Can You Please Explain In Details, What Is Contingent Account In Banks?


2 Answers

Steven Vakula Profile
Steven Vakula answered
If you have a contingent account it would have to meet a certain requirement, such as,: You will earn interest on the account only if you maintain a balance of $5,000. Then the account will earn interest only on the contingency that the minimum balance in the account does not fall below the $5,000 amount. Another example would be a child's account will not be charged a service fee contingent on the fact the child is under the age of 16. The contingent is a requirement that must be met in order to maintain the account.
Aisha Profile
Aisha answered
Contingent account in the banks is an alternative account for the funds to be transferred into. Just in case the funds don't get transfer to main account, then the have to be delivered through the contingent account. Its like an alternate account.

Answer Question