What should I do with money sitting in my bank account?

Put the rest in a money-market fund that pays higher interest. This could be at your bank or credit union (if they have a money market), your brokerage/investment firm, or an online money-market fund (although the online type may take a day or two to transfer funds.

Where does your money go when you lose in the stock market?

When a stock tumbles and an investor loses money, the money doesn’t get redistributed to someone else. Essentially, it has disappeared into thin air, reflecting dwindling investor interest and a decline in investor perception of the stock.

Can I invest my father’s money?

The investment options that you must check for the retirement needs of your father are senior citizen savings scheme, equity oriented mutual funds through SIPs or systematic investment plans, mutual funds monthly income plans, and pension plans.

How much cash should you keep in the bank?

Most financial experts end up suggesting you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000. Personal finance guru Suze Orman advises an eight-month emergency fund because that’s about how long it takes the average person to find a job.

How did I get Rs 50000 cheque from a friend?

You asked Rs 50,000 from your friend as loan and paid him back after 1 month. You got Rs 50,000 cheque from your relative on your wedding. Your father transferred some money you your bank account as help for some purpose.

Can a parent withdraw money from a joint bank account?

Your parent can withdraw money from the account. On joint bank accounts, both account holders have full access to the balance. It doesn’t matter if you’re the only one depositing money, the other account holder could withdraw it all. Sadly, plenty of young adults have lost money because they had a joint account and their parents made a withdrawal.

What happens if I deposit 10000 dollars in my bank account?

The reality is: A cash deposit of $10,000 will typically go without incident. If it’s at your bank walk-in branch, your teller banking representative will verify your account information and ask for identification. You’ll fill out a deposit slip as usual, and the money is deposited into your account.

What happens when a parent is on your bank account?

When a parent is on your joint bank account, they have all the same privileges that you do, which means they could access your transaction history. Depending on how private you are, this may not matter to you, or it may be your worst nightmare. Opening your own bank account is a simple process.