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I filed state taxes and I wanted to have it electronicly took out of my savings but it keeps telling me no such acct. can someone help me.

2007-02-09 09:45:16 · 2 answers · asked by kygal 2 in Business & Finance Taxes United States

2 answers

Verify the routing number and account number with your bank.

Also keep in mind that some banks won't process payments from a savings account, only from a checking account.

2007-02-09 10:23:31 · answer #1 · answered by Bostonian In MO 7 · 1 0

You cannot take money out of a savings account via check or direct debit. That violates the nature of the account. You can DEPOSIT money in, but the only way to get money out is via a transfer or in-bank withdrawal.

"Demand Deposit" accounts are checking accounts that allow anyone with a withdrawal order (a check) to take money out of the account. Savings accounts do not have this feature.

2007-02-09 19:17:11 · answer #2 · answered by WealthBuilder 4 · 1 0

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