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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10
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2answers
593 views

FOREX: Pair Trading, What is Really Happening?

I am starting to study FOREX again and one thing about trading on the market through means available to me personally is that one can take positions on 'currency pairs'. This has made little sense to ...
10
votes
2answers
274 views

What is the “Bernanke Twist” and “Operation Twist”? What exactly does it do?

I was reading the article Bernanke’s Twist Sharpens Year-End Anxiety Over Stimulus and In the article it says The Fed on June 20 extended its Operation Twist program to swap $267 billion in ...
3
votes
2answers
201 views

Is there such thing as a Checking account requiring pre-approval / white-list?

Since account numbers are re-useable for fraudulent transactions, anyone you write a check to has the opportunity to print their own check with your account number on it. One way to help reduce the ...
4
votes
2answers
4k 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 ...
2
votes
3answers
2k views

Difference between the multiple cash withdrawal options on these ATMs?

I always get confused when selecting the options. I just go for the normal cash withdrawal option. But, I would like to know the difference in them. And, is the bank charging you different to use the ...
4
votes
5answers
4k views

Are bank account numbers unique?

If somebody sends me money and I write the swift code wrong, will the money go somewhere else? I know bank account numbers are unique within a bank, but will are they unique globally? Update: I ...
10
votes
2answers
810 views

Who creates money? Central banks or commercial banks?

Which of these is a better description of money creation: Scenario 1: Central bank creates money Customer A deposits $10 at his bank. Customer B wants to borrow $100. The bank is in good standing ...
2
votes
2answers
1k views

Should I make a copy or scan of a check before depositing checks whenever possible?

Or can I simply take a picture of the check with my cellphone before depositing the check, just in case there is a disputed transaction?
8
votes
6answers
879 views

How can my friend send $3K to me without using Paypal?

My friend is a paraplegic. He can't go to the bank and wire the money. He used to send money from our partnership via paypal. Now I am banned from paypal. What's the alternative? Google checkout? I ...
2
votes
2answers
2k views

Do I understand currency exchange rates and bank buy/sell rates?

Preface: I've just run into a bit of an issue with a bank, regarding an international money transfer that I made from the UK (with Lloyds TSB) to Australia (St. George). The transfer was sent on the ...
4
votes
1answer
178 views

How do I evaluate risk exposure to my U.K. bank in light of the possible collapse of the Euro or Eurozone economies?

I understand there are concerns about runs on banks in Eurozone countries like Greece and Spain. Should this happen, it might put pressure on banks elsewhere. How can I evaluate the risk exposure of ...
4
votes
1answer
203 views

What happened in Argentina in 2001 bank sector? did the banks closed? all or some?

What happened in Argentina in 2001 bank sector? did the banks closed? all or some? i am trying to figure out whats the possible scenario to greek banks if greece goes out of euro and into drahma and ...
3
votes
1answer
136 views

How are days counted when funding a new account within 10 days

I just opened a new CD today and it told me I have 10 days to fund the account. I think the specific wording said "within 10 days." I'd like to know how these days are counted as I am unsure if any of ...
1
vote
1answer
186 views

Where can I place my savings in to limit my exposure to the risk of European bank failures and sovereign debt defaults?

After looking at this stunning Euro Zone Bank Stress Test tool provided by Reuters, I see the danger and the hight level of interconnections that exists among Banks in EU. The actual scenario ...
14
votes
5answers
2k views

Cashing a fishy cheque addressed to someone else

I agreed to cash a cheque for someone I don't really know. In hindsight, this was very stupid, but now I need to figure out how best to get out of this situation. We both endorsed the cheque, it ...
9
votes
1answer
1k views

How do Islamic Banking give loans for housing purposes?

Islamic banks do not give loans they invest in financial activities of their clients. Am I correct? If yes, then how can they provide loans for housings? Home loans have nothing to do with business. ...
0
votes
1answer
620 views

Why do Central Banks buy gold for their gold reserves?

I read The People's central Bank of China (i think called PBOC) should have bought 50 to 70 tons fo gold in 2011 (Marcus Grubb, managing director World Gold Council). On the same article it states ...
3
votes
3answers
576 views

How long should I keep an uncleared transaction in my checkbook?

About three months ago I went out to eat and paid for the meal with a combination of a gift card and my debit card, afterwards the portion that was paid via debit card was recorded properly and since ...
9
votes
3answers
10k 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
60 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.
11
votes
1answer
199 views

WSJ article about CFDs - am I missing something?

In this WSJ article, it comments Traders held a net $22.6 billion in bets that the dollar will appreciate, a gain of 31% in net wagers over the previous week and the largest such position since ...
1
vote
1answer
100 views

Common practice for start/end date of balance sheet

I'm trying to build a personal balance sheet in Excel for my brother-in-law. Basically, so that we can monitor the hours he works against the hours he's paid. He's paid every two weeks, one week ...
4
votes
1answer
889 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 ...
2
votes
3answers
2k views

How is interest in my bank account calculated?

I am a software professional. I have one question. How do banks calculate interest on money deposited, if I get, say, 10 % per annum? Say I deposit say RS.1000 on the 1st day of the month; then I ...
9
votes
3answers
13k views

How does a big lottery winner cash his huge check risk-free?

You've just won $20 million in the lottery. Until you figure out what do do with the cash, you want to move it to the safest place you know: US Treasury account(s). But the lottery (per the ...
1
vote
1answer
184 views

How do I remotely open a bank account in Thailand?

A friend of mine told me that Thai bank account has no limitations in paypal for transfers, etc. I would like to try it out and open bank account in Thailand, register paypal account for it and use it ...
10
votes
2answers
1k views

Pay check from an old employer

I received a paycheck from an ex-employer via direct deposit. It looks like they forgot to take me out of their automatic system, because I definitely shouldn't have received this check. I am a U.S. ...
4
votes
1answer
221 views

Are there Canadian banks with low or nil user fees?

My banking institution is [again...] raising their fees for the second time in 12 months starting March 1st, 2012. I would like to find a Canadian bank or type of bank that has lower fees, of course. ...
4
votes
2answers
136 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 ...
-1
votes
1answer
100 views

Books in investment banking

As a complete newbie here, could anyone suggest a good first book on investment banking for me? Without too many equations to befuddle me (although I work with equations all day). Heres my ...
4
votes
1answer
627 views

Islamic Banks and Personal Lending

As per my previous question on "The difference between Islamic Banks and Western Banks", it was answered that Islamic Banks do not charge interest but instead agree on a percentage of profits the ...
5
votes
3answers
2k views

The difference between Islamic Banks and Western Banks

I have been doing some reading on the differences between Islamic Banks and Western Banks lately and found that the main difference is that Islamic Banks do not charge interest when they lend out ...
11
votes
1answer
1k views

What kind of company is USAA?

I'm a member with USAA. My membership eligibility is based on family membership. I'm a little bit confused about what kind of company USAA is. I have the general idea that it is a company that ...
9
votes
1answer
408 views

Buying checks from places besides your bank? How does it work?

I just opened a new account at Bank of America. The checks they sell aren't cheap and I heard that you can buy checks elsewhere. Does this mean that I can just buy a packet of blanket check and just ...
2
votes
1answer
91 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?
5
votes
6answers
659 views

Keeping money at home

I was in the office of one of the investment companies and on the brochure they said that 13% of people keep money at home. I wonder if there is a good reason to do that. even if banks would fall ...
0
votes
0answers
160 views

In which European countries do ATMs impose an extra surcharge for withdrawals?

Usually you pay a fee (if any) set by your bank for withdrawing money with your Visa/MC card from ATMs other than those your bank owns, but some ATMs charge the customer an extra fee on top of that ...
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 ...
11
votes
6answers
2k views

Should I have separate savings accounts for various savings goals?

I have read through some personal budgeting articles and saving tips. Most articles and books mention saving money for emergency funds, large purchases, etc. Should emergency funds and saving funds ...
1
vote
2answers
545 views

What's the difference between Currencies and FX desks at investment banks?

I'm interested in working within FX in an investment bank, but I noticed that they listed Currencies and FX separately under Fixed Income, so I'm wondering if they actually refer to different things. ...
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 ...
2
votes
3answers
1k views

HSBC Hong Kong's “Deposit Plus” Product: What is it, and what strategies to employ?

I recently opened an account with HSBC Hong Kong (I am a US citizen), and I'm exploring all of the options available to me at my new bank. One product that caught my eye is called Deposit Plus, which ...
6
votes
2answers
240 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
127 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
119 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 ...
3
votes
3answers
5k views

Credit Card Expiration: Am I supposed to request a new one or does the bank send one automatically?

I've had one credit card expire recently and another set to expire soon. For the one that did expire, I didn't get another card until I wrote to them online and they mailed me a replacement. The next ...
4
votes
3answers
284 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 ...
11
votes
2answers
9k views

Daily interest calculation combined with monthly compounding: Why do banks do this, and how-to in Excel?

I often see banks advertise (for accounts with fixed yearly interest, let's say 1.5%) – "interested is calculated daily, and compounded monthly". I have 2 questions: Why are they calculating ...
4
votes
4answers
650 views

Why don't banks calculate interest in CDs using continuous compounding?

Why don't banks calculate interest in CD using continuous compounding (which is higher than compounding quarterly)? While in the case of a mortgage they use continuous compounding.
8
votes
2answers
16k 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. ...