Tagged Questions

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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1
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3answers
963 views

What could a malicious party potentially achieve by having *just* a name, account number, and sort code?

There seem to be many conflicting points on this issue, most prominently this story published in the Daily Mail not so long ago , so I ask the nice community on stackexchange to shed (researched) ...
7
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3answers
15k views

How can I get free or discounted checks for my bank account?

I bank with chase and my account type does not qualify me for free check books. I have to pay a fee to get a check book. Is there a way I can: Get a free check book for my account? Print my own free ...
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 ...
3
votes
2answers
1k views

How do banks lose money on foreclosures?

I read that when banks give out a mortgage the bank itself doesn't actually lend any of its money out. It is just accounting that adds the money to the borrowers account and adds the same amount of ...
4
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2answers
328 views

Digital money pots?

I want to be able to create digital money pots, similar to the physical piggy banks people keep at home, i.e. Pot 1: Money for food per month Pot 2: Money for car fuel per month Pot 3: Money for fun ...
6
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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
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1answer
351 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 ...
6
votes
1answer
696 views

Funds in closed bank account have gone to the government

My son was advised by his accountant to close his limited company and start a partnership instead. He did this but he was not told that he needed to clear the company bank account - he left this open ...
2
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1answer
1k views

leaving the amount on a check blank

Suppose a person writes a check out to someone that they owe $500, but does not specify the amount on the check and instead tells the person to fill out the amount for five hundred and cash it. If the ...
4
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3answers
619 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
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3answers
190 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 ...
11
votes
3answers
4k views

How can banks afford to offer credit card rewards?

I understand Visa and MasterCard make money on transaction fees, but how much (if any) of those fees do banks see? Do banks make money on people who pay their bills on time, or are reward programs ...
1
vote
2answers
239 views

Having trouble with APR calculation

I am using the formula listed on the following site to try to calculate APR: http://www.fdic.gov/regulations/laws/rules/6500-1950.html#fdic6500appendixjtopart226 go to appendix J, if it doesn't auto ...
1
vote
1answer
64 views

How to select a bank based on availability in two areas?

Suppose I will be frequently moving back and forth between Country A and Country B. I would prefer to work with a bank which has many offices and ATMs (so I can avoid the fee for using another bank's ...
3
votes
5answers
824 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 ...
2
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2answers
399 views

Is it smart to move private (euro) savings to a different currency?

Lately, I'm hearing a lot of talk about the euro's impending demise (I don't know how true that is by the way). And it's making me a little bit worried about my savings. I don't have a lot of ...
6
votes
4answers
1k views

Where do large corporations store their massive amounts of cash?

Apparently Apple has more cash on its books than combined market values of Hewlett-Packard, Dell, Nokia, Yahoo, Sprint Nextel and Research In Motion. Where do companies like Google and Apple keep ...
7
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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
3answers
134 views

Good yield vs. safer route (Checking vs. Savings)

My checking account yields just over 3% APY. This may sound very high, and it is for a checking account, but it's a credit union and they make money off the multiple transactions I have to use their ...
10
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2answers
759 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
288 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
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2answers
211 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
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 ...
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
5k 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
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2answers
858 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
956 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
214 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
149 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
195 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 ...
10
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
648 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
651 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 ...
10
votes
3answers
13k 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.
11
votes
1answer
209 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
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 ...
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
15k 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
195 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
228 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. ...