Will you lose your money in savings account?
Not likely. Savings accounts are insured by governments these days, at least to the tune of about $100,000. However, the interest paid on bank savings accounts is so minimal that it probably won't cover your bank fees let alone keep up, with inflation. So, you are pretty much guaranteed to lose money, in real terms, if you leave your money in a bank savings account for a long time.We are being highly encouraged, if not forced, to either spend our money or invest it in fairly risky things like real estate or stocks. Governments don't seem to want us to save. In years past, governments encouraged their citizens to save, because savings provided capital for investment in industrial production or innovation that helped the economy grow. These days it seems that governments would rather just manufacture the money with something they call "quantitative easing" and let their citizens spend their money in order to stimulate demand for all those manufactured goods. It will be interesting to see how this all turned out.
How do you withdraw money out of your savings account and checking account?
You can use an ATM card to withdraw from either a checking or savings account as long as the accounts are linked to the card. You also can get a combination ATM/debit card that can be used at most merchants to purchase things. Go see your bank to get set-up. You also can write checks against the checking account. If this is your account and you are age 18 you do not need a parent approval, but you would be wise to let them know what you are doing in case the bank calls. If it is a custodial account in your name your parent may be required to approve your withdrawals. There are usually no fees to withdraw using an ATM card, but you are limited to usually no more than 3 withdrawals from a savings account.
Can i get money out of my savings account through an ATM?
When you use your ATM card the screen needs to show you the option if you want to take it out of your checking or your savings. If not, that means that your accounts (for some reason) are not tied. Your savings and your checking (at the same bank), should be tied together. Go to your ATM and read the screens carefully. /
Can I withdraw money from my savings account?
I am an operations manager for a bank and I'm sorry to say, but no you cannot. First of all, you are under age so if you are on the account, you are on there as a minor. Mom is the custodian and you can't do a thing without her. People mentioned linking the savings account to your ATM card. Well, as minor you can't have one of those either so it's a mute point. Mom can, and mom can link her accounts and let you use the card, but that is completely up to mom. They are very strict with minor accounts because you can't legally be responsible for debt so you are not responsible if you handle the account inappropriately. It really ties the hands of bankers. To put it blunt, minors have no right to any part of that money until adulthood. Even if mom passed away tomorrow, another custodian would have to be appointed to handle the account on your behalf. You still couldn't have it. Sorry.
Can i take money out of my savings account without my parents noticing?
thats not a good idea! when u get ur alowense try to strech the money thinking if it was the only money ur ever get! and buy them a gift that they"ll tresure im sure if u would buy them a paid vacation or just a home made b-day card or a burn cd of there favorite songs from when they where young!!! they'll love it the same remember is the thought that counts and u will fell proud of ur self!!! and them to.
Can i withdraw money from my savings account if im under 18?
If you are under 18, only your parent/guardian, the custodian of the account, is able to make withdrawals. Even if you go to the bank with your account number and ID, they will not be able to do the withdrawal. If you have an ATM card linked to the account, you can use that to withdraw money. Otherwise you will need to go to the bank with your parent/guardian and they can withdraw the money for you. All savings account for minors under 18 work this way. When the account was opened, a person, usually one of your parents, was listed as the custodian of the account and they are the only one who can access the money.
How do I transfer money from Demat a/c to savings account for HDFC?
Please note that DEMAT account is not an account meant for saving money or depositing moneyDEMAT means dematerialisation.When you buy shares or debentures or bonds from companies , instead of issuing physical certificates for such purchase they used to include the details in DEMAT statements.As such additions on account of purchases and deletions on account of sales will have reflection in the DEMAT account.At any point of time, you can find out as to how many shares you have in each company for which you had made investmentsDemat accounts can be opened with NSDL or CDSL and for this purpose you can open the accounts with the bank branches authorised by NSDL or CDSL.For this purpose you have to link one of your savings deposit accounts. The dividend and interest payments on account of shares and debentures will be credited to the savings account using ECS facility and similarly, the DEMAT account maintenance charges will be debited to the savings deposit linked to DEMAT accountPlease note there will be no money transfer from DEMAT account to savings account or savings account to DEMAT account
Can I convert my NRE account to an savings account?
If you are an NRI (living out of India), you may not convert your NRE account to a savings account. A lot of NRIs would want to convert the NRE/NRO account to resident savings account after FATCA/CRS and reporting of income/transactions to the country of residence. This is against the law.If you have moved to India and become a resident as per FEMA (not income tax), you much close NRE account and transfer funds to resident savings account or to RFC - Resident Foreign Currency account.It is your responsibility to inform the bank of your change in residential status. It is possible that some bank may inform you that you can continue NRE FD until maturity whereas other may require to close the NRE FDs.If you continue the NRE FD, the interest on NRE FD would become taxable from the day of your return as you are legally not allowed to maintain NRE accounts under FEMA after your return to India. Thanks.
Can ii still withdraw money from my checkings account if its already overdrawn?
Don't be ridiculous! You can only use what money you have already deposited in your account. Anyone who writes a check on account without sufficient verified available funds on deposit commits a FELONY, and you can be convicted and imprisoned for that. Usually the bank will give you a couple of days to correct your "mistake " - since they will first assume that you cannot do simple elementary-school level arithmetic. But if you do not make up the deficiency plus pay all the stiff fees, they can turn over that bad check to authorities at any time without any notice to you and prosecute. For that matter, the person/company you give a bad check to can turn it over to authorities and file a legal complaint of fraud, have you arrested. You are already overdrawn and you know you are overdrawn. You already owe fees to the bank. You owe bounced check charges to whomever you gave the bad check. Bounce another check here and you seriously increase the possibilities of getting charged with a felony and going to jail. If you can't manage your money, that's your fault, and nobody listens to excuses about "needing money BAD," as you claim. Go to court with that excuse and a judge would likely "tear you a new one," so to speak. Wise up really fast, or you are headed for some excruciatingly difficult trouble. The economy is bad, and prosecutions are increasing. There is no more room for "mistakes," and no allowance at all for really bad judgment. Hope I've put this in strong enough terms to keep you from making a very serious - potentially dangerous - error.
Can your parents take your money out of your bank or savings account once you turn 18?
You parents can't take any money from your account unless they are also on the account as well. Check to make sure the account is solely in your name and if it is you don't have any more worries on that count. Second, unless your parents plan to either sell your information or use it to their own ends then you shouldn't have to worry about your social security number either. However, if your parents are the kind of parents who might do that then here are two options to consider. 1. Go to police station let them know you are worried about someone (it seems less harsh than saying your parents) might steal your identity. I believe they will take you through the process of "booking" you or something to that effect so that you are formally in the system and there is a picture (current) and your fingerprints and the like right there so that if someone else is found using your information they will be the ones held responsible and not you. 2. You can always sign up for one of those identity theft agencies I hear that they are really good and if you sign up now while there is pretty much nothing on your credit (at least I hope) they can help you keep it that way and as an added bonus you won't get as much if any at all junk mail. I understand you wanting serious answers to your question. I too have questionable relatives (not my parents but an aunt and at least two uncles) and can understand your concern. Good luck and remember just because you're paranoid doesn't mean someone is not after you!