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ACF stands for "Authorized Check Signer" on a joint checking or savings account. This designation indicates that the individual has the authority to sign checks on the account. ACF status allows the designated individual to conduct financial transactions on behalf of the account holders. It is important to understand the responsibilities and limitations associated with being an ACF on a joint account.
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What does savings account mean?
Generally a savings account pays interest, and a checking (current) account doesn't. Also, a savings account cannot be overdrawn, but with permission, it is possible to overdraw a checking (current) account. The previous person is correct, a savings account simply lets you save your money and make a little bit at the same time. With a savings account it is a little harder to spend it since they are not typically tied to a checkbook.
Can collection agencies take money from a joint savings account?
This may depend on the country your in, but I would suggest not. If the debt in question is a debt solely in your name, this will mean the other party on your joint account is not liable for your debt, so they cannot take funds from your joint account.
What does dda gl credit mean?
DDA=Demand Deposit Account....(ex, checking account, savings account, etc) GL=General Ledger.... Credit=Positive Entry, Entry going -in-, opposite of debit....
What does overdraft on your checking account mean?
== == Overdraft on your checking account happens when a withdraw or check written exceeds the funds in the account. Often banks will honor the withdraw or check but then charge the account owner on the borrowed funds. Many banks will offer overdraft protection which will pull money from a different account (often a savings account, line of credit, or credit card).
What does signatory mean on a checking account?
Signatory means that the person who owns the checking account has signed something linked to the checking account. This could be a document or a check.
What do you mean by savings income?
I think what they mean is interest income earnt from having money saved in a savings account.
Does debit mean taking out subtracting from a checking account?
18,000
How much money is needed to open a bank?
Its good to have at least $250,000 depending on how big the bank is. Local or international. Answer If you mean bank account, then none. Some banks will charge you if you have less than $100 in your savings account. But most checking accounts are free.
What is mean by intra banking transaction?
"Intra" means within, as in a transfer within the bank. Your bank may have an agreement where you designate your accounts to and from which funds may go. A checking and savings account at the same bank are examples.
What does it mean to cosign on a savings account?
It's like cosigning a loan. It puts you at partial responsibility for the account.
What does to travel A/CXFER mean on a bank statement?
If you see "A/CXFER" on your bank statement, it usually means you've done an account transfer. This could be moving money between your own accounts, like from savings to checking, or it might be transferring funds to someone else’s account.
Signer on my mom's checking account?
Is there a question here? Do you mean how do I get to be a signer or what?
