Bank account garnishment can be avoided by paying off debt, negotiating a payment plan with creditors, not having a bank account, opening an account in another state or region, opening an offshore bank account, or declaring bankruptcy. Creditors usually resort to garnishment as a last option. Bank account garnishment can occur when an individual owes […]
Concentration accounts are central locations for holding funds, used by banks for internal transactions or by customers to manage accounts. They can make cash management more efficient, but critics argue they can facilitate illicit activity. Zero balance accounts can be used with a sweep feature to transfer funds to a concentration account. There are concerns […]
Retailers can apply for a credit card merchant account to accept credit card payments. The account comes with fees, including application, monthly service, and transaction fees. Merchants can reduce fees by maintaining good standing and sales volume, and by following security procedures. Retailers can open a credit card merchant account to accept and process credit […]
Consider maintaining a positive balance, paying a minimum amount monthly, being a student, and paying a fee when choosing a checking account with a high interest rate. Online accounts offer higher rates, and some banks offer bonuses or fixed monthly bonuses. Overdraft services and minimum monthly payments may affect interest rates. Student accounts offer overdraft […]
The capital account tracks investments and loans within and outside a country, including financial transactions and interest payments. It helps provide an accurate picture of capital inflow and outflow, and includes financial indicators such as debt forgiveness and royalty payments. Sometimes called a current account, the capital account is a device that allows easy tracking […]
Marketing account managers develop and implement marketing programs for specific accounts, with the goal of increasing revenue through sales, support, and engagement. They supervise employees and oversee the big picture, and must be able to anticipate future needs and reactions. A marketing degree is usually required. Marketing Account Managers are responsible for developing and implementing […]
Flexible spending account limits govern the amount of tax-free money a person can contribute to cover medical expenses not covered by insurance. Employers set maximum limits subject to change, and there are regulations about how the money can be used. Unused funds are forfeited at the end of the tax year. Flexible spending account limits […]
A checking account is a statement given to insurance sales agents to show their commission earned, with information on policies sold, premiums paid, and other relevant data. Brokers may also receive a similar statement, and individual workers may receive reimbursements for business use of personal assets. A checking account is a statement given to individual […]
A petty cash account is a small fund held within a business for small purchases when using checks or cards would be impractical. It is kept in a safe deposit box and only one or two people have access. Withdrawals and deposits are recorded in a ledger to prevent theft. The account is usually around […]
Escrow accounts hold funds for a specific purpose, with the most common types being related to real estate and property transactions. They are used to ensure property taxes and homeowner’s insurance are paid on time and in full, with monthly payments made into the account. Escrow accounts can also be established for other purposes, such […]
Opening a Swiss bank account is relatively easy, with only a minimum age requirement and few regulations. However, banks may reject requests if the origin of the money is suspicious or violates Swiss law. Certified copies of official documents are required to prove identity and source of funds. In-person or remote account opening is possible, […]
Opening a Swiss bank account is relatively easy, with only the requirement that the account holder must be at least 18 years old. However, banks may reject requests if the origin of the money is suspicious or violates Swiss law. Certified copies of official documents are usually required to prove the source of the money […]
The article explains the terms “due to account” and “general ledger account maturity” in accounting. A due to account is a liability account that records the amount owed to another entity, while a general ledger account maturity records the amount expected to be received from another entity. The general ledger is a document that records […]
Kids’ bank accounts teach budgeting, saving, and banking. Parents should teach responsible money management and help choose the best account. Many banks offer incentives, literature, and teen accounts with pre-loaded debit cards to teach responsible use. A kids’ bank account is a fun way for kids to learn about budgeting, saving money, and how the […]
Choosing a free offshore bank account requires research on minimum deposits, location, online access, and bank security. Customer service and security are also important factors to consider. A free offshore bank account offers many benefits to its owner, such as tax relief and privacy. There are many countries and many more banks that offer this […]
A vostro account is an account held by one party, managed by another, and maintained for the owner’s benefit. It is useful in forex and stock trading. A parrot account is held by one party, managed by another, and audited by a third party. Both help keep ownership issues clear. A vostro bank account is […]
A health reimbursement account is an employer-funded account used to cover employee health expenses, often used instead of group health insurance or to help with high-deductible plans. Employers must create a plan outlining what expenses can be reimbursed, and there are tax benefits for both employers and employees. Employees have control over their healthcare expenses, […]
Health Savings Accounts (HSAs) are American savings accounts for healthcare expenses. They offer tax breaks, but have limitations and qualifications. The account can be opened at approved banks, credit unions, and insurance companies. A health savings account (HSA) is a savings account that helps people save for health care expenses for themselves, their spouses, and […]
To become a technical account manager, a bachelor’s degree in computer science and 3-5 years of experience in client account management, product management, and technical knowledge are required. Aspiring managers should gain experience in software development, technical support, and customer service through internships, work study programs, volunteer work, or part-time jobs. Effective communication, presentation, problem-solving, […]
An income summary account is a temporary accounting document used to balance all accounts at the end of an accounting period by transferring money from income and expense accounts to the retained earnings account, indicating whether the company made a profit or loss. An income summary account is a temporary accounting document used specifically at […]
