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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12
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1answer
3k 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 ...
5
votes
1answer
163 views

Why does it matter if a Central Bank has a negative rather than 0% interest rate? [closed]

I saw in the news today that the European Central Bank lowered its interest rate below zero. My understanding is that this rate is what banks are paid (or if negative, "charged") by the central bank ...
3
votes
1answer
415 views

Freelancer: Should I start a second bank account?

I am a freelancer based in India with clients in Canada, US and India. Until now I used my personal savings account (Union Bank of India) to get paid. It has been only a few months since and now I ...
2
votes
2answers
143 views

How different are exchange rates for major banks on a given day?

I'm based in the U.S., and have an overseas client that pays me via wire transfer. I understand that the incoming exchange rate used by a bank will always be lower than the rate quoted on Google, but ...
1
vote
1answer
63 views

Do US banks exchange info with countries abroad?

Are US-based bank accounts (with BoA for example) for EU citizens somehow being reported back to EU? Sort of a complex question, but the background info is the following - I lived 1 month in the USA ...
0
votes
2answers
59 views

Does inflation equal more loans? [closed]

I am wondering if the banks are favored by high inflation levels? Do higher inflation levels equal more loans? I am looking for another way of looking at the problems of inflation and not just from a ...
0
votes
1answer
110 views

How do I check my opening balance in Quicken 2014?

My Quicken account is way out of balance, and I think this all started a couple of years ago when my old bank decided it would be fun to delete the payee names on all of my old transactions on a sync, ...
2
votes
2answers
2k 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
1k 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 ...
0
votes
1answer
178 views

What does investment bank risk during IPO?

During IPO investment bank buys first stock of company which goes public. But what are the risks for bank? If after the IPO nobody buys these stocks from the bank on stock market, how will it get its ...
0
votes
1answer
485 views

What can I do with unused cheque book?

I will be switching all my accounts from Bank A to Bank B within the next few weeks. A few months ago, I purchased a cheque book for my Bank A checking account. It contains 50 cheques (all unused). ...
3
votes
1answer
3k views

Transfering money to personel saving account in India

I am currently residing in Qatar since 2 years. I am transferring my salary from Qatar to my personal Indian savings bank account. The amount I used to transfer is used for general expenses. Do I ...
7
votes
1answer
6k views

What's the difference between a certified check, a cashier's check, a money order, and a bank draft?

The question comes from reading this answer. I've heard these terms used somewhat interchangeably, but I have no idea what the differences are. What's the difference between a certified check, a ...
4
votes
1answer
98 views

Should I convert all my money to local currency when I study abroad?

I'm just turning 21 so I really have no experience with currencies and banking systems. This is the first time I travel outside my mother country. I'm accepted in a postgraduate study program and I ...
1
vote
1answer
85 views

Who originates loans guaranteed by the USDA Farm Service Agency?

The official Guaranteed Farm Loans page says: FSA guaranteed loans provide lenders (e.g., banks, Farm Credit System institutions, credit unions) with a guarantee of up to 95 percent of the loss of ...
11
votes
1answer
576 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 ...
4
votes
2answers
3k views

Why do banks require small businesses to open a business bank account instead of a cheaper personal one?

I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it's optional, but in the latter it is ...
-7
votes
2answers
3k views

Why is routing number called ABA/ABN number?

That's what my bank said. But how does ABA and ABN stand for "routing" in anyway
1
vote
1answer
113 views

Opening a multi-currency bank account abroad

I'm a Hungarian citizen, and currently living in Hungary. I'm planning a long holiday trip in Europe, visiting a few countries like Switzerland, UK, and Belgium. My bank account in Hungary has HUF ...
0
votes
1answer
94 views

PPF Account in Indian banks

I'm an indian citizen and about to open a PPF Account in a Nationalised bank. I have had enquiry in ICICI Bank and in SBI Bank today. Their interest rates are as 8.8 and 8.7 respectively. Can one ...
1
vote
2answers
547 views

Do I need to pay tax on the amount of savings I have in the bank?

Do I need to pay tax for the amount which I have in the bank? If so, what's the tax percentage for a savings account and a current account?
20
votes
6answers
41k 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 ...
0
votes
2answers
516 views

What is a “single side debit: QMC charges” in bank transactions?

My bank account is debited with description single side debit QMC charges. For what purpose the single side debit is charged. BANK NAME: CITY UNION BANK COUNTRY: INDIA
2
votes
1answer
107 views

What is safe to share for an international bank transfer?

I am selling a smartphone to the guy who lives in UK (or that is what he says.) For the money transfer he asks me these things. Name Bank Name Account Number Iban Swift Code Is it okay to give ...
3
votes
1answer
127 views

What to do with documents from a closed bank account?

Is there any danger in throwing away bank documents including personal information from a bank I no longer have an account with? To be more specific, I am moving from the UK to the US and have in my ...
0
votes
1answer
128 views

Is it possibly to keep money purely online?

Is it possible to keep money purely online? An account of some sort that functions like a bank but doesn't require physical receipts,cards,papers,etc? I would consider cryptocurrencies, but not ...
1
vote
1answer
187 views

What are the standard industry practices or disclosures for computing compounded interest on retail deposit accounts in the United States?

I'm seeking to understand how my bank calculates the interest on my various deposit accounts (Money Market, Interest Checking, Savings, Certificate of Deposit) in order to simulate and predict it to a ...
-4
votes
1answer
92 views

Do I need to repay back my line of credit in the form of monthly payments?

When I take a line of credit, do I start making monthly payments, like with a mortgage? Or do I make a lump sum (principal + interest) payment at the end of the term of the line of credit? Or is there ...
3
votes
1answer
113 views

Receiving important daily wires from abroad?

I am an international student in Canada and I will be receiving frequent wire transfers from Europe (+10K). I was wondering if this will cause problems with my bank. The money is coming from a ...
3
votes
1answer
905 views

How rate of interest scheme in bank works?

When I was looking at SBI site, I got this info: Loan Amount Rate of Interest* For loans upto Rs.4 lacs - 3.50% above Base Rate, currently 13.50% p.a. What does it mean? interest rate is ...
3
votes
1answer
859 views

What's the difference between “direct credit” vs. “local wire transfer”?

Wikipedia states that the alternatives to cheques include "direct credit" and "wire transfer" among others. What is the difference between "direct credit" and "local wire transfer"? For example, ...
1
vote
1answer
86 views

When bi-weekly payments are made on a mortgage, is the bank required to zero out the interest?

Is a bank or loan company required to zero out the interest every 2 weeks when bi-weekly payments are made on a mortgage loan?
-5
votes
2answers
828 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 ...
1
vote
1answer
110 views

What should I do to pick the right consultant to open offshore bank account

http://www.ifsc.gov.bz/licensed-service-providers/list-a/ have lists of approved consultant in Belize Is the list credible? Is there a site that collect testimonies for these? How do I know which ...
3
votes
1answer
672 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 ...
4
votes
1answer
2k views

Do charges made accidentally to the wrong name still get processed?

I have an online shop where I use a payment gateway to process credit card payment. When requesting the payment, I entered my company name in the "Bank Account Holder Name" instead of my personal ...
9
votes
1answer
143 views

Opening a bank account in China

I'm trying to open a account with any of the major banks in China, but I live in the US. Is this possible and how would I go about doing this? I would also like to be able to transfer money between my ...
1
vote
1answer
153 views

High frequency of Bank Transfers without Card Reader

I need to make a large number of bank transfers. At the moment I am doing each transfer manually through my online RBS account using a card reader. Due to this, each transfer is long and laborious. ...
1
vote
4answers
8k views

Do we need to provide correspondent bank information for wire transfers?

I have some bank accounts with international banks like SC/HSBC/Citi. Here is the template which they provide for international wire transfers. Is it necessary to provide Correspondent Bank ...
0
votes
1answer
242 views

Should I pay the student loan now classified as bad debts

I got educational loan on 2008 from one of a Bank in India. So far I am paying only interest money not principal money for it, but it’s also not regularly, I left some intermediate gap on it. Last ...
1
vote
4answers
258 views

Why hasn't public key encryption or one time password been introduced to battle online card fraud?

With all the identity theft and card fraud in the world. Even though some One time password measures have been put in place in the banking system where the cardholder verifies the transaction with a ...
1
vote
1answer
156 views

Meaning of “Provision of Collateral”

When I reading about bank processing, I encountered some difficulties. I want to know the meaning of "provision of collateral".
0
votes
0answers
49 views

How should a person with zero knowledge invest his money? [duplicate]

I have a friend that doesn't know the first thing about finance, stock market etc. He manage to save some money, and was just about to open a saving in the bank with a little more then the prime ...
4
votes
3answers
4k views

Why I can't view my debit card pre-authorized amounts?

I have a Mastercard debit card. When I pay an amount of money, I can see (with more or less delay) how much I've paid, when, in favor of who, etc. Now the question is: why I can't see the ...
1
vote
1answer
290 views

Is it possible for a bank to initiate an incoming wire transfer?

I am looking at the application form of a bank. One part of the application is like: BANK TRANSFER ORDER Sir, Madam, Please execute the following request of fund transfer Then there ...
3
votes
1answer
846 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
1k 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
4answers
3k views

What's the purpose of having separate checking and savings accounts?

It's a simple question, but I'm having trouble finding an answer: What's the purpose of having separate checking and savings accounts? What benefits does it provide?
2
votes
1answer
84 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
137 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 ...