What will happen to my money in bank if that bank collapses in earthquake or any natural disasters?
Reserve Bank of India is the guaranter for your money in bank both private and PSU. No bank can deny returning your money under any circumstances except economic crisis in the country.
What is the worst case scenario that can happen if your bank account is overdrawn?
It will depend on how you are overdrawn, how long you are overdrawn and your banking institutions rules. Did the bank pay the transaction that overdrew your account? If yes, then they will charge you overdraft fees. Some banks charge fees for additional length of time that your account stays overdrawn. If no, then whover you made the payment too will charge you their fees for unpaid transaction and the bank will charge you fees. The really bad part about this, is if it was a check or electronic transfer they can continue to hit your account for the amount. Each time the bank will charge you additional fees. The banking industry has a company that they report bad check writers too. If they do, these will hamper you writing checks in the future -- till you clear up your debts. Your creditor (the person/company who did not get paid) can turn over to your local district attorney to collect - it is a crime to write a bad check. However, you are a minor and unable to legally do business in the US. and $35.95 is usually not large enough for the local authorities to be knocking on your door. By the way you are a teenager and can earn $40 in a weekend by doing some chores for a neighbor.
What happens to your bank account money when you die?
It becomes part of your estate, just like EVERYTHING else you own. Your will determines who gets what. If you don't have a will, your states intestate laws determine who gets what, and your parents are probably at or near the top of the list. In the case of a bank account, you can ask the bank about adding a 'payable on death' clause to the account. This automatically transfers the account to the named person when you die. They would only have to present the bank with a copy of your death certificate, and proper ID to claim the funds.
What will happen to my money if my debit card is blocked?
You just blocked your debit card not your account, debit card is just a medium to withdraw money from your bank account, if it is blocked or damaged it won't hamper your money at bank account.You can withdraw your money from your bank account anytime by using other methods.
What if you owe the bank money?
No, it would work very similair to a credit card debt. Don't worry thaere are people that owe thousands and thousands on credit cards and they don't go to jail. They will frezze the account and try to get him to pay what he owes. If he does not pay it will go on his credit and he won't be able to open another bank account and it will hurt his credit score as with any other debt. He should try to make payment arrangements with the bank $50 a week or whatever he can afford, but no he won't go to jail over it.
What happens to someone's bank accounts when they die?
The account, upon notification of the person holding the Death Certificate (usually a relative) the account is blocked. All cheques (in particular) and direct debits or Standing Orders if presented after the person’s death are returned “Debtor Deceased”.It is then up to that Creditor/beneficiary to find out the name of the Solicitor or Executor to “prove “ their debt and entitlement to the money. If no one comes forward, and no will is found the bank have to transfer the money in to a reserve account, where the funds are held for 10 years. After that it is ploughed in to he Bank’s Profits and of Course the dear old Inland Revenue !The bank has a Duty of Care to show that they have made all possible attempts to find a relative of some description, and that would include the use of Tracing Agents to find a surviving line, no matter who distant. If all these attempts fail, then the money goes to the Crown (HM Inland Revenue).If the person has left a will and it is found, then he distrubtion of the Estate, banks included have to pay the money to the Executor in Trusteeship of the Will. He will write to the banks and also place a notice in at least two News papers; one will be in a local paper and the other in a National paper if the sum is particularly large. This is covered under The Trustees Act 1927.
What happens to my money if there is an EMP attack or a solar flare that takes out the grid?
After an EMP attack you will have many more important things to deal with than money.Access to your money as you know it today will immediately cease following an EMP event because computer and communication systems will immediately stop. If the back-ups and recovery capabilities of the systems where your money is represented (banks, financials, etc.) are robust and well maintained there is a possibility your money could be recovered, eventually. Don’t count on it. Keep a paper trail, just in case.Given that money in any form will likely be useless following a significant EMP event, the cash in your wallet will be handy for starting daily fires for cooking and heating. Books will be very useful for that also.Not a big deal, since you won’t need money in the cataclysmic aftermath of an EMP attack. Money will be at the bottom of the list where water, food, meds., clothing and basic shelter are at the top. Ammunition and the ordinance to use it will become extremely valuable.Stuff whatever cash you have in your mattress, and go about the business of day-to-day survival without it. If the EMP attack is small and very limited, and if outside help can make its way to your area quickly, you might survive.Lawlessness, looting, murder and chaos will quickly overtake masses of people who suddenly find themselves in life threatening and desperate situations.