How do banks know your salary?

How do banks know your salary?

The mortgage company probably confirmed your employment, requested copies of your pay stubs, and most likely copies of your tax returns. So yes, the mortgage company knows your annual salary at the time you applied.

Can salary account be credited?

A Salary Account is an account to which your salary gets credited. Usually, banks open these accounts on request of corporations and major companies.

Why is my salary not credited in bank account?

The salary account is not closed by the bank automatically. When there is no salary credit in the salary or zero balance account for continuous three months, the account will be treated as savings account and individuals need to maintain required Average Quarterly Balance (AQB) as suggested by the bank.

What bank details to give for salary?

My name is _____________ & employee id ___________ working as _________(designation) in __________(department) at ___________(company name). I am writing this letter to inform you that my salary is not credited for the month of _______(month & year). So I am requesting you to please credit my salary in my bank account.

Why do banks ask for salary?

Card issuers need income information to offer an increase in your credit limit, under the Credit CARD Act’s “ability to pay” rule. You can choose to skip questions by your card issuer about your income, but that may affect offers to increase your credit line.

Can you fake a credit score?

You Cannot Cheat Your Credit Score Without Committing Fraud, But You Can Legitimately Boost it Quickly. The way the FICO scoring system has been designed prevents people from artificially manipulating their credit score – at least for very long.

What happens if salary is not credited in salary account HDFC?

If your salary is not credited in the Salary Account for three successive months, then your account is converted from a Regular Salary Account to a Regular Savings Account. Therefore, it is obvious that all the facilities and benefits associated with the Salary Account are replaced by that of a Regular Savings Account.

What happens if salary is not credited in salary account Icici bank?

There is no need to maintain any minimum balance in the salary account. Interest will not be paid for the salary account. In case if the salary does not get credited to the salary account continuously for three months, then the salary account will be considered as savings bank account.

How do you ask for salary credited?

Sub: Salary Issue – Credited Salary to my Account I would like to bring to your kind attention that I have been working on the post of (Job Designation) in your organization. It was quite embarrassing for me that for the past few months, my salary is not credited into my account on time. (Describe in your words).

What happens to HDFC salary account if salary is not credited?

How is salary transferred into account?

An organization (employer) must tie up with a bank to open a salary account for its employees. The salaries are transferred to the respective bank accounts of the employees per month as a lump sum amount by the employers. One of the criteria to do so is the tie-up between the organization and a bank.

How is my salary credited to my bank account?

Your salary is credited directly into your account, with no effort involved from you. This gave birth to the new category of bank accounts, i.e. the Salary Account. The salary account is created for employees by their employer for the purpose to credit salary directly into their accounts.

How do companies credit salaries in banks?

Big sized companies prefer crediting salaries by themselves. They have separate finance and account department. Bank would issue them double standard net banking user ID and password. One person of that company would make entry into bank account through net banking user ID – password issued by bank.

Why is my employer not credited with my salary?

Generally salaries are credited through bulk upload/transfer mechanism (if your employer is not a bank or financial institution), sometimes in bulk upload, certain technical difficulties arise, and it may happen that your employers account is debited but simultaneously your account is not credited.

How to transfer salary of an employee directly to bank account?

After that, once the account activated, the employee submit a cancelled cheque to the Finance Dept.. to authorise the dept. to transfer his salary directly in his bank account. After that, the finance dept. maintain the separate list of the employees with their account numbers, employee id, on basis of bank.