Personal Banking

A:

The amount of money kept in a bank's vault varies widely and is mostly dependent on the anticipated transaction needs of each bank, the cost of shipping currency should it run low, and the loss of potential interest on cash held in the bank rather than loaned to customers, according to the Federal Reserve Bank of St. Louis. Banks must also retain a minimum amount of cash reserves by law.

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  • How long does it take to process a refund on a debit card?

    Q: How long does it take to process a refund on a debit card?

    A: Refunds are generally processed and funds returned to the debit card on the customer's bank account within 10 business days. However, there are cases in which a refund takes longer to process.
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  • How long does it take to get an unemployment check?

    Q: How long does it take to get an unemployment check?

    A: Unemployment checks typically begin to arrive two to three weeks after the state unemployment agency receives an unemployment claim. The process takes this long because the agency must process the unemployment claim, making sure the information is accurate and the claim is valid.
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  • What is the purpose of petty cash?

    Q: What is the purpose of petty cash?

    A: The purpose of petty cash is to pay for minimally priced business transactions in a cost effective way. Petty cash can only be used for transactions that are not reported to the Internal Revenue Service.
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  • How do you cash a check if you don't have an ID?

    Q: How do you cash a check if you don't have an ID?

    A: According to the United States Uniform Commercial Code, a person must be identified as the authorized recipient of a payable instrument to transform it to cash. Even though there is no universal identification requirement in place, a form of ID is typically required to cash a check at a bank.
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  • Where are Coinstar locations?

    Q: Where are Coinstar locations?

    A: Coinstar offers a kiosk finder on its website to allow customers to find a location using their city and state or zip code. Kiosks are located throughout the United States, Canada, the United Kingdom, and Ireland.
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  • What is telebanking?

    Q: What is telebanking?

    A: Telebanking is the process of handling bank accounts over the phone. It is also referred to as telephone banking. This service is commonly offered by banks, credit unions and credit card companies. There are often fees associated with using this service.
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  • What is the difference between a credit union vs. a bank?

    Q: What is the difference between a credit union vs. a bank?

    A: The difference between a credit union and a bank is the ownership. Credit unions are non-profit cooperatives owned by their members, while banks are for-profit entities. They are also insured by different federal agencies; credit unions are insured by the NCUSIF and banks are insured by the FDIC.
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  • Where can I find my bank transit number?

    Q: Where can I find my bank transit number?

    A: The bank transit number is located on the bottom of the check. Every check received from a federally funded financial institution contains a bank transit number which is called a routing number.
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  • What is the definition of withdrawal slip?

    Q: What is the definition of withdrawal slip?

    A: A withdrawal slip is a bank document on which a person writes the date, account number and amount of money to withdraw from a bank. It is called a withdrawal slip because it is used to make a withdrawal from a person’s account. It includes important information that allows the bank to keep an accurate record of the withdrawal and provide the required amount.
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  • What is the difference between chapter 7 vs. chapter 13 bankruptcy?

    Q: What is the difference between chapter 7 vs. chapter 13 bankruptcy?

    A: Nolo defines Chapter 7 bankruptcy as when an individual asks the courts to erase a majority of the debts that he owes and Chapter 13 bankruptcy as when an individual applies for a repayment plan to pay back either all or a percentage of his debt over a specific period of time. A bankruptcy trustee is allowed to take non-exempt property if the individual files for Chapter 7 bankruptcy.
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  • Where can you cash a check on Sunday?

    Q: Where can you cash a check on Sunday?

    A: Depending on the type of check, there are several locations available for cashing a check on Sunday. Some banks, such as TCF Bank, are open on Sundays. Other locations include Wal-Mart, Kmart, certain grocery stores, select convenience stores such as 7-Eleven or a check cashing store such as Ace Cash Express.
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  • What is a check endorsement?

    Q: What is a check endorsement?

    A: A check endorsement is a signature on the back of a check. Financial institutions require all parties listed on the check to sign the back to be able to cash or deposit the check. A check typically has a designated area for customers to sign, and it is usually marked with the statement "Do not write, stamp or sign below this line."
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  • Can I check my bank account balance online?

    Q: Can I check my bank account balance online?

    A: When a consumer banks with a company that offers online banking services, he is typically able to check account balances online. Some bank customers neglect reconciling and monitoring account activity because of the convenience of reviewing account balances online, according to Bankrate.
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  • What is the difference between financial and real assets?

    Q: What is the difference between financial and real assets?

    A: The main difference between financial and real assets is that financial assets are cash and securities, such as stocks and bonds, whereas real assets represent tangible possessions, such as real estate, production equipment and inventory. Generally, financial assets are more liquid than real assets because they can be readily converted to cash. Real assets take considerably more time to sell.
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  • What is the importance of computers in the banking industry?

    Q: What is the importance of computers in the banking industry?

    A: Computers allow banks to provide ATM services, online banking, speedier transactions and accurate tracking and verification of funds. They also make banking institutions more secure through enhanced security and surveillance setups.
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  • How do you change a debit card PIN number?

    Q: How do you change a debit card PIN number?

    A: To change a debit card PIN number, customers must contact their banking institution by phone or in person, and verify their identities through a series of security questions. Once the customer's identity is verified, he or she will be instructed to enter a new PIN number into a bank keypad or their telephone keypad. There are also some banking institutions that allow their customers to change their debit card PIN number online.
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  • How long are travelers cheques valid for?

    Q: How long are travelers cheques valid for?

    A: Two main companies, American Express and Thomas Cook, issue travellers cheques, and neither of the products have expiration dates. According to American Express, unused cheques can be saved for future trips or cashed out when no longer needed.
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  • What can you use a SMS payment for?

    Q: What can you use a SMS payment for?

    A: SMS payments may be used to pay for digital goods and services, merchandise in retails stores and to transfer funds from one bank account to another individual or a business account. According to Mobile Transaction, as of 2013, the use of mobile phones to make SMS payments is growing rapidly among businesses and consumers.
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  • What is Brazil's money called?

    Q: What is Brazil's money called?

    A: Brazil's monetary system is based on the Brazilian real (BRL). Brazilian coins, called centavos, are worth a percentage of the real. Paper money is in multiples of reals.
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  • How do I open a checking account online?

    Q: How do I open a checking account online?

    A: To open a checking account online, choose a specific bank and visit their company website to follow the outlined steps. According to Regions Bank, some banks allow clients to open a checking account from the privacy of their own homes, as long as they already have certain vital information.
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  • How long do you have to cash a personal check?

    Q: How long do you have to cash a personal check?

    A: According to the Consumer Financial Protection Bureau, a personal check must be cashed within six months to ensure payment. After six months, banks and credit unions are not required to cash the check.
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