what does “ins prem prog universal” mean on my bank account?

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A Progressive universal life insurance premium is being automatically deducted. At least that’s where I’m placing my bet.

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ACH – Automated Clearing House (direct debit) PROG ADVANCED – Don’t know INS PREM – Insurance Premium NSF FEE – Nonsufficient funds fee It means that your insurance company tried to take the money for your insurance premiums out of your bank account, but your bank account did not have enough money to cover your insurance premiums, so: 1. You were charged a fee by your bank. 2. You lost your insurance.

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what does “ins prem prog universal” mean on my bank account?

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what does “ins prem prog universal” mean on my bank account?

Do you have a banking question that you just can’t seem to answer? If so, you’re not alone. Many people are stumped by bank jargon and terms, and don’t know what any of it means. In this article, we’ll be taking a look at one particular term – “ins prem prog universal.” We’ll explain what it is and what it means for your bank account, so you can start to make sense of it all.

What is the Ins and Premises of a Bank Deposit?

When you make a deposit into your bank account, you are actually putting money into an account called an “ins” account and drawing money out of an account called a “premises” account.

An ins account is where you initially put the money, and the bank credits this account with interest. The bank then uses this interest to pay interest on the original amount that you deposited, plus any additional interest that may have accrued.

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A premises account is where your bank keeps the actual money that you deposited. The bank can use this money to make loans or to investing in other businesses.

What Does “Ins Prem Pro Universal” Mean on My Bank Account?

When you see the phrase “Ins Prem Pro Universal” on your bank account, it means that the account is insured by the insurance company Prudential. This type of insurance protects you and your money from any potential losses due to an event such as fire, theft or flood.

Other Terms Used on Deposit Forms

One of the terms that can be found on a bank deposit form is “ins prem prog universal.” This term refers to insurance on deposits. Basically, this means that the bank is guaranteeing your deposit against loss.

Conclusion

If you’re looking to learn more about what “ins prem prog universal” on your bank account means, we have a few articles that can help. In this article, we discuss the ins and outs of insurance products offered by banks, and in another article, we provide an overview of banking services. If you still don’t have a clear understanding of what it all means and would like some help from a financial advisor, our team at Personal Finance Advice is open 24/7 to answer any questions you may have.

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