September 2025

IVAs do not routinely check your bank account but may request bank statements to assess your financial situation. Understanding the Basics of an IVA An Individual Voluntary Arrangement (IVA) is a formal insolvency solution designed to help individuals manage and repay their debts over a fixed period, usually five or six years. It’s a legally […]

The IRS can access bank account information under specific circumstances, primarily through legal processes like summons or audits. Understanding the IRS’s Authority Over Bank Accounts The Internal Revenue Service (IRS) holds significant power when it comes to enforcing tax laws, including the ability to obtain information about your bank accounts. However, this authority is not

Inland Revenue departments have legal authority to access and review bank accounts to verify tax compliance and investigate discrepancies. How Inland Revenue Accesses Bank Account Information Inland Revenue authorities operate under strict legal frameworks that allow them to obtain financial information, including bank account details. This access is not arbitrary; it happens through formal procedures

Interest earned on a checking account is taxable income and must be reported to the IRS if it exceeds $10 annually. Understanding Interest on Checking Accounts Interest earned from a checking account might seem like pocket change, but it’s important to recognize its tax implications. Banks and financial institutions pay interest on certain checking accounts

You generally need a bank account to obtain a cashier’s check, as banks require funds from your account to issue one. Understanding Cashier’s Checks and Account Requirements A cashier’s check is a secure payment instrument issued by a bank, guaranteeing funds to the recipient. Unlike personal checks, which draw money directly from an individual’s checking

A 1099 form is generally not required for a personal checking account unless it generates reportable interest or income. Understanding the Role of Form 1099 in Banking Form 1099 is a series of IRS tax forms used to report various types of income other than wages, salaries, and tips. When it comes to banking, the

Housing Benefit authorities may check your bank account to verify income and prevent fraud, but only under specific circumstances and with proper consent. Understanding the Role of Bank Account Checks in Housing Benefit Claims Housing Benefit is a vital financial support designed to help people on low incomes pay their rent. Given its importance, the

The Department for Work and Pensions (DWP) can access bank account details under specific circumstances to verify benefit claims and prevent fraud. How and Why the DWP Checks Bank Accounts The Department for Work and Pensions (DWP) plays a crucial role in administering welfare benefits across the UK, including Universal Credit, Jobseeker’s Allowance, Employment and

Credit unions typically do not perform credit checks to open a basic savings or checking account but may check credit for loans or special accounts. Understanding Credit Union Account Opening Procedures Credit unions operate differently from traditional banks in many ways, especially regarding how they handle new account openings. One common question is: Do Credit

Checking and savings accounts at the same bank almost always share the same routing number, as routing numbers identify the bank, not the account type. Understanding Routing Numbers and Their Purpose Routing numbers are a critical part of the banking system in the United States. These nine-digit codes identify financial institutions during electronic transactions such