdrawal, no minimums, competitive interest rate.
My second answer to you is even more blunt: savings accounts serve no purpose in the modern world and money market accounts that restrict the number of withdrawals you can make in a month are also relics of the bad old days: don't use either. Cash accounts are not for investment purposes -- on balances of less than $100k, the difference between 0.5% and 2.5% is a rounding error.|||Well, everyone's situation is different. It is very clear that you know what you are doing, so transfer your money from savings to a money market account.|||As long as you can maintain the minimum balance it may be a good thing for you. Usually the minimum balance is a huge amount with large penalties if you fall below it.
You can look into places like ING Direct which has a 4.2% interest rate and no minimum balance.|||some money markets only allow withdrawl on times of the month last 10 days.
save acct is more liquid and if you do not want losts of taxes you can have the lower rate acct.|||There is usually a min balance on a money market account.|||You are right. If you have enough for the minimum balance, just open the money market account and forget about the savings account. Sometimes the savings accounts are for small accounts like saving for Christmas, vacation, car, emergencies, etc.|||I'm like you - I have a credit union with savings and money market accounts that work the same way. The MM has a much higher interest rate, so I keep my money there. However this isnt' the case everywhere. Some places only let you do so many transactions through your money market or have other limitations. But if yours operate exactly the same way then you are exactly right to put it in the MM.|||You also need to keep higher balances in money markets to get the highest interest rates. Alot of banks money markets are tiered, so if you're under say $2,000 the interest goes back down to what it would be with just a regular savings account. It is nice to have if you keep high balances so you can earn the extra interest. You can writes checks off money market accounts, but they are limited to a certain number a month.
I have a $500 bounce protection on my account?
I have never used it, or been overdrawn at anytime. My question is; How does this work? I am needing to have some dental procedures done and may need to withdraw $300 over my balance. How long do I have to bring my balance back to positive? Also, If I do not have the funds, to keep it in the positive, would it be possible to bring it up then back down, several times in a few months span, until I can clear it altogether? Ex. Overdraft $300, next week deposit $400, but then withdraw $300 (putting me $200 overdrawn) etc.? Thanks for any help.|||I'll answer your questions in order
1. they way it works is: you write a check or use your debit card for a purchase that is greater than what you have avaiable. Money then gets pulled from whatever your overdraft source is, like a credit card, savings account, line of credit and it covers your charge and prevents it from bouncing and being returned.
2.Most banks charge your account off after 30-60 days of being at a negative balance each day. It then gets reported to ChexSystems and you will not be able to open an account until that is cleared up. Going negative for a week only hurts your pocket. Your bank may charge continuous overdraft fees for each day you are negative, so it could add up real fast.
3.If you were to do that, the bank may shut down your debit card for abuse if you are in the negative continuously. For example, banks are loaning you money when you overdraw your account, but at the same time, if a customer pays the fee, then they just made their profit. Fees are a huge profit source for a bank.|||Yes, but there MIGHT be a few linked to doing it.
Have you checked with the dental office to see if you could make a down payment and then set a repayment schedule with them?
Or, use a credit card if you have one and pay it off like you plan the overdraft.|||Yes, you can use the overdraft in the sense you are speaking of (Positive, then take out more etc)
But beware, there are some mighty hefty fee's associated with using the overdraft...
Usually $5 for each withdrawal, then a monthly fee on top of that... If it goes into overdraft 3wks out of a month, you'd probably be looking at $250+ in bank fees.|||Dont do it, you will get huge overdraft fees that you wont be able to keep up with! Use a credit card or go to your bank and ask for a loan or your parents.|||First, you pay a fee to have them cover the money for you. Then, you will pay a ridiculous interest rate, like having a horrible credit card (usually about 19%) on the borrowed money.
Your best bet is to just talk to the Dental Clinic and work out a payment plan. For example, $300 now and $100 per pay check until the balance is paid off. Many times, they would rather work out a payment plan ahead of time than lose your business or not get paid because of a bounced check, etc.
1. they way it works is: you write a check or use your debit card for a purchase that is greater than what you have avaiable. Money then gets pulled from whatever your overdraft source is, like a credit card, savings account, line of credit and it covers your charge and prevents it from bouncing and being returned.
2.Most banks charge your account off after 30-60 days of being at a negative balance each day. It then gets reported to ChexSystems and you will not be able to open an account until that is cleared up. Going negative for a week only hurts your pocket. Your bank may charge continuous overdraft fees for each day you are negative, so it could add up real fast.
3.If you were to do that, the bank may shut down your debit card for abuse if you are in the negative continuously. For example, banks are loaning you money when you overdraw your account, but at the same time, if a customer pays the fee, then they just made their profit. Fees are a huge profit source for a bank.|||Yes, but there MIGHT be a few linked to doing it.
Have you checked with the dental office to see if you could make a down payment and then set a repayment schedule with them?
Or, use a credit card if you have one and pay it off like you plan the overdraft.|||Yes, you can use the overdraft in the sense you are speaking of (Positive, then take out more etc)
But beware, there are some mighty hefty fee's associated with using the overdraft...
Usually $5 for each withdrawal, then a monthly fee on top of that... If it goes into overdraft 3wks out of a month, you'd probably be looking at $250+ in bank fees.|||Dont do it, you will get huge overdraft fees that you wont be able to keep up with! Use a credit card or go to your bank and ask for a loan or your parents.|||First, you pay a fee to have them cover the money for you. Then, you will pay a ridiculous interest rate, like having a horrible credit card (usually about 19%) on the borrowed money.
Your best bet is to just talk to the Dental Clinic and work out a payment plan. For example, $300 now and $100 per pay check until the balance is paid off. Many times, they would rather work out a payment plan ahead of time than lose your business or not get paid because of a bounced check, etc.
How do WEBSITES earn money? And How it gets deposited and how can we withdraw the money?
How do WEBSITES earn money?
I am planing to start a Website. I would like to know friends how do Websites earn money. That is like Pay per click, time spent on Website, from Google advertisements and in what amount/rate/ratio they do earn money. How and where does the earning form Websites gets deposited and how does the Website owner withdraws money in what way. Is it Paypal, Checks or how. Does the income gets deposited on daly or monthly basis and how the money can be withdrawn.
Please reply friend, I will always owe your support for me and would rate you 5 star.
DN|||To earn money starting a web is good.
most of the web earning money by affiliate marketing.(promoting the product or other websites).
you can earn money by
cost per click (or pay per click)
cost per impression
cost per lead.
while you signing the affiliated marketing like commission junction,adbrite.com. They will pay the money through cheque.
some of the web giving the money through paypal also.
In your web you place the add and get income.These income from paypal or online transaction.
Earning money in net is easy.
you can get money from payperclick (ppc) but amount will be low.
so, the best way to earn money have a web and make a affiliate marketing.make a traffic to your site.
For online transaction open a paypal account.
For more things check out http://redisred.com/
I am planing to start a Website. I would like to know friends how do Websites earn money. That is like Pay per click, time spent on Website, from Google advertisements and in what amount/rate/ratio they do earn money. How and where does the earning form Websites gets deposited and how does the Website owner withdraws money in what way. Is it Paypal, Checks or how. Does the income gets deposited on daly or monthly basis and how the money can be withdrawn.
Please reply friend, I will always owe your support for me and would rate you 5 star.
DN|||To earn money starting a web is good.
most of the web earning money by affiliate marketing.(promoting the product or other websites).
you can earn money by
cost per click (or pay per click)
cost per impression
cost per lead.
while you signing the affiliated marketing like commission junction,adbrite.com. They will pay the money through cheque.
some of the web giving the money through paypal also.
In your web you place the add and get income.These income from paypal or online transaction.
Earning money in net is easy.
you can get money from payperclick (ppc) but amount will be low.
so, the best way to earn money have a web and make a affiliate marketing.make a traffic to your site.
For online transaction open a paypal account.
For more things check out http://redisred.com/
Whats a co-applicant to a checking account?
I just recently got my first banking account, a checking account, and when I signed up for it my mom told me to make her the co-applicant so I can get it approved faster. And it did get approved really fast but I'm just wondering what exactly does it mean to be a co-applicant? Like does my mom find out then every time I buy something with my debit card, or withdraw, or deposit, etc.?|||Fortunately they are not like texting her everytime you buy something. She probably has all legal right to get access to information about every transaction that is made on the account, so its primarily a matter of how nosy is she and how much do you have to hide.
Its not much to worry about and its a great thing that you have one now. Keep up the responsible stuff like this and you'll go far.
John
Its not much to worry about and its a great thing that you have one now. Keep up the responsible stuff like this and you'll go far.
John
Do you think a bank run is possible in the next few days?
With all the financial institutions tumbling one after the other, I wouldn't be surprised if commercial banks would be next to go bankrupt.
Eventhough the deposits are insured up to 100,000 dollars, where will the government get all the money to pay all the depositors that will be affected.
It's time to start withdrawing cash.|||The economy is down the people might stage a bank run.|||Perhaps...Wachovia bank is next. They are in talks with Morgan Stanley...Don't know which one is going to "eat up" the other. However, if your bank is taken over by the Feds you do get your deposits insured up to the maximum amount by law...However, all accounts are "frozen" until they decide when to issue you the funds...As for Lehman Brothers investments...the money market funds with some Lehman Brothers investmetns were frozen in what is called a "breaking the buck" scenario...So, yes...there is the possibility that your funds can be frozen until further notice.
Best way to find out where you stand (as for your bank and investments) watch their stock values and changes in CEO and top managers...any word on the street that values are going down...folks are leaving quickly....possible layoffs...restructuring...watch-out..I'v… been seeing these for all those banks that just folded. Also, read the financial news networks on a regular basis to find out the "buzz".|||Who actually has money in bank accounts? Most people pay for everything with debt and only have money in checking between payday and when their bill payments clear, which in the days of electronic payments is usually less than two days per month.
My net worth would be largely unaffected by the complete and total collapse of the banking system, except insofar as the inconvenience of not being able to purchase food with a credit card.|||After Black Tuesday, when the banks crashed, thus setting off the Great Depression, the Fed set up an emergency measure in which they close every bank in America until the withdrawal hysteria is over, which would prevent that happening again. So that shouldn't happen, if things go according to plan.|||unless you need the cash, why would you withdraw it?
It's insured if the bank runs into problems... it doesn't mean you have to go count it every day. Banks merge and get bought out. If your particular bank gets in trouble and is bought out, are you going to go to the teller and demand your money or just order checks with the new banks name? |||The government just prints more, that's the beauty of the system. The FDIC fund has been hit, but it's got some more kick left in it. the problem is the number of depositors with accounts over 100K, they are a dime a dozen. It isn't tine to stuff your mattress with cash|||Im telling you RIGHT NOW the banks will not be able to cover your money. FDIC is going to be worthless because of all the extra spending that this government has been doing. Get your money now and buy gold or silver.|||Banks use fraction-reserve system. Only 10% of their capital is backed up by cash. If everybody starts withdrawing banks will go bankrupt.|||By withdrawing cash, wouldn't you be causing the very bank run that you are afraid is about to happen? I'm just saying.|||No, I don't think that will happen. But I do think people will sell their stocks and mutual funds this week which will cause the market to decrease which will cause more selling, etc. |||If we start withdrawing our cash... ah, well. Fine, make it a self-fulfilling prophecy.|||I hope not but looks like it is headed that way I have a safe at home have not trusted banks for a while now|||It is indeed time for people to grab their cash before it is all gone.
Buy oil !!!|||It is getting scary! |||Thats why i use a credit union!
|||yeap thats what i am going to do once i go home.|||I hope that doesn't happen.. this is not the time for people to panic.|||If everyone starts taking their money out of the banks, everything will come toppling down....
There is news though that yes, other institutions are in difficulty but looking to do mergers with other institutions...
Morgan Stanley is talking with Wachovia to merger with them...
http://www.marketwatch.com/news/story/mo…
And also with Citic Bank from China...
http://www.marketwatch.com/news/story/ci…
Washington Mutual is for sale/auction, with Wells Fargo and Citi Group possibly interested.
http://www.marketwatch.com/news/story/wa…
This is not the best of news, but the Federal Insurance Fund is below what it should be so.
I would imagine that is another reason that new treasury bills are going to be put out. That is a good way for the Govt to raise money and safe for investors....
http://news.yahoo.com/s/ap/20080916/ap_o…
I heard a report on CNN tonight that since markets globally are being affected by this ongoing problem, the Russian and Chinese Markets and others, may offer to help by doing possible bridge loans if more companies take a dive like the one AIG did.
That would stave off world wide market collapse, since most world markets hold stocks in all of our financial institutions that are falling from the housing/credit crisis....
The Global markets can not let ours collapse because they are so tied into us, they could easily collapse as well....
I would think that other insurer's would be affected as well. They all do business with one another, so it's possible other insurance companies are affected. But they should have means in place to handle the situations.
The problem with AIG was within the holding company, not all of its subs.
My family uses a credit union for banking purposes, but all the economists were saying that if people start taking their money out of the banks, that would surely cause a fall...
The suggestion was to use an FDIC insured bank, and keep no more than one $100k account, per bank and everything should be fine. If you have a 401k get together with your accountant and see if there are stocks you should get rid of, buy etc., that are held in that.
They urged people not to take their cash out of the banks because that was not as safe as leaving it in the banks, only make sure you're in an insured bank.
They also stated that Precious Metals was a good bet, Gold/Silver if you have money in the market already or are looking to find a safe place to put it.
It will be a bumpy road for awhile. There are many areas struggling. The auto industry is going to be asking Congress for $50 billion instead of the original $25 billion in order to get themselves set up to start making hybrid cars....I personally think they too need money to shore up their losses, along with the assembly changes needed to make the hybrid cars, but none the less they too are asking for money....
I really don't think that we can continue to bail out companies, which is why the global market communities with money are talking about stepping in to help out, as it affects them as well...
It will be a bumpy ride....but I sincerely believe that if handled properly....(as things should have been before this ever happened)....we will be okay...
Eventhough the deposits are insured up to 100,000 dollars, where will the government get all the money to pay all the depositors that will be affected.
It's time to start withdrawing cash.|||The economy is down the people might stage a bank run.|||Perhaps...Wachovia bank is next. They are in talks with Morgan Stanley...Don't know which one is going to "eat up" the other. However, if your bank is taken over by the Feds you do get your deposits insured up to the maximum amount by law...However, all accounts are "frozen" until they decide when to issue you the funds...As for Lehman Brothers investments...the money market funds with some Lehman Brothers investmetns were frozen in what is called a "breaking the buck" scenario...So, yes...there is the possibility that your funds can be frozen until further notice.
Best way to find out where you stand (as for your bank and investments) watch their stock values and changes in CEO and top managers...any word on the street that values are going down...folks are leaving quickly....possible layoffs...restructuring...watch-out..I'v… been seeing these for all those banks that just folded. Also, read the financial news networks on a regular basis to find out the "buzz".|||Who actually has money in bank accounts? Most people pay for everything with debt and only have money in checking between payday and when their bill payments clear, which in the days of electronic payments is usually less than two days per month.
My net worth would be largely unaffected by the complete and total collapse of the banking system, except insofar as the inconvenience of not being able to purchase food with a credit card.|||After Black Tuesday, when the banks crashed, thus setting off the Great Depression, the Fed set up an emergency measure in which they close every bank in America until the withdrawal hysteria is over, which would prevent that happening again. So that shouldn't happen, if things go according to plan.|||unless you need the cash, why would you withdraw it?
It's insured if the bank runs into problems... it doesn't mean you have to go count it every day. Banks merge and get bought out. If your particular bank gets in trouble and is bought out, are you going to go to the teller and demand your money or just order checks with the new banks name? |||The government just prints more, that's the beauty of the system. The FDIC fund has been hit, but it's got some more kick left in it. the problem is the number of depositors with accounts over 100K, they are a dime a dozen. It isn't tine to stuff your mattress with cash|||Im telling you RIGHT NOW the banks will not be able to cover your money. FDIC is going to be worthless because of all the extra spending that this government has been doing. Get your money now and buy gold or silver.|||Banks use fraction-reserve system. Only 10% of their capital is backed up by cash. If everybody starts withdrawing banks will go bankrupt.|||By withdrawing cash, wouldn't you be causing the very bank run that you are afraid is about to happen? I'm just saying.|||No, I don't think that will happen. But I do think people will sell their stocks and mutual funds this week which will cause the market to decrease which will cause more selling, etc. |||If we start withdrawing our cash... ah, well. Fine, make it a self-fulfilling prophecy.|||I hope not but looks like it is headed that way I have a safe at home have not trusted banks for a while now|||It is indeed time for people to grab their cash before it is all gone.
Buy oil !!!|||It is getting scary! |||Thats why i use a credit union!
|||yeap thats what i am going to do once i go home.|||I hope that doesn't happen.. this is not the time for people to panic.|||If everyone starts taking their money out of the banks, everything will come toppling down....
There is news though that yes, other institutions are in difficulty but looking to do mergers with other institutions...
Morgan Stanley is talking with Wachovia to merger with them...
http://www.marketwatch.com/news/story/mo…
And also with Citic Bank from China...
http://www.marketwatch.com/news/story/ci…
Washington Mutual is for sale/auction, with Wells Fargo and Citi Group possibly interested.
http://www.marketwatch.com/news/story/wa…
This is not the best of news, but the Federal Insurance Fund is below what it should be so.
I would imagine that is another reason that new treasury bills are going to be put out. That is a good way for the Govt to raise money and safe for investors....
http://news.yahoo.com/s/ap/20080916/ap_o…
I heard a report on CNN tonight that since markets globally are being affected by this ongoing problem, the Russian and Chinese Markets and others, may offer to help by doing possible bridge loans if more companies take a dive like the one AIG did.
That would stave off world wide market collapse, since most world markets hold stocks in all of our financial institutions that are falling from the housing/credit crisis....
The Global markets can not let ours collapse because they are so tied into us, they could easily collapse as well....
I would think that other insurer's would be affected as well. They all do business with one another, so it's possible other insurance companies are affected. But they should have means in place to handle the situations.
The problem with AIG was within the holding company, not all of its subs.
My family uses a credit union for banking purposes, but all the economists were saying that if people start taking their money out of the banks, that would surely cause a fall...
The suggestion was to use an FDIC insured bank, and keep no more than one $100k account, per bank and everything should be fine. If you have a 401k get together with your accountant and see if there are stocks you should get rid of, buy etc., that are held in that.
They urged people not to take their cash out of the banks because that was not as safe as leaving it in the banks, only make sure you're in an insured bank.
They also stated that Precious Metals was a good bet, Gold/Silver if you have money in the market already or are looking to find a safe place to put it.
It will be a bumpy road for awhile. There are many areas struggling. The auto industry is going to be asking Congress for $50 billion instead of the original $25 billion in order to get themselves set up to start making hybrid cars....I personally think they too need money to shore up their losses, along with the assembly changes needed to make the hybrid cars, but none the less they too are asking for money....
I really don't think that we can continue to bail out companies, which is why the global market communities with money are talking about stepping in to help out, as it affects them as well...
It will be a bumpy ride....but I sincerely believe that if handled properly....(as things should have been before this ever happened)....we will be okay...
What will you do when suddendly there was Php 850,000 on your account, not knowing where it comes from :?
Considering that the bank makes a mistake :
What will you do? Honestly...
a) Inform the bank and ask for 10% commission for reporting it
b) Run to the nearest Bank Branch and withdraw the Amount
c) Transfer it to Time Deposit Account so the bank cannot take it back until it matures while gaining interest
d) Keep quiet about it, and wait for the bank to reconcile their records
e) withdraw the amount on daily basis at the amount of Php. 20,000.00
or
f) Burn the bank for being so irresponsible..|||I will ask the bank to review the bank transactions for my bank account, and trace where the money came from. Banks give statement of accounts to their depositors, that way you will find out how it got into your bank account.I will give it back to the bank because somehow they will find it out someday and you can be charged criminally for it if they found out that you knew about the mistake and did not report it so you can have it.
I will tell you one personal experience...
Three years ago, I won a second prize in lotto for 23,000 pesos,I went to PCSO to claim my prize. The bank manager made a mistake and wrote me a cheque of 230,000 pesos. I went back to the manager to have it corrected. The bank manager was so grateful but I noticed his hands was shaking when he made another cheque. I know I did the right thing and I felt happier that I did something good, more than the cash prize I got. I know somehow someday I will be rewarded for what I did. - I think by now I already got that reward in many different ways.|||if it was the mistake of the bank, you don't have to do anything because every end of their office day,they audit their transactions. So, it would be discovered and corrected immediately. Even for a single peso, they would find it.
but if someone deposited it for you, like a gift or donation, have a CPA make a tax payment in your name or the law would catch up on you and imprison you for tax evasion.
so, it is D|||Wow!
I rather consider spending money that came from my own sweat.
So, with this kind of issue, I rather choose to inform the Manager that there is some amount on my account that is wrongly deposit under my name.
I will not going to demand for any commission, I rather choose to wait if they will give me some award for what I did but if nothing, then I will just satisfy for what I have.
Good luck
...............|||I'm going to return it to the bank with exact amount Jonjon Fernandes.
Because I don't want to face and problems in the future and I can't take it.
My conscience is killing me.|||I would go to the bank and verify where it came from before I evan touched it.|||D, Keep quiet about it and wait and see for the bank to reconcile records!|||D---I'll wait for a week and see if the money would still be there before spending it..lol
What will you do? Honestly...
a) Inform the bank and ask for 10% commission for reporting it
b) Run to the nearest Bank Branch and withdraw the Amount
c) Transfer it to Time Deposit Account so the bank cannot take it back until it matures while gaining interest
d) Keep quiet about it, and wait for the bank to reconcile their records
e) withdraw the amount on daily basis at the amount of Php. 20,000.00
or
f) Burn the bank for being so irresponsible..|||I will ask the bank to review the bank transactions for my bank account, and trace where the money came from. Banks give statement of accounts to their depositors, that way you will find out how it got into your bank account.I will give it back to the bank because somehow they will find it out someday and you can be charged criminally for it if they found out that you knew about the mistake and did not report it so you can have it.
I will tell you one personal experience...
Three years ago, I won a second prize in lotto for 23,000 pesos,I went to PCSO to claim my prize. The bank manager made a mistake and wrote me a cheque of 230,000 pesos. I went back to the manager to have it corrected. The bank manager was so grateful but I noticed his hands was shaking when he made another cheque. I know I did the right thing and I felt happier that I did something good, more than the cash prize I got. I know somehow someday I will be rewarded for what I did. - I think by now I already got that reward in many different ways.|||if it was the mistake of the bank, you don't have to do anything because every end of their office day,they audit their transactions. So, it would be discovered and corrected immediately. Even for a single peso, they would find it.
but if someone deposited it for you, like a gift or donation, have a CPA make a tax payment in your name or the law would catch up on you and imprison you for tax evasion.
so, it is D|||Wow!
I rather consider spending money that came from my own sweat.
So, with this kind of issue, I rather choose to inform the Manager that there is some amount on my account that is wrongly deposit under my name.
I will not going to demand for any commission, I rather choose to wait if they will give me some award for what I did but if nothing, then I will just satisfy for what I have.
Good luck
...............|||I'm going to return it to the bank with exact amount Jonjon Fernandes.
Because I don't want to face and problems in the future and I can't take it.
My conscience is killing me.|||I would go to the bank and verify where it came from before I evan touched it.|||D, Keep quiet about it and wait and see for the bank to reconcile records!|||D---I'll wait for a week and see if the money would still be there before spending it..lol
Why do I have a negative balance on my bank account?
I was told the last time that I deposited a check that there was a negative balance on my account. However, I have not used my card to pay for anything this year but instead have only withdrawn cash from my account to pay for what I need. Does anyone know how I could have a negative balance when I'm only paying with cash? Thanks for the help.|||Are you kidding here??
I can't be overdrawn, I STILL HAVE CHECKS.|||Yes you took out more money then you had. You need to keep track of deposits and withdrawals
If account falls below the limit fees are imposed. Sit with an account manager and learn how your account works|||You need to go back and reconcile your bank account to your check register for every month since the last time you reconciled your bank account. I think you'll probably find bank charges each month. You may also have math errors in your check register.|||Check and see if you had any monthly fees on the account--that could account for the difference.|||It seems you have big negative amount in your account. When you deposited cheque ( I assumed small amount) that will compensate your negative account. i.e It make your overdraft limit reduced ( for example if your overdraft limit 拢500 %26amp; you paid 拢200 so your account is still 拢300 negative), Now if you withdraw case it will take more in to negative. Better you speak to bank then they can explain.Every situation is different.|||You spent money you don't have. You have not been paying enough attention to your bank balances, deposits and withdrawals. Review your bank statements, especially checking the bank's charges for monthly fees, ATM fees, %26amp; overdrafts, etc. You are probably forgetting to record these as you go.
Pay up and get a positive balance in your account, then track each transaction and keep a running record of your transactions and balances.
I can't be overdrawn, I STILL HAVE CHECKS.|||Yes you took out more money then you had. You need to keep track of deposits and withdrawals
If account falls below the limit fees are imposed. Sit with an account manager and learn how your account works|||You need to go back and reconcile your bank account to your check register for every month since the last time you reconciled your bank account. I think you'll probably find bank charges each month. You may also have math errors in your check register.|||Check and see if you had any monthly fees on the account--that could account for the difference.|||It seems you have big negative amount in your account. When you deposited cheque ( I assumed small amount) that will compensate your negative account. i.e It make your overdraft limit reduced ( for example if your overdraft limit 拢500 %26amp; you paid 拢200 so your account is still 拢300 negative), Now if you withdraw case it will take more in to negative. Better you speak to bank then they can explain.Every situation is different.|||You spent money you don't have. You have not been paying enough attention to your bank balances, deposits and withdrawals. Review your bank statements, especially checking the bank's charges for monthly fees, ATM fees, %26amp; overdrafts, etc. You are probably forgetting to record these as you go.
Pay up and get a positive balance in your account, then track each transaction and keep a running record of your transactions and balances.
Is ISA the best savings account to make your money grow?
I got some inheritance money and I want the money to grow, I opened an ISA account a long time ago and by stupidity I withdrew money from that account(meaning i lost my tax benefits), shall I deposit all my money in there, or shall I open a new 1?
Is there any other types of account worth looking into?
Thanks|||Are you talking about an IRA (Individual Retirement Account)? Depending on when you are planning on accessing the money, I would definitely recommend looking into another IRA or a Roth IRA. If you want to access the money sooner than what those allow, then you can look into investing it or using a high-yield savings account. I recommend Emigrantdirect.com. Emigrant Direct is an online savings account with a much better interest rate than you would find at a bank. Your account there is connected to your checking account at your bank and you can transfer money between the two free of charge whenever you want.
Is there any other types of account worth looking into?
Thanks|||Are you talking about an IRA (Individual Retirement Account)? Depending on when you are planning on accessing the money, I would definitely recommend looking into another IRA or a Roth IRA. If you want to access the money sooner than what those allow, then you can look into investing it or using a high-yield savings account. I recommend Emigrantdirect.com. Emigrant Direct is an online savings account with a much better interest rate than you would find at a bank. Your account there is connected to your checking account at your bank and you can transfer money between the two free of charge whenever you want.
Time Value of Money DIFFICULT QUESTION! Finance majors please help!?
Hey guys, so basically my professor wouldn't give me the time of day.. or even acknowledge my existence. I'm so confused and no one seems to be able to help.. hopefully someone can on here.
Suzy wants to retire in 30 yrs. Expects to live 25 yrs after retirement. She prepares a savings plan to meet the objectives: first, after retirement she would like to be able to withdraw $20,000 per month. The first withdrawal will occur at the end of the first month after retirement. Second, she would like to leave her daughter a $500,000 inheritance. Lastly, she wants to set up a fund that will pay $5000 per month forever to her favorite charity after she dies. These payments will begin one month after she dies. All the monies earn 10% annual rate compounded monthly. How much will she have to save per month to meet these objectives? She wishes to make her first deposit from now and the last deposit on the day she retires.
a) 1,550
b) 1,014
c)603
d) 1105
e)1306
f)1202
g)430
h)983|||She makes her first deposit one month from today and the last on the date she retires. That's an Ordinary Annuity. Set up a time frame. Today is T-0. She retires at T-30 and lives until T-55.
Interest is 10%, compounded monthly, for all calculations = .83333%
At T-55, she must have on deposit (a) a fund to provide 5,000 per month in Perpetuity, beginning one month after she dies. That amount = 600,024. (x .83333% = 5,000) plus an inheritance of 500,000. Total required at T-55 = 1,100,024.
Its PV at T-30, compounded over 300 months = 91,236
So at T-30, she must have saved 91,236 plus an amount to give her a monthly annuity of 20,000, beginning at T-30 for 300 mos. The PV at T-30 of such an annuity is 2,200,945. So together she must have on deposit at T-30 $2,292,181. She must save $1,014 per month from today for 360 mos
to meet her goal.
Suzy wants to retire in 30 yrs. Expects to live 25 yrs after retirement. She prepares a savings plan to meet the objectives: first, after retirement she would like to be able to withdraw $20,000 per month. The first withdrawal will occur at the end of the first month after retirement. Second, she would like to leave her daughter a $500,000 inheritance. Lastly, she wants to set up a fund that will pay $5000 per month forever to her favorite charity after she dies. These payments will begin one month after she dies. All the monies earn 10% annual rate compounded monthly. How much will she have to save per month to meet these objectives? She wishes to make her first deposit from now and the last deposit on the day she retires.
a) 1,550
b) 1,014
c)603
d) 1105
e)1306
f)1202
g)430
h)983|||She makes her first deposit one month from today and the last on the date she retires. That's an Ordinary Annuity. Set up a time frame. Today is T-0. She retires at T-30 and lives until T-55.
Interest is 10%, compounded monthly, for all calculations = .83333%
At T-55, she must have on deposit (a) a fund to provide 5,000 per month in Perpetuity, beginning one month after she dies. That amount = 600,024. (x .83333% = 5,000) plus an inheritance of 500,000. Total required at T-55 = 1,100,024.
Its PV at T-30, compounded over 300 months = 91,236
So at T-30, she must have saved 91,236 plus an amount to give her a monthly annuity of 20,000, beginning at T-30 for 300 mos. The PV at T-30 of such an annuity is 2,200,945. So together she must have on deposit at T-30 $2,292,181. She must save $1,014 per month from today for 360 mos
to meet her goal.
Was portion of security deposit duly withheld as renewal incentive?
I am facing a unique situation in CO for which I have no idea where to find guidance. I recently moved out of an apartment where I resided for 3 years. I initially put down a deposit of $550.00. On my itemized statement, the management company has detailed that they deducted $250 from my security deposit in 2/2007. Why? It was an incentive to re-sign the lease for another year. Trouble is, I was never aware that this "incentive" would be withdrawn from my security deposit. It was framed to me that if I renewed for another year, I would receive a $250 refund off the first month's rent. I have demanded they provide documentation of this arrangement or especially anything I have signed authorizing it. They have not provided anything, and remain insistent that this was the "incentive."
I would like to know if anybody can advise if they have breached any laws or regulations on this matter, or if there may be a place I might look to research it.
Thank you for your time.|||Check your local tenants union
I would like to know if anybody can advise if they have breached any laws or regulations on this matter, or if there may be a place I might look to research it.
Thank you for your time.|||Check your local tenants union
Can a credit union charge NSF fees the same day I make a cash deposit?
I initiated four Paypal transactions on a Sunday evening--they were echecks, which usually take a few days to process. On Monday afternoon, I made a deposit of $200 to my checking account, and find out that I am $186 in the hole. All of the paypal echecks went in early Monday morning, were denied, and I was charged NSF fees on all of them. The first issue: the credit union has never allowed paypal to withdraw funds immediately. It was as though I had done an instant transfer instead of echecks! I wasn't expecting them to go in 12 hours later. 2nd issue: I made a deposit the same day, before 4 PM. I reviewed my banking manual at length, and the only thing it says is "all deposits made before 4 PM are considered to be made on that day." The person I spoke with said that NSF fees are charged automatically, but if a deposit is made before 4, the fees will be credited back to me. However, he credit union says that they can't waive the fees this time because the paypal transactions are "ach." However, had they been paper checks, the fees would have been waived. Nowhere in the manual does it even remotely discuss these rules. I was never made aware of them, either in writing or verbally. Sorry so much information, but I want to make sure I am explaining this right. Is it legal what the credit union is doing? Or do I have the right to complain and possibly get these fees waived?|||I had the same thing happen to me. I set up an online payment from my checking account at my credit union. It went through the night before the date it was supposed to go through. When I called to complain about the NSF fee, the credit union representative said that they had no control over online payments. She said that if the payment hit my account before I made a deposit to cover it, that the credit union is allowed to charge an NSF fee. She said I shouldn't have authorized a payment before I had the money to cover it in my account. I asked to speak to the manager. I explained the situation. The manager told me the same thing, not to set up payments before my account had the money in it. I repeated that I set the payment up to go through on a set date, and it went through the night before the date I set it up for. She waived the fee as a "one-time courtesy". Ask to speak to a manager, if the teller refuses to waive the fee.|||I understand your misery!
Please know it is with great care for a fellow human I answer this question tonight!
As soon as you do a transaction it is done! Sometimes your financial institution will tell you in person or by phone, sometimes they just smile and hand you your terms and condition agreement!
If you do something a day (or hours) before you can cover it it is done! If your deposit is after the fact of a purchase your already at risk of fees! Bank accounts are not credit accounts and no matter what company you use I assure you fees will and can apply!
I hate to add a bid of my financial awes, but Bank of America has several account types and features for your own knowledge I can't explain how thankful I am to have actually opened accounts with them. I wont lie to you here or anyone else reading this, at times Bank of America agents can be to the point of no, or yes on "my way" (like for fee waivers) but I know that they have a structure to them of "ranking" and or levels of my interest in my own demise. I have been unhappy with some answers I received, like when a company decided to take out twice as much from my own account (by the way in the agreement I did not know I agreed to was right) and I had to go through filing a claim, I was so angry with Bank of America when they told me it could take 45 business days to resolve, I was livid and wanted a fast fix and did not humanly think it was reasonable with my bills piling up in my mail box, I now think back to the situation and understand it was my lacking to read my own agreement with that company, I believe that they still (if at the time I would have listened) was honest they never have lied to me about my own money!
I can only speak (or type) of my own adventures of personal finance when I say check them out, or, at least feel you can inquire of options with your own bank you use!
Times do not matter! Limits do. Deposits after the fact do not matter.
Please know I am not trying to say mean things or make your feel your question in this matter are not good, I just want you to know from someone trying to live their life money does make the call and knowing you can trust where your money is does make or break your future transactions and deposits. I hope you understand as you may have not received a "right away" deduction it does not limit companies from being able to make them.
I wish you all the best, and, as my wishes may not seem real, I do care of my fellow human, not matter what. WE ARE what matters!
Please know it is with great care for a fellow human I answer this question tonight!
As soon as you do a transaction it is done! Sometimes your financial institution will tell you in person or by phone, sometimes they just smile and hand you your terms and condition agreement!
If you do something a day (or hours) before you can cover it it is done! If your deposit is after the fact of a purchase your already at risk of fees! Bank accounts are not credit accounts and no matter what company you use I assure you fees will and can apply!
I hate to add a bid of my financial awes, but Bank of America has several account types and features for your own knowledge I can't explain how thankful I am to have actually opened accounts with them. I wont lie to you here or anyone else reading this, at times Bank of America agents can be to the point of no, or yes on "my way" (like for fee waivers) but I know that they have a structure to them of "ranking" and or levels of my interest in my own demise. I have been unhappy with some answers I received, like when a company decided to take out twice as much from my own account (by the way in the agreement I did not know I agreed to was right) and I had to go through filing a claim, I was so angry with Bank of America when they told me it could take 45 business days to resolve, I was livid and wanted a fast fix and did not humanly think it was reasonable with my bills piling up in my mail box, I now think back to the situation and understand it was my lacking to read my own agreement with that company, I believe that they still (if at the time I would have listened) was honest they never have lied to me about my own money!
I can only speak (or type) of my own adventures of personal finance when I say check them out, or, at least feel you can inquire of options with your own bank you use!
Times do not matter! Limits do. Deposits after the fact do not matter.
Please know I am not trying to say mean things or make your feel your question in this matter are not good, I just want you to know from someone trying to live their life money does make the call and knowing you can trust where your money is does make or break your future transactions and deposits. I hope you understand as you may have not received a "right away" deduction it does not limit companies from being able to make them.
I wish you all the best, and, as my wishes may not seem real, I do care of my fellow human, not matter what. WE ARE what matters!
What is the best way to invest my money for retirement which will not penalize me to withdraw it early?
I currently have a 401k but it bothers me that I would be penalized to withdraw it early. My company only matches 2% and since I work only part time at the time that turns out to be like 200 dollars. I want to have the ability to take out my money whenever I want without worry of being penalized. I want something where I can just deposit money into it myself after I get my paycheck (I am dissaplined enough to do this). I was thinking of a CD ( I don't mind having my money locked up for a couple years at a time)... Is there another option for me. Another stipulation. I don't want anything to do with the stock market anymore! So no mutual funds or stuff like that. Does that just limit me to CD's or are there other options? Thanks!|||I have a few quick suggestions: In your AGI is under 100k, put it into a Roth IRA at Vanguard (Target Retirement fund, or total market stock fund or Prime Money fund...) or Fidelity (total market fund or SP500) up to $5000 a year for money you are really trying to save for retirement -- assuming your retirement is at least 10 years out. You can with drawl your contributions -- not gains or interest -- at any time without penalty. A little paperwork headache, but not too bad.
Next, up to $5,000 can be put into I series savings bonds. Interest is tax deferred until they are cashed. You can cash after a year with a penalty of only 3 months interest and after 5 years with no penalty.
Finally, you can set up a cash (non retirement) account at Vanguard or TD Ameritrade for a few thousand dollars and invest in low cost mutual funds (V) or ETFs (TD). Or open an INGDirect Money Market Savings account.
CD's work too...but I'd do I-bonds first because of the tax deferral if you don't actually need to use the money.|||Money Market or Dividend Stocks. All the others are better but aren't liquid and/or have penalties.
Next, up to $5,000 can be put into I series savings bonds. Interest is tax deferred until they are cashed. You can cash after a year with a penalty of only 3 months interest and after 5 years with no penalty.
Finally, you can set up a cash (non retirement) account at Vanguard or TD Ameritrade for a few thousand dollars and invest in low cost mutual funds (V) or ETFs (TD). Or open an INGDirect Money Market Savings account.
CD's work too...but I'd do I-bonds first because of the tax deferral if you don't actually need to use the money.|||Money Market or Dividend Stocks. All the others are better but aren't liquid and/or have penalties.
For those people who have offset Northern rock mortgages?
I have deposited a lump sum to offset my Northern rock mortgage - does anyone think I need to be concerned about it? I am effectively a saver and a borrower and it was arranged that I could withdraw the funds at any time. Should I?|||That is a good point. If the bank goes down then they might say that you still owe the full amount of the mortgage, not the net amount.
You have to look at the fine print of your mortgage agreement, and possibly get a lawyer to take a look as well.
But my advice would be to take as much money as possible, because you have very little to lose.|||Hello,
Have a look at the Financial times.
Yes Northern Rock have approached the Bank of England and yes now would probably be the best time to consider purchasing shares in the Company.
The Company has a strong balance sheet and a strong client base but what it doesn't have at present is great profitability and because of this it is having great difficulty meeting its short term borrowings and commitments. The idea behind them approaching the bank of England is to refinance and potentially solve this problem with the future markets looking uncertain.
Its an age old scenario.
Its like having three acres of land but only a small amount of income. How are you going to live and pay the bills ?
If they start selling their book debts and assets then start getting concerned but judging by the fact the Bank of England have agreed to help out then that should tell you everything you need to know.
Until then sit tight.
Hope the above makes sense and is in people speak instead of the city talk you tend to get from analysts.|||No,
Northern Rock is owned by the Commonwelth Bank of Australia, and they own a lot of other banks around the world, Clydesdale in Scotland for one.
So I can't see why the big bank would let one of it's companies go under (like them..tahdah!!!).|||No i highly doubt there is anything to worry about Northern rock is a stable and strong company it has only borrowed money from the bank of england because of the volatility in the american sub-prime markets, it hasn't even drawn down the money it's a way for them to protect PROFITS not to stop the company going down.
so nothing to worry about at the moment but that isn't to say it's definite as anything could happen any time.
You have to look at the fine print of your mortgage agreement, and possibly get a lawyer to take a look as well.
But my advice would be to take as much money as possible, because you have very little to lose.|||Hello,
Have a look at the Financial times.
Yes Northern Rock have approached the Bank of England and yes now would probably be the best time to consider purchasing shares in the Company.
The Company has a strong balance sheet and a strong client base but what it doesn't have at present is great profitability and because of this it is having great difficulty meeting its short term borrowings and commitments. The idea behind them approaching the bank of England is to refinance and potentially solve this problem with the future markets looking uncertain.
Its an age old scenario.
Its like having three acres of land but only a small amount of income. How are you going to live and pay the bills ?
If they start selling their book debts and assets then start getting concerned but judging by the fact the Bank of England have agreed to help out then that should tell you everything you need to know.
Until then sit tight.
Hope the above makes sense and is in people speak instead of the city talk you tend to get from analysts.|||No,
Northern Rock is owned by the Commonwelth Bank of Australia, and they own a lot of other banks around the world, Clydesdale in Scotland for one.
So I can't see why the big bank would let one of it's companies go under (like them..tahdah!!!).|||No i highly doubt there is anything to worry about Northern rock is a stable and strong company it has only borrowed money from the bank of england because of the volatility in the american sub-prime markets, it hasn't even drawn down the money it's a way for them to protect PROFITS not to stop the company going down.
so nothing to worry about at the moment but that isn't to say it's definite as anything could happen any time.
Under Employment Tribunal regulations, is my claim out of time?
I am a doctor and I have (I think!) a valid complaint that I was a Worker due holiday pay, doing regular sessions since October 2006, and I invoiced for this holiday pay soon after it was due. The invoice was acknowledged, but despite many reminders by letter and email, nothing was received from my employer (NHS!) for months afterwards. This is the usual reaction, I have since discovered and this delay resulted in my complaining to the Chief Executive, but the three month time limit to make an Employment Tribunal claim was long exceeded. After taking informal legal advice, I claimed for a debt owing under the Small Claims Procedure although I was told that it was an unusual course of action. I then heard,finally, in August 2008,that they considered me a self-employed locum and not a Worker and defended the Claim. I lost this, as, despite the advice I was given, the Judge felt that the Court did not have jurisdiction. That, I thought, was the end of the matter, until, in November 2009, I received a letter from the NHS Pensions Agency, indicating that they were in error in considering me a locum but that I was a Type 2 Practitioner throughout. I then used this letter to indicate that I had received new information sufficient to start an Employment Tribunal claim. This has been resisted and there is a request for a pre-hearing on the (main) grounds that the Claim is still out of time. Is it worth protesting and saying that a pre-hearing is unnecessary and the Tribunal should proceed straight to the main hearing? If the judge does ask for a deposit of 拢500 if I continue, I will almost certainly withdraw.|||I've been led to believe on a similar matter that whether or not the claim is 'out of time' is entirely a matter for the discretion of the Tribunal. As such, I would guess that the pre-hearing would be used to establish that. It sounds as if you have a reasonable case and a fair reason so what's the harm in a pre-hearing? I would make sure that your reasons for the delay and the fact that it was beyond your control are clearly set out and go through the pre-hearing, and, for want of a better description, throw yourself on the mercy of the 'court'.
Good luck|||This is not that unusual. If you go down and file a form 234-b, checking the box for WNWT, you can get the result you're looking for.
Good luck!|||I don't think your clain is out of time, as the issue which caused your grievance is ongoing. The time limit of three months usually applies to a one off incident. Can the BMA or your union not advise you?
Good luck|||This is not that unusual. If you go down and file a form 234-b, checking the box for WNWT, you can get the result you're looking for.
Good luck!|||I don't think your clain is out of time, as the issue which caused your grievance is ongoing. The time limit of three months usually applies to a one off incident. Can the BMA or your union not advise you?
Individuals are not allowed to deposit money in overseas or domestic forex brokers!!?
hi, this is the new rule given by reserve bank of india -
The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic / overseas markets.
Residents are, however, permitted to trade in currency futures and options contracts, traded on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India, subject to the conditions specified by the Reserve Bank from time to time.
Background
The Reserve Bank had noticed advertisements issued by electronic / internet portals offering trading or investing in foreign exchange with guaranteed high returns. Many companies even engage agents who personally contact gullible people to undertake forex trading/ investment schemes and entice them with promises of disproportionate / exorbitant returns.
The Reserve Bank of India cautions the public not to remit or deposit money for such unauthorised transactions. The advice has become necessary in the wake of many residents falling prey to such tempting offers and losing money heavily in the recent past.
now i was wondernig -
Say one earns $ 1000 every week for at least 5-6 weeks starting with a $1000-1500 account, which is easily possible in forex trading.
Are there any rules for inward remittance or i can just keep withdrawing the money as it comes?
Is there any upper cap as to how much i can receive in an year ?
I ask cos i can easily deploy $3-4k for forex trading, andi am not breaking the above rule because
Rest assured, RBI or any local legal body will not penalize me for bringing money into the country. It is only the outward remittance that is being frowned upon. ?? right? ????????? because only sending money outside is not allowed but can i withdraw as money comes?|||Sounds like they are saying you can't trade the Forex if you live in India.. period. Sounds like all they are allowing is for you to trade the Futures and Options versions of the market. I think there is a such thing as "futures" for currency? Anyway, but the way I read this, it basically says that Forex trading is not allowed in India. If that's true, then that's pretty sad.|||I think this site right here might help you out.
http://www.ozforex.com.au/|||If you have fully explained the rules (and fully studied "the Foreign Exchange Management Act (FEMA), 1999") then your concept of bringing money back into the country sounds valid.
Your only problem, then, is how do you get your "$3-4k for forex trading" into a brokerage account so you can get started? The ban on electronic transfer means you can't do it by a bank transfer, or a credit card, so it sounds like you would have to travel outside India to open an account.
On the other hand, you could open an account with the Ireland-based AVA-FX (see details on the web site below) which also includes Oil, Stock Indices (DJ, S%26amp;P500, FTSE, DAX, CAC, MIB, NIKKEI and others), Gold, Silver, Sugar, Cotton, Gas and all the other major commodities along with its comprehensive Forex platform, then you could claim you were transferring money for general trading rather than Forex. :-)
They also provide an "AVA Debit Mastercard" you could use to spend your earnings without transferring money back and forth. Maybe these features will help you skirt the rules . . .
The Reserve Bank of India has today clarified that remittance in any form towards overseas foreign exchange trading through electronic/internet trading portals is not permitted under the Foreign Exchange Management Act (FEMA), 1999. The Reserve Bank has also clarified that the existing regulations under FEMA, 1999 do not permit residents to trade in foreign exchange in domestic / overseas markets.
Residents are, however, permitted to trade in currency futures and options contracts, traded on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India, subject to the conditions specified by the Reserve Bank from time to time.
Background
The Reserve Bank had noticed advertisements issued by electronic / internet portals offering trading or investing in foreign exchange with guaranteed high returns. Many companies even engage agents who personally contact gullible people to undertake forex trading/ investment schemes and entice them with promises of disproportionate / exorbitant returns.
The Reserve Bank of India cautions the public not to remit or deposit money for such unauthorised transactions. The advice has become necessary in the wake of many residents falling prey to such tempting offers and losing money heavily in the recent past.
now i was wondernig -
Say one earns $ 1000 every week for at least 5-6 weeks starting with a $1000-1500 account, which is easily possible in forex trading.
Are there any rules for inward remittance or i can just keep withdrawing the money as it comes?
Is there any upper cap as to how much i can receive in an year ?
I ask cos i can easily deploy $3-4k for forex trading, andi am not breaking the above rule because
Rest assured, RBI or any local legal body will not penalize me for bringing money into the country. It is only the outward remittance that is being frowned upon. ?? right? ????????? because only sending money outside is not allowed but can i withdraw as money comes?|||Sounds like they are saying you can't trade the Forex if you live in India.. period. Sounds like all they are allowing is for you to trade the Futures and Options versions of the market. I think there is a such thing as "futures" for currency? Anyway, but the way I read this, it basically says that Forex trading is not allowed in India. If that's true, then that's pretty sad.|||I think this site right here might help you out.
http://www.ozforex.com.au/|||If you have fully explained the rules (and fully studied "the Foreign Exchange Management Act (FEMA), 1999") then your concept of bringing money back into the country sounds valid.
Your only problem, then, is how do you get your "$3-4k for forex trading" into a brokerage account so you can get started? The ban on electronic transfer means you can't do it by a bank transfer, or a credit card, so it sounds like you would have to travel outside India to open an account.
On the other hand, you could open an account with the Ireland-based AVA-FX (see details on the web site below) which also includes Oil, Stock Indices (DJ, S%26amp;P500, FTSE, DAX, CAC, MIB, NIKKEI and others), Gold, Silver, Sugar, Cotton, Gas and all the other major commodities along with its comprehensive Forex platform, then you could claim you were transferring money for general trading rather than Forex. :-)
They also provide an "AVA Debit Mastercard" you could use to spend your earnings without transferring money back and forth. Maybe these features will help you skirt the rules . . .
Budget Car:withdraw money from my account without consent:Could someone help me?
Hello.
I am not sure if it's the right place to ask this question,but I hope someone can answer my question....
I rented a car from Budget Car for 1 day.
I paid about 150 GBP for that.
I returned the car properly without any scratches and full fuel.
However, they withdraw over 3000 GBP from my credit card which I used to pay the deposit,without my consent.
I am trying to get my money back from the company.
I have all the documentations(e.g bank statement, Reservation No, and so on.)
I am currently negotiating with their customer service office.
I was asked to send all the documentation,so I sent these by an e-mail,but they don't take it seriously and starting to ignore me.
Would someone kind enough to give me any advice?
Thank you for your time.|||It's irrelevant that the money has already gone from your account, your credit card company should cover it, as they should offer fraud protection if they're a reputable company eg visa, mastercard, am ex.
If they really have taken 拢3000 which they are not entitled to and you paid the 拢150 which was owed then send a copy of your statement, the invoice from them, and the receipt showing you paid it to the company by recoded delivery and make sure that you put in the accompanying letter that you will be seeking advice from a solicitor regarding the matter if you do not hear from them.|||if this has been going on for a year then i can see you have one of only 2 options left -
1) Forget it and put it down as a bad experience but slate them BIG time on website review pages etc
or
2) take your proof of whats happened to a solicitor|||Call your credit card company IMMEDIATELY and contest the charge.
I am not sure if it's the right place to ask this question,but I hope someone can answer my question....
I rented a car from Budget Car for 1 day.
I paid about 150 GBP for that.
I returned the car properly without any scratches and full fuel.
However, they withdraw over 3000 GBP from my credit card which I used to pay the deposit,without my consent.
I am trying to get my money back from the company.
I have all the documentations(e.g bank statement, Reservation No, and so on.)
I am currently negotiating with their customer service office.
I was asked to send all the documentation,so I sent these by an e-mail,but they don't take it seriously and starting to ignore me.
Would someone kind enough to give me any advice?
Thank you for your time.|||It's irrelevant that the money has already gone from your account, your credit card company should cover it, as they should offer fraud protection if they're a reputable company eg visa, mastercard, am ex.
If they really have taken 拢3000 which they are not entitled to and you paid the 拢150 which was owed then send a copy of your statement, the invoice from them, and the receipt showing you paid it to the company by recoded delivery and make sure that you put in the accompanying letter that you will be seeking advice from a solicitor regarding the matter if you do not hear from them.|||if this has been going on for a year then i can see you have one of only 2 options left -
1) Forget it and put it down as a bad experience but slate them BIG time on website review pages etc
or
2) take your proof of whats happened to a solicitor|||Call your credit card company IMMEDIATELY and contest the charge.
Why do some banks charge you a fee to view your account balance at an ATM?
I used to use M%26amp;T; and when I first used one of their ATM's, there was an option for something called a "mini-statement." Curiously, I selected it expecting to see a list of some of the checks I cut and transactions done since I was just starting college. It turned out that I was charge a fee for that; although I was able to view my account balance. I never understood why. I later changed banks.
I eventually got a part-time job at the mall. Unfortunately, the company paid us either through direct deposit (which wasn't going to be set up for me for a few weeks) or via these ATM cards from the Visions Federal Credit Union.
I went to one of their ATM's, checked my balance (which they charged a fee for), and then tried to withdraw the full amount. Unfortunately, because I was charged a fee to see my balance (which was before the balance was less the account balance viewing fee), my balance had changed; and the withdrawal attempt failed, which charged me a "Declined" fee.|||Short form: Because they CAN. It is an 'open secret' that the single largest source of income for banks is fees. The ATM should have notified you of the fee and given you a chance to cancel the statement before you were charged. Even if it did not, I guarantee the fee schedule you were given when you opened the account and/or an update you received with one of your statements DID spell out the fee.|||It costs a lot of money to be poor. I always have more than the max I could withdraw from my account in there, so I never have to pay these fees. I also take enough out at one time that I dont visit ATMs that often - also I use credit cards for most purchases.
Most banks provide a printout of the balance even without the mini-statement thing, so that's a pure waste of money. Plus, with online banking, there's almost no excuse for this mini-statement BS. On the part of the consumer I mean - the banks are free to offer this perfectly legal service and let suckers and/or the poor and/or the rich (those who don't care about the few dollars of fees at all) fall for it.
Marie says, 'Maybe they're out to make money?' No s***! There's a for-profit bank - that's exactly what they're out to do, same as the car dealership, your doctor, and McDonald's.|||Because there are suckers who will pay it. I'm surprised if they didn't let you know upfront though. I'm glad you changed banks.|||Because they can get away with it. Before dealing with any bank, check out all their rules carefully. In your case, go to the credit union and complain; they are playing dirty pool. Tell them that they will either refund the fees, or you will deal with another institution as soon as your direct deposit is set up. This can work; I have done it.|||Wow! What a get over these banking institutions have become. I really don't appreciate the fact that so many banks with ATM's charge for withdrawal of my own money. Back in the day the charge used to be 25 cents, now it can be as much as $3.00. That's just a total rip off as far as I'm concerned. They limit the number of tellers at any given bank so that if you go inside to withdrawal funds the wait is ridiculous. That business of getting paid with an ATM card isn't so great either. You can never know for certain if they might have messed up on your pay unless you check the balance and then you get charged for doing that.You can't beat the system and it seems that we can't win for losing!|||PURE GREED!|||Banks don't want you tying up the network with just balance inquiries. Use their online site for that. It is free.
*|||Because banks like to advertise "Free this, free that", and have to come up with sneaky ways to charge you and tell you that you should have read the fine print.
Banks will sometimes refund one fee so I suggest calling them and asking them to reverse the Declined fee.
It's weird that your job won't cut you a check.|||I know. That happens to me all the time, it's crazy. Maybe they are just out to make money...
I eventually got a part-time job at the mall. Unfortunately, the company paid us either through direct deposit (which wasn't going to be set up for me for a few weeks) or via these ATM cards from the Visions Federal Credit Union.
I went to one of their ATM's, checked my balance (which they charged a fee for), and then tried to withdraw the full amount. Unfortunately, because I was charged a fee to see my balance (which was before the balance was less the account balance viewing fee), my balance had changed; and the withdrawal attempt failed, which charged me a "Declined" fee.|||Short form: Because they CAN. It is an 'open secret' that the single largest source of income for banks is fees. The ATM should have notified you of the fee and given you a chance to cancel the statement before you were charged. Even if it did not, I guarantee the fee schedule you were given when you opened the account and/or an update you received with one of your statements DID spell out the fee.|||It costs a lot of money to be poor. I always have more than the max I could withdraw from my account in there, so I never have to pay these fees. I also take enough out at one time that I dont visit ATMs that often - also I use credit cards for most purchases.
Most banks provide a printout of the balance even without the mini-statement thing, so that's a pure waste of money. Plus, with online banking, there's almost no excuse for this mini-statement BS. On the part of the consumer I mean - the banks are free to offer this perfectly legal service and let suckers and/or the poor and/or the rich (those who don't care about the few dollars of fees at all) fall for it.
Marie says, 'Maybe they're out to make money?' No s***! There's a for-profit bank - that's exactly what they're out to do, same as the car dealership, your doctor, and McDonald's.|||Because there are suckers who will pay it. I'm surprised if they didn't let you know upfront though. I'm glad you changed banks.|||Because they can get away with it. Before dealing with any bank, check out all their rules carefully. In your case, go to the credit union and complain; they are playing dirty pool. Tell them that they will either refund the fees, or you will deal with another institution as soon as your direct deposit is set up. This can work; I have done it.|||Wow! What a get over these banking institutions have become. I really don't appreciate the fact that so many banks with ATM's charge for withdrawal of my own money. Back in the day the charge used to be 25 cents, now it can be as much as $3.00. That's just a total rip off as far as I'm concerned. They limit the number of tellers at any given bank so that if you go inside to withdrawal funds the wait is ridiculous. That business of getting paid with an ATM card isn't so great either. You can never know for certain if they might have messed up on your pay unless you check the balance and then you get charged for doing that.You can't beat the system and it seems that we can't win for losing!|||PURE GREED!|||Banks don't want you tying up the network with just balance inquiries. Use their online site for that. It is free.
*|||Because banks like to advertise "Free this, free that", and have to come up with sneaky ways to charge you and tell you that you should have read the fine print.
Banks will sometimes refund one fee so I suggest calling them and asking them to reverse the Declined fee.
It's weird that your job won't cut you a check.|||I know. That happens to me all the time, it's crazy. Maybe they are just out to make money...
Retirement Problem She wants to be able to withdraw $100,000 from her savings account on each birthday for 15?
A time line will help in solving it. Your friend is celebrating her 29th birthday today and wants to start saving for her anticipated retirement at age 65. She wants to be able to withdraw $100,000 from her savings account on each birthday for 15 years following her retirement; the first withdrawal will be on her 66th birthday. Your friend intends to invest her money in the local credit union, which offers 10 percent interest per year. She wants to make equal annual payments on each birthday into the account established at the credit union for her retirement fund. (Do not include the dollar signs ($). Round your answers to 2 decimal places. (e.g., 32.16))
A) if she starts making these deposits on her 30th birthday and continues to make deposits until she is 65 (the last deposit will be on her 65th birthday), she must deposit $ _______ annually to be able to make the desired withdrawals at retirement.
B)Suppose your friend has just inherited a large sum of money. Rather than making equal annual payments, she has decided to make one lump sum payment on her 29th birthday to cover her retirement needs. This deposit will have to be in the amount of $_______
C)Suppose your friend's employer will contribute $800 to the account every year as part of the company's profit-sharing plan. In addition, your friend expects a $38,000 distribution from a family trust fund on her 55th birthday, which she will also put into the retirement account. She must deposit $__________ annually now to be able to make the desired withdrawals at retirement.|||First step is to google:
Retirement calculator.
Schwab and Fidelity have good ones.
Sorry, this is going to take all day to figure out, and I'm not getting paid for it.
Hope you use an Exell spreadsheet.
My guess is she will need about 2.5 million at retirement age.
/
A) if she starts making these deposits on her 30th birthday and continues to make deposits until she is 65 (the last deposit will be on her 65th birthday), she must deposit $ _______ annually to be able to make the desired withdrawals at retirement.
B)Suppose your friend has just inherited a large sum of money. Rather than making equal annual payments, she has decided to make one lump sum payment on her 29th birthday to cover her retirement needs. This deposit will have to be in the amount of $_______
C)Suppose your friend's employer will contribute $800 to the account every year as part of the company's profit-sharing plan. In addition, your friend expects a $38,000 distribution from a family trust fund on her 55th birthday, which she will also put into the retirement account. She must deposit $__________ annually now to be able to make the desired withdrawals at retirement.|||First step is to google:
Retirement calculator.
Schwab and Fidelity have good ones.
Sorry, this is going to take all day to figure out, and I'm not getting paid for it.
Hope you use an Exell spreadsheet.
My guess is she will need about 2.5 million at retirement age.
/
DIRECT DEPOSIT? few questions about it~?
ok well i have been getting my check from work, but i hate always trying to make time to go to the bank so i was thinking about direct deposit. i dont have a checking account so i would just have it deposited to my savings account. well first off, i wouldnt trust anyone at my work with a penny so im worried about this. i just went to the bank and they said i will need to give my employer my account number and my banks routing number. is there anyway anyone at my work can withdraw any money from my account with my account number? or could they see my balances or anything? just worried about it, thanks!|||They will not be able to see your balances, but the person from your work could just as easily withdraw from your account as they can deposit to your account. We had a payroll person at our company who one time accidentally checked the wrong box and withdrew the amount of our paychecks, instead of depositing! Several people in the office ended up with overdrafts, but the company covered the fees. While I find direct deposit very convenient, if you have any trust issues at all, don't do it.
n|||nope nobody can take your money from work (its all done electronically as well and only payroll people will know the account
also lot times with direct deposit you sometimes Even get a day earlier
or very ealry on payday like I have direct deposit and its on my bank at 2am
in the morning on payday|||Direct deposit is convenient and secure. No one from work will be able to withdraw from your account, nor will they have access to your balances or other information.
n|||nope nobody can take your money from work (its all done electronically as well and only payroll people will know the account
also lot times with direct deposit you sometimes Even get a day earlier
or very ealry on payday like I have direct deposit and its on my bank at 2am
in the morning on payday|||Direct deposit is convenient and secure. No one from work will be able to withdraw from your account, nor will they have access to your balances or other information.
How do you solve this break point even question using algebraic expressions?
You have $22 in your bank account and deposit $11.50 each week. At the same time your cousin has $218 but is withdrawing $13 each week .
a. When will your accounts have the same balance?
b. How much money will each of you have after 12 weeks
Please provide a detailed explanation on how to solve this problem step by step without using graphs.|||For the first part, create two expressions for the two people. You start off with 22, and 11.5 is added every week. Therefore at any point, you have 22 + 11.5n in your account, where n is equal to the number of weeks that have passed. Similarly, your cousin has 218 - 13n at any point.
To work out when you have the same amount, you just have to equate the two expressions, giving
22 + 11.5n = 218 - 13n Group like terms to give 24.5n = 196 and solve to give n = 8.
22 + 11.5*8 = 114 = 218 - 13*8
For the second part, you just have to make n=12 and then plug it into both expressions
(22 + 11.5*12 and 218 - 13*12 respectively)
a. When will your accounts have the same balance?
b. How much money will each of you have after 12 weeks
Please provide a detailed explanation on how to solve this problem step by step without using graphs.|||For the first part, create two expressions for the two people. You start off with 22, and 11.5 is added every week. Therefore at any point, you have 22 + 11.5n in your account, where n is equal to the number of weeks that have passed. Similarly, your cousin has 218 - 13n at any point.
To work out when you have the same amount, you just have to equate the two expressions, giving
22 + 11.5n = 218 - 13n Group like terms to give 24.5n = 196 and solve to give n = 8.
22 + 11.5*8 = 114 = 218 - 13*8
For the second part, you just have to make n=12 and then plug it into both expressions
(22 + 11.5*12 and 218 - 13*12 respectively)
A Banking Question/Definition of "Teller Deposit"?
I made a bet with a cousin of mine %26amp; he lost %26amp; because of the amount of the bet he couldn't go to an ATM cause his bank only lets him take out $2,500 a day %26amp; he didn't want to go to the teller %26amp; just withdraw the money (I don't know why I guess he didn't want to carry that much cash on him), so he had the money wired into my bank account. the money is going to clear some time on Monday now in the Description is says teller deposit %26amp; I asked my cousin he doesn't know what it means %26amp; I would ask my bank but they take days to get bank to me. So does anyone know what "Teller Deposit" Means??? (I'm happy I have my money but I just want to know what it means)|||a deposit processed by a teller.
Dodgy deposit for new flat?
I have just been looking at a flat which i am interested in.
I have emailed the owner asking to arrange a viewing and they replied to me telling me that would be fine but as she lived in belfast her solicitor advised her she should get me to transfer some money via money gram or othe service like this to a family member outside of my city. then send the trans number to her solicitor
this is what she put:
'My lawyer insist that you transfer at least a months rent plus
security deposit to any of your reference or family within London or
any city outside preston.......You will get back to my lawyer on phone
to confirm the reference of the transfer to him, after he has confirm
that the transfer is active in your name, you can proceed to withdraw
back the money and i will immediately schedule a time to take you
round my flat on thursday...
If you need any information of either me or my solicitor, i am more
than welcome to provide you, note that this is just a finacial ability
procedure, after you have viewed tha house and like it, you can
proceed with signing the tenancy agreement and depositing of upfront
to our bank account.'
......................................鈥?br>
The other thing is it is a lovely maisonette and looks perfect. it is only 拢90 per week! is this too good to be true?
Should i go through with the money transfer.
please help
x|||sounds like a scam to me. Why do you need a deposit when you are just looking at it?|||In the United States this would be a scam. There is no reason to give money up front to see an apartment.
Did she give you the name of the solicitor? If she did, call him or her and ask about the arrangement. Confirm that the person you are speaking to is in fact a solicitor.
I have emailed the owner asking to arrange a viewing and they replied to me telling me that would be fine but as she lived in belfast her solicitor advised her she should get me to transfer some money via money gram or othe service like this to a family member outside of my city. then send the trans number to her solicitor
this is what she put:
'My lawyer insist that you transfer at least a months rent plus
security deposit to any of your reference or family within London or
any city outside preston.......You will get back to my lawyer on phone
to confirm the reference of the transfer to him, after he has confirm
that the transfer is active in your name, you can proceed to withdraw
back the money and i will immediately schedule a time to take you
round my flat on thursday...
If you need any information of either me or my solicitor, i am more
than welcome to provide you, note that this is just a finacial ability
procedure, after you have viewed tha house and like it, you can
proceed with signing the tenancy agreement and depositing of upfront
to our bank account.'
......................................鈥?br>
The other thing is it is a lovely maisonette and looks perfect. it is only 拢90 per week! is this too good to be true?
Should i go through with the money transfer.
please help
x|||sounds like a scam to me. Why do you need a deposit when you are just looking at it?|||In the United States this would be a scam. There is no reason to give money up front to see an apartment.
Did she give you the name of the solicitor? If she did, call him or her and ask about the arrangement. Confirm that the person you are speaking to is in fact a solicitor.
Mysterious deposit into Wells Fargo account?
Last night, I deposited money into my account. Checked the ATM and online statements afterwords and the deposit went through fine. Today, I get a medical bill so I log into my bank account to check how much I can handle. To my surprise, there is an extra $300 in my checking account. There is no deposit or addition to my account listed. At the same time, I notice that a $400 charge for textbooks has disappeared from my history that was charged yesterday. I made sure to check my account after that purchase and the $400 was taken from my account. Only now, there is no mention of the purchase on my account.
So now I'm sitting here with an extra $300 in my account with no idea where it came from. Has this happened to anyone? Is it a bank error? Should I expect that money to be taken back? Should I go withdraw as much as I can before they do? Or should I just shut up and enjoy my random luck?|||Notify the bank of your concern. Do not think for one moment that if there was a mistake in your favor that it won't be found out. This is not Monopoly, this is real life.|||If you purchased the books with a debit card what you saw was the authorization "Pending" but not the actual charge hitting your account. That can happen a few days later if the merchant processes debit cards as ACH debits.
Do NOT use the 'additional' money. It likely will get posted in a few days.
You should be calculating a balance in your checking account. The on-line balance at your bank does not reflect the true 'book' balance of your account. Checks you have written, unposted debits, checks in transit, etc. can cause a difference.|||if you take the money out and its a mistake on the bank's part, they will take the money out of the account and overdraft you, which would be your fault and the bank will not refund any fees caused by you taking money that is not rightfully yours. If you can concerned, call customer service.|||The bank's computer system probably went down, and they restored the accounts from back ups. They just haven't gotten the previous days transactions re-posted yet.
You really should call the bank and get the matter straightened if the account is still wrong in a day or so. To just keep the money is dishonest and the same thing as stealing the money.|||Sometimes pending items are not displayed, but it is probably still there. I would definitely check with your bank. If they don't have it, check with the merchant, because sometimes a transaction can be voided by mistake. But I wouldn't let it go, it may catch up with you when you're not expecting it, and you could end up having overdraft fees, etc. It's not worth it. Sorry.|||Somewhere in the fine print of your accounts terms and disclosures will say something regarding banking errors. In short, yes you will be still be responsible for any incorrectly deposited forms, so just go ahead and inform the bank of the error immediately.
So now I'm sitting here with an extra $300 in my account with no idea where it came from. Has this happened to anyone? Is it a bank error? Should I expect that money to be taken back? Should I go withdraw as much as I can before they do? Or should I just shut up and enjoy my random luck?|||Notify the bank of your concern. Do not think for one moment that if there was a mistake in your favor that it won't be found out. This is not Monopoly, this is real life.|||If you purchased the books with a debit card what you saw was the authorization "Pending" but not the actual charge hitting your account. That can happen a few days later if the merchant processes debit cards as ACH debits.
Do NOT use the 'additional' money. It likely will get posted in a few days.
You should be calculating a balance in your checking account. The on-line balance at your bank does not reflect the true 'book' balance of your account. Checks you have written, unposted debits, checks in transit, etc. can cause a difference.|||if you take the money out and its a mistake on the bank's part, they will take the money out of the account and overdraft you, which would be your fault and the bank will not refund any fees caused by you taking money that is not rightfully yours. If you can concerned, call customer service.|||The bank's computer system probably went down, and they restored the accounts from back ups. They just haven't gotten the previous days transactions re-posted yet.
You really should call the bank and get the matter straightened if the account is still wrong in a day or so. To just keep the money is dishonest and the same thing as stealing the money.|||Sometimes pending items are not displayed, but it is probably still there. I would definitely check with your bank. If they don't have it, check with the merchant, because sometimes a transaction can be voided by mistake. But I wouldn't let it go, it may catch up with you when you're not expecting it, and you could end up having overdraft fees, etc. It's not worth it. Sorry.|||Somewhere in the fine print of your accounts terms and disclosures will say something regarding banking errors. In short, yes you will be still be responsible for any incorrectly deposited forms, so just go ahead and inform the bank of the error immediately.
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