All about a bank account

Savings are always necessary when it comes to elders as well as kids. You can see separate kids savings accounts offered by various banks. Apart from the savings accounts, there are many other bank accounts as well which you must know about. Let us look about them deeper.

What is anonymous bank account?

anonymous bank account

Till 2002, this anonymous bank account was regarded as illegal as people never took them positively. Things have changed as time has changed and this is the reason why people are taking them up. The bank regulations and tax treaties have been modified now. To put it in simple terms, the anonymous account is where a person will be able to make use of all the banking features like: Visa card, ATM card, deposits, withdrawals and money transfers without even revealing the true identity of a person. This can be done in various ways. One smart way is to use an organization name rather than his or her true name for making transactions. People do this because they don’t want to the country’s authorities to identify them. But if the transactions are illegal, then the banks have 100% rights to reveal the person’s identity involved with the account. There are even many online companies who help the people in assisting about the different procedures for opening this anonymous account. For this you will have to either incorporate or register with the offshore company that has been registered.

What is bank account number on check?

There are many scams happening out there and criminals might just steal all your details and misuse it and hence your bank account number on check has to be carefully written. You must maintain its secrecy when you do direct banking. You can protect your account with the help of following tips:

  • Avoid giving your bank’s routing number and account number to anyone. These are the 2 essential key numbers which is really required to make the electronic draft.
  • You must never do the mistake of putting down your residential phone numbers on checks. You can put down your mobile number instead.
  • One must never sign in blank checks because people might misuse and by the time you realize, it will be too late.
  • Review the bank statements every month so that you can keep a track on what’s going on.
  • An account holder must always possess knowledge about the basic rules about the protection laws of a consumer.
  • Whenever you use the online tools for banking, make sure to delete the ID as well as passwords. Never do the mistake of checking the “Remember Me” option.

What is international bank account number?

The international bank account number (IBAN), is used almost by all the European countries and certain parts of Western Asia. It helps in processing the money transfers automatically, avoids delays and prevents the use of incorrect account numbers.

The basic structure of account numbering varies from a country to the other and there are unique bank codes as well. This is the major reason for why there is a delay in the bank transfers. To avoid such errors IBAN has been created as this helps in making smooth electronic bank transfers. It lets the banks to validate and verify with the account number. It involves 2 check digits that are calculated along with the mathematical algorithm. A customer who wants to make the transfer will have to provide the IBAN to a sender bank which in turn validates the specified check digits before the payments are transferred. If they are incorrect, then the transaction is stopped right there.

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