Can a trust have an interest-bearing checking account?

Answer A trust can set up an interest-bearing checking account, according to Brian Turner, a new accounts officer at Bank of America in Fort Lauderdale, Florida. Generally, only a trustee can sign on the ... Read More »

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Can an LLC have an interest-bearing account?

According the Stephanie Martin, Associate General Counsel of the Board of Governors of the Federal Reserve, limited liability companies (LLCs) are prohibited by federal law from owning interest-bea... Read More »

Do condominiums that have a business checking account without interest have to file taxes?

If the condominium is an association -- a legal entity in your state -- then the association must file at least a federal tax return, regardless of income and expense levels. State and local tax re... Read More »

Does the FDIC insure non bearing interest checking accounts?

The FDIC (Federal Deposit Insurance Corporation) covers non-interest bearing checking accounts. The coverage is limited to $250,000 per person, per bank, as of 2010, and covers losses resulting fro... Read More »

How to Calculate an Interest Bearing Account?

No matter how much or how little money you have to invest, it is important to get as much for your money as you can. Placing your emergency funds and everyday spending cash in an interest-bearing c... Read More »