0
votes
0answers
42 views

Indian resident > earnings go in USA bank > then wire to India > do I need to pay US tax?

The question says it all... I have a personal bank account in the USA (as a non resident), where I get paypal and other payments. These payments are then sent to my Indian bank. I do not live in ...
1
vote
2answers
70 views

Why do (ACH) payments that withdraw or deposit on my bank account require 1+ business days to complete?

Based on this question, I figured that there might be multiple questions for distinct locales. Why do the most common transactions to or from bank accounts in the US require waiting one or more days ...
-1
votes
1answer
188 views

Urgent advice on used car purchase nightmare

I purchased a used vehicle almost 2 years ago and it was breaking down so i decided to turn it in. I was pre-approved through my credit union for $20,000 at 100%. My current loan is upside down by ...
16
votes
4answers
4k views

Will depositing $10k+ checks each month raise red flags with the IRS?

I am a freelancer that runs a small design business (LLC) and I have one client in particular that I regularly do more than $10k per month worth of business with. Sometimes I'll deposit a check for ...
4
votes
2answers
291 views

How does Wells Fargo use my phone number to find my Bank of America account?

I'm extremely confused about how Wells Fargo's SurePay transfers money to Bank of America. I've set up my Bank of America account to use my mobile phone number to receive payments. Now someone sent ...
10
votes
3answers
2k views

Should I pay rent electronically?

I'm renting an apartment from an individual. The landlord and I discussed the possibility of paying rent electronically. My bank (BofA) has some kind of electronic payment option where I'd enter the ...
5
votes
4answers
412 views

Should I get a bank account since I recently got my first job?

I'll be starting work this Friday (yay!) and haven't got the slightest clue about any of this. It'll be washing dishes at a restaurant, and I really don't know anything. Do I set up a bank account ...
3
votes
1answer
98 views

Can a check be indorsed anywhere, or just in the specified area?

So I wanted to know, but nobody has been able to answer me. Can an indorsement be made anywhere on a check, or does it always have to be made in the designated space on the back of the check?
0
votes
0answers
38 views

Is it impossible to open foreign currency accounts in the US? [duplicate]

I want to open a Canadian dollar account in the US. I.e., an account that operates in Canadian dollars without converting to US dollars. I just spoke to someone at HSBC and they said "any account ...
12
votes
1answer
469 views

What US law requires a bank to reopen a closed account if a third party sends money to it?

I used to have an account with a local credit union. I moved, then closed the account. The credit union mailed me a check for my remaining balance and confirmed the account was closed. This was 14 ...
2
votes
2answers
496 views

How can I cash out a check internationally?

I have a prize check in my name at my old university based in the US. I have now shifted to another country and was wondering, what would be the best way to cash out the check? I know someone ...
2
votes
2answers
587 views

Getting Branch Location using Account/Routing Number in US/Canada

Are there any ways to retrieve a branch's address or relative location using the Account or Routing number of an individual account in the United States or Canada? Are there any publicly exposed APIs ...
11
votes
1answer
429 views

Any reason to keep around my account with my old, 'big' bank?

I recently opened a new account with a credit union and would really like to stop doing business with my current bank (BMO Harris), but before I do, I'm curious if there are any important things to ...
18
votes
6answers
13k views

Found an old un-cashed paycheck. How long is it good for? What to do if it's expired?

I just found a paycheck from my old work that is dated August 5th, 2013. It's for over $300 and I'm wondering if it will still go through. I'm worried that it will bounce or there will be some issue ...
-5
votes
2answers
171 views

Can IRS detect cash used to pay mortgage as income? [closed]

Simple question: hypothetically, assume I had cash every month that I did not want to deposit (e.g. if I had renters paying cash for rent or some such income). If I took that cash directly to my ...
3
votes
1answer
379 views

Will safe deposit boxes go to creditors when a bank in the United States goes bankrupt?

Money deposits will be gone when banks go bankrupt. How about safe deposit boxes? Will safe deposit boxes go to creditors as well when the bank goes bankrupt? What are the protections provided to ...
2
votes
1answer
407 views

What are the 'special rules' for opening a bank/credit union account if you are a foreign person?

I'm trying to open an account at a local US credit union as a Canadian international student with no US income. Their terms of service (which appear to be copy-pasted from a template) say we ...
23
votes
1answer
897 views

What happens if a bank loses your safe deposit box?

My bank cannot find my safe deposit box! Luckily I still have the original contract and the keys. They are currently researching what happened, but it doesn't look good. I don't know when the box ...
2
votes
1answer
75 views

How do banks fail if they do not have capital problem but only have liquidity problem when Fed exists?

Banks have Fed as lender of last resort - so if Fed provides loans to banks, banks with liquidity problems seems to be OK. But in reality, banks fail when met only with liquidity problems. So is this ...
2
votes
2answers
129 views

How are dividends for shareholders of banks paid?

Banks are different from other firms, so I am not sure how shareholders (those with equity) of banks get paid their dividends. Asset minus liabilities figure do make sense in ordinary firm cases, but ...
1
vote
3answers
1k views

If I use stock as collateral for a loan and I default, does the bank pay taxes when they sell my stock?

If I need $x as cash, I can borrow from a bank, using some stocks I own as collateral. Thus I receive $x cash which is not subject to taxes. When the time comes for me to return what I've borrowed, I ...
1
vote
1answer
119 views

Where do I owe taxes while I am contracting overseas to Germany?

I am currently a student in the US, but I am originally from Japan. An IT company from Germany contacted me for a web application project and they told me they are going to send me the money to my ...
7
votes
3answers
5k views

Are Square credit card readers practical for individual use?

Has anybody tried using a Square credit card reader for individual (non business) use? The scenarios I'm thinking about are for selling stuff at garage sales or on Craig's List but I imagine there are ...
0
votes
1answer
163 views

Holding a bank account in the US, without citizenship, while no longer living there

I travelled to the US for a 3 month project and was paid into this account. I have since left and still have money in the account and still in good contact with the people whose address I stayed at. ...
2
votes
1answer
83 views

Ink Stamp for Depositing Checks

If I had a personal checking account that I made frequent small deposits into, would it be possible to use a custom stamp instead of a signature endorsement? What information would need to be on the ...
3
votes
2answers
100 views

Should mainland Chinese invest in the US market?

Forgive my poor financial vocabulary to put this properly. I'm a Chinese in China and for now most of my money (USD earned from US, transferred to China and then exchanged into CNY) are being managed ...
6
votes
1answer
1k views

How to reactivate my dormant bank account in the US as non US resident?

I opened a bank account with Capital One in 2009 when I was in the US for work and travel. Last year I started Android app development and I used this Capital One account for Android app sale ...
7
votes
1answer
2k views

Can I get my savings from my mom's bank now that I'm 18?

I turned 18 two weeks ago. My whole life I've had a savings account with my mom at Wells Fargo/Wachovia. However, I have a personal checking/savings account with my dad over at Bank of America which I ...
3
votes
1answer
350 views

Are there any alternatives to ING's Electric Orange that have similar features?

I currently utilize ING Direct for savings and checking via Electric Orange and Orange savings accounts. However, two features of their bank have stopped me from truly utilizing their services to the ...
4
votes
3answers
615 views

Can I check multiple lenders for mortgage rates, via preapproval, and have it only count as one hard inquiry on my credit?

Note: This applies to the State of New York (the NYC metro area), in the United States. I'm shopping around for mortgage rates. I'm not sure if I have to get a preapproval mortgage to get their ...
6
votes
3answers
187 views

I have an “excellent” credit rating. Do I need to get a preapproval mortgage letter?

I'm in the infancy of buying a residential property. I have a credit rating of EXCELLENT. Do I need to get a preapproval mortgage letter? I thought that getting preapproved would expedite the ...
3
votes
5answers
819 views

I have $12k in a Chase checking account, but want to start earning interest/saving/investing/etc to make more money. What should I do?

Basically I'm tired of money just sitting there doing nothing. Is it wise to open a savings account with my bank (Chase)? Should I take it elsewhere? Should I get into stocks? Do I even have enough? ...
0
votes
1answer
94 views

Are bank accounts (same bank) accessible from outside of the U.S

This is a bit of a subjective question, perhaps more of a safety concern. I currently bank with Citibank (U.S), and since I know they have branches in other countries, could bankers in those other ...
7
votes
6answers
1k views

How to pay U.S. bills while living in Canada with Canadian income?

I'm from the U.S., but I'm living in Canada and all my income is in Canadian dollars. What good options do I have for paying my American bills? Currently, the best option that's been presented to me ...
6
votes
2answers
1k views

Common practice to closing a checking and savings account?

Is there a common practice to closing a checking & savings account? For example, should I transfer all the funds electronically to my other bank then call and close it or is it better to get a ...
4
votes
2answers
6k views

What is a maximum amount that I can wire transfer out of US?

Say, I would like to buy a property in Thailand. The price is about $200,000. I might wire it to my Thailand's checking account. Just want to know is the limitation of wire transfer. Also, is there ...
10
votes
3answers
12k views

Would depositing large cash amounts cause problems?

I saw an article recently where a man withdrew $600,000 USD in cash from his bank. I'm sure many folks here would advise against this move for obvious (and perhaps not-so-obvious) reasons. My ...
2
votes
1answer
66 views

Do you need to be a customer of the bank to use their safety deposit box services?

The bank I want to use in the future doesn't have physical bank office locations so I'm looking into being able to use a safety deposit box service or something similar to store some documents.
4
votes
1answer
1k views

Bank Statement vs. Bank Solvency Certificate

I am a non-us resident seeking a visa for education and a number of universities ask for proof of funding, in the form of bank statements or solvency certificates, during admission. What exactly is a ...
4
votes
2answers
138 views

Accidentally opened a year term CD account, then realized I need the money sooner. What to do?

I opened a year term CD account two business days ago and just found out that I would need that money this year. I searched around the web and it looks like there is a federal law saying that a bank ...
2
votes
1answer
99 views

Difference between clearing a check and hold on funds

Quick question on banking terminology: Can a check deposited in a U.S. bank clear, but still have the funds be subject to a hold? Or are clearing and not having a hold the same thing?
7
votes
5answers
2k views

Tax consequences of a foreign bank account for a US/Canadian citizen

My wife is a Canadian citizen, I am a US citizen. We live in the US, but make frequent trips to Toronto. The problem we face each time we cross the border into Canada is that we have to change our ...
5
votes
1answer
4k views

Is Chase alone in restricting how much I can wire transfer, or do other banks also limit like this?

My Chase account requires that the amount I wire (either international or domestic) should have been in my account for at least 10 days. Is this a requirement for all the banks or only for Chase? Why ...
6
votes
2answers
247 views

What happens to my credit card or line of credit if my bank goes bust?

What happens to my credit card or credit line if the bank goes bust? I'm not concerned about the BALANCE on them, I'm concerned about losing an older credit line and its effect on my credit history ...
2
votes
3answers
133 views

Advantage of credit union or local community bank over larger nationwide banks such as BOA, Chase, etc.?

With the recent news that many banks are going to start charging from debit card use, I was thinking of switching to a credit union or local community bank because I heard they would most likely not ...
2
votes
2answers
124 views

What banks or credit unions local to Texas are most convenient?

I'm researching credit unions and banks in Texas due to the recent announcement of Bank of America's $5/mo fee for debit card use. I'm very mobile. I live in College Station, TX, primarily, but have ...
4
votes
3answers
323 views

Can I label my checking accounts? Trying the envelope system with debit cards

I want to use an envelope system and categorize my expenses. So lets say I have 3 checking accounts for: Grocery Restaurant GAS ... each will have its own debit card. I can write a label name ...
8
votes
2answers
18k views

USAA bank: What are the requirements for membership? Military only?

I've been hearing more and more about USAA bank on the radio. I've asked around and some friends have indicated to me that their rates are the best around the US for any type of personal lending. ...
8
votes
4answers
3k views

Why are monthly mortgage pre-payments applied to the back-end of the mortgage?

After having paid several years of 'extra' principal payment on my mortgage, I found that the extra monies were being applied the the 'back-end' of the mortgage instead of the 'front end'. The ...
14
votes
5answers
12k views

How to store millions of dollars?

Not that I have it but most banks only secure amounts up to $100k so if you put $1M in there are you at risk of losing $900k if that bank shuts down? How do people store large sums of money, do they ...