To be used for any generic banking question. If there is a product-specific question, specific tags like credit-card, savings etc. should be used. If there is an entity-specific question, descriptive tags like merchant, community, consumer, small-business should be used.

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5
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1answer
61 views

Why are Bank of America and Citi trading so far below book value?

In 2008, a famously wealthy man bet big on Bear Sterns, citing that it was absurd that it was trading below book value. That man is now only slightly wealthy. The lesson was that you should trust book ...
0
votes
1answer
34 views

Transfer funds from Scotiabank to US account at Bank of America

What is the best way to transfer a large sum of money from my checking account at scotiabank to my new account at Bank of America?
-1
votes
1answer
40 views

How can I receive foreign funds in my account in an Indian bank which lacks a SWIFT code?

I'm to receive some money in USD from a company directly to my account. I'm a resident of India and the branch where I have my account doesn't have a SWIFT code. The company will not give the money by ...
0
votes
0answers
24 views

Efficient way to transfer money from Greece to Canada

I currently reside in Canada and I want to transfer a small portion of my money from Greece (from my parents). What's the most efficient way to transfer money in order to avoid the bank fee + low ...
2
votes
1answer
67 views

To transfer money between banks, is it better to withdraw or deposit?

If I'm transferring money from Bank A to Bank B, I have multiple options: Tell Bank A to deposit the money into my account in Bank B. Tell Bank B to withdraw the money from my account in Bank A. ...
1
vote
1answer
82 views

The Purpose of Change Machines [closed]

I need some clearing up, do Change Machines exchange bills for coins or coins for bills. For example if I put a dollar in a Change Machine will I get four quarters back or visa versa?
1
vote
1answer
19 views

Reporting closure of NRI/NRE/NRO bank account when filing US federal income tax

I am aware that if my foreign account holds a balance exceeding $10K I have to report it in FBAR when filing income tax. This became a hassle, so I closed it in mid-2014, and reported the account and ...
0
votes
1answer
66 views

How do credit card companies make money from cardholders who do not carry a balance? [duplicate]

How do credit card companies make money from cardholders who do not carry a balance? It seems credit card companies are eager to offer their services to borrowers even if they have a tendency to pay ...
1
vote
2answers
90 views

Is there an upper limit on the amount you can pay by cheque? (UK)

Just curious, assuming I have the necessary funds in an account, is there a hard limit (technical or regulatory) to the amount you can authorise to be paid with a single cheque issued by a UK Bank? ...
1
vote
2answers
79 views

How do I close a bank account in the UK?

I have a savings account (ISA) and current account in the UK, from when I used to live there. I now live in the US. The current account has a small overdraft line of credit and the ISA has an annual ...
0
votes
1answer
40 views

Solution for sending international wires to international business customers on a monthly basis? [closed]

First part of my question is: How do US online booking agencies send money to thousands of hotels worldwide on a monthly basis when outgoing international wire transfers cost about $40 per transfer? ...
1
vote
0answers
110 views

Bank in another state asking family member questions about me upon opening a line of credit

Today my aunt let me know that she tried to open a line of credit with a credit union she uses in the state she lives in (a different state than I live in). She told me my name came up and they ...
1
vote
1answer
27 views

Philiipine currency check to deposit in the US

We are expecting a check from a Home Builder in the Philippines in Philippine currency. Can we deposit it in our bank here in the US and convert to US currency ?
0
votes
1answer
50 views

Why issuing credit cards is profitable for banks? [duplicate]

I don't have much knowledge about financial markets but I was wondering how banks offering credit cards make profit? One possible way is interests on late payments but let's say if most of the people ...
11
votes
4answers
1k views

What is this type of risk-free investment called?

My mother told me that in 1994, she had $10K to put into a savings account or CD. She went to the local Citibank and didn't like the interest rates that they were offering on their savings/CD ...
-1
votes
1answer
88 views

Can I find the name on this account [closed]

My wages got put in to the wrong account the company I worked for sent me the account number and sort code but I carnt find the name on the account is there any way of doing this
0
votes
1answer
59 views

US Chase bank: “please confirm your residency status to avoid tax withholding”

I'm an international student in California. I received a letter from Chase asking for filled forms about residency status. They provided empty forms including W-8BEN, W-8BEN-E and W-9. I remember I ...
16
votes
3answers
2k views

Should you bank with multiple banks? What are the advantages/disadvantages?

Currently, I have everything in one bank. Checking/Banking/Investment/Credit cards. In fact, the accounts are linked. It seems to make sense to me because I can manage everything at one place. ...
2
votes
1answer
79 views

What does 'Maximum load' usually mean when associated with a Bank account?

This Cashplus account has a maximum balance of £15000 and maximum load of £15000 - could you explain what maximum load means and what is the ...
-2
votes
1answer
87 views

Extra amount credited to my foreign currency account and mistakenly I spend it. What should I do? [closed]

I deposited some thai baht into my foreign currency account in india which amounts to Rs.250000 but in my account the same amount was credited three times and from different person. My initial deposit ...
-2
votes
1answer
70 views

Personal Online Money Saving [closed]

I'm thirteen. I want to get some money for various online transactions. I do not want a full on bank account, nor can I get a joint checking account, because I don't to approach my dad about it. I ...
-3
votes
1answer
80 views

Why do dishonour fees exist?

In the event of a transaction not going through due to insufficient funds a dishonour fee is charged. Presumably the cost of not making a transaction is lower than making a transaction, yet the cost ...
6
votes
1answer
61 views

Is it possible to block previously authorized ACH access?

We engaged in business with another company that provides credit card processing service. At the time of signing up for their service we authorized them to use ACH by giving them a void check (a ...
4
votes
3answers
158 views

Maximum transaction amount on debit card (USA)

Usually when a credit (yes credit and not debit - I didn't mistype) card has too little available credit, some of the card balance needs to be paid off. The available credit is increased by the amount ...
-2
votes
3answers
248 views

How to transfer thousands of dollars ($7000) to a friend?

So if a friend wants to transfer $7000 to me, what is the best way to do it, especially if we don't share the same banks? We could do wire transfer, but that comes with its own fees. Could we also do ...
2
votes
1answer
42 views

Greencard holder can open a bank account in another state other than the one she resides?

I am US green card holder in Maryland. I found a job( internship) in NYC. Can I open a bank account in NYC? If yes what documents I need to open an account there.
7
votes
3answers
71 views

HSBC - Can I make international transfer in my account's currency

I was receiving payment from UK-based company. I asked them to send me money to my account overseas (not based in UK, but it's in GBP). Unfortunately, they've sent me EUR instead of GBP (despite the ...
2
votes
3answers
108 views

Simple Interest to Compound Interest

In simple annual interest terms 60/2000 is 3%. But what is the rate if this is the total interest paid on 2000 after monthly compounding over 3 years?
1
vote
2answers
316 views

If I win the lottery, what is the best way to secure this money?

Suppose I win the 62 EuroMillionen jackpot. Should I go to Switzerland and deposit everything there? Or stay with the bank that I have right now? Do you need to do anything special when you receive ...
0
votes
3answers
77 views

Open a UK Bank Account with Tier 2 Work VISA

I will be moving to UK (Newcastle) in February 2016 with a Tier 2 Work VISA for 5 years. I want to open my bank account before or within the first month's work so that salary can be credited. I only ...
-1
votes
1answer
74 views

Can banks borrow 0% interest rate loans for overnight speculations? [closed]

I was wondering if banks have the ability to borrow money overnight for speculations at 0% interest rates. Also, would third party providers have access to these short term or overnight loans?
0
votes
1answer
53 views

Cheque payment from NRE account to another person NRE account is it possible?

I am going to take a temporary loan from my friend, He will be giving me money in Dubai and I will send that money to my NRE account in India. After two months I want to pay this back through my NRE ...
5
votes
2answers
132 views

Which bank is my Discover card through?

I have used Visa exclusively for 15, now I have my first Discover card. A notable difference is that Visa always carries the name of the bank (for me it was Chase); but the Discover card does not. ...
2
votes
1answer
144 views

Are ACH transfers between individuals possible?

All the information I've found on ACH transfers for individuals apply to the scenario in which the individual makes payments to an institution of some kind (usually a business). But are ACH transfers ...
2
votes
2answers
86 views

Claiming business expense from personal credit card

I started my business (LLC) by filing online, and paying a fee for a registration, and that makes it a business cost right? Also in the meantime while I bought some electronics to use for my business ...
0
votes
0answers
52 views

Access your money in US as if you are in Canada

What is a good option to have access to your Canadian Dollar savings while in US? Is there any Bank account type of service that allows you to receive in US the Canadian dollar that you have put into ...
-1
votes
1answer
35 views

how banks hedge interest risk and default risk [closed]

this is probably a naive question. Is it true that banks always prefer to borrow short and lend long liabilities? If so, interest rate on long term loans fluctuate over time. how do banks hedge the ...
2
votes
1answer
81 views

Where did you learn banking related concepts? [closed]

I have only average knowledge of principle, interest, compound interest which I had learnt in high school. Now-a-days, I am facing lot more new terms, like EMI, credit card, current account, service ...
1
vote
1answer
83 views

Monthly money transfers from US to Puerto Rico

I would like to set up a monthly transfer of money (same amount every month) from my bank account (in the [mainland] US) to my parents' (in Puerto Rico). I was surprised to learn from the person I ...
2
votes
0answers
62 views

Use relatives bank account for my paycheck

I live in Sweden, and some family members live in Norway, recently I got a job in Norway, but I was unable to get a bank account here right away, and they can't put my pay on my Swedish account. What ...
0
votes
1answer
96 views

if a check is in your son's name in c/o you does it have to be signed by your son

Second name on check c/o son's check need advice
4
votes
3answers
1k views

Is it still possible to “sign over” a check at Bank of America? How else can I cash a US Dollar check?

I'm a PhD student and am due to go to a conference in Boston, MA next month (I'm based in Edinburgh, in Scotland). I've been awarded a travel bursary to attend the conference: nothing major, but it ...
2
votes
1answer
73 views

Annuities-with deposits and withdrawals

A college education fund is to be accumulated by twenty level semi-annual deposits, the first due on Juanary 1, 1996. The fund is to provide 16 quarterly withdrawals of $ 1900 each, the first due on ...
3
votes
1answer
256 views

How to invest in Vanguard index fund for non-us citizen from overseas

How can I open Vanguard's account if I don't live in the US and non-US resident. Vanguard's ETF is not an option as it involves other factors such as currency exchange, people perception. If I go to ...
0
votes
0answers
77 views

Can I open a bank account in the U.S as a tourist visa holder and use it for an online business and make money?

Can I open a bank account in the U.S as a tourist visa holder and use it for an online business and make money? I mean I will go to the U.S for 3 months as a tourist and I want to open a bank ...
0
votes
2answers
177 views

Is it possible to borrow money to invest in a foreign country?

Suppose I live in Canada. If I want to borrow money from the banks here and use that money in another country to carry out construction projects and hence make profit. Is it possible to create a legal ...
3
votes
2answers
102 views

ACH processing time of day

As I understand it, ACH transactions are not processed when a customer initiates them, but rather batched by the institution and processed at once. Is there a standardized time of day that the ...
8
votes
2answers
306 views

Are there any drawbacks to using Fidelity for your primary banking account?

I've recently become fed-up with Bank of America (When they charged me a $10 overdraft fee the one time in 2 years I used the wrong card at the wrong time and all they did for that $10 was transfer ...
0
votes
2answers
137 views

Depositing a second party check for $10,000

Friend without bank account wants me to deposit a gift check in my savings account. Will I be taxed for it or have other implications?
0
votes
2answers
123 views

How can I set up a recurring payment to an individual (avoiding fees)?

What methods are there for me to transfer X dollars per month, directly to another individual's bank account? I'd rather avoid sending a check every month and the attendant hassle when a check goes ...