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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11
votes
2answers
354 views

What is the most travel-friendly bank and card?

good internet banking, which works on any browser phone banking accounts in multiple currencies (USD and EUR are a must - others would be nice to have) can convert from one currency to another ...
3
votes
1answer
209 views

Who issues bank numbers in the United States?

I was inputing my routing number for a new bank account to do direct deposit and I started to wonder why every bank has the same format for routing and account numbers. Who issues the numbers? Is ...
5
votes
1answer
348 views

Account number supressed on a deposit receipt

My bank issues deposit receipts with most of the account number blocked out, claiming security concerns. ( Account Number * * * * * * * 1234 ). How useful to me is such a receipt, if not useful is the ...
7
votes
4answers
3k views

Can a “For Deposit Only” endorsement on a check be changed (canceled) by initialing?

My wife endorsed a small check "For Deposit Only". Then, she crossed the endorsement out, and initialed it. The grocery store refused the check, saying once it's endorsed for deposit only, the bank ...
5
votes
2answers
757 views

How does a bank transfer money to another bank?

In a fiat currency if I do an electronic transfer for US$200,000 from say a Bank of America current account to Citibank how do the banks account for/handle the transfer? Are we just relying on trust ...
6
votes
2answers
204 views

If banks offer a fixed rate lower than the variable rate, is that an indication interest rates may head down?

This is one of the major banks in Australia: http://www.anz.com/aus/RateFee/InterestRates/Rates.asp At present time, the variable rate is 7.80% but the fixed rate is 6.99% for one year. And it seems ...
7
votes
4answers
223 views

Fractional Reserve Banking and Insolvency

When talking about fractional reserve banking, if we take a contrived example. 1,000 people deposit US$1,000. Deposit total are $1m. Then the bank subsequently loans US$ 900,000 via a series of ...
4
votes
2answers
356 views

What banks work best with accounts in multiple states?

Many years ago I opened my first account at Citibank thinking it's a "global" bank and I can use it for years. Since then i moved many times and eventually to a different state. As I found out to my ...
4
votes
3answers
189 views

I need a new bank! How do I determine the financial stability of a bank in the US?

I am moving and will be switching one of my accounts to a local bank. I was wondering what is the best way to determine a banks financial stability? Does the Federal Reserve publish something? If ...
2
votes
1answer
114 views

U.S. banks with their own financial aggregator online tool?

What banks in the U.S. have their own financial aggregator? I know two banks in Canada have them: RBC’s myFinanceTracker and BMO’s MoneyLogic. I don't expect a better product than Mint.com, but at ...
5
votes
2answers
90 views

What are the opportunities/implications of having a designated clearing bank in my home country?

NOTE: I don't come from a finance background i.e. I'm an idiot in this topic. Recently China announced that the Bank of China and ICBC will become designated RMB "clearing banks" in my home country, ...
8
votes
3answers
1k views

What is the best way of transferring money from American to Canadian bank?

I am a Canadian that will be working in US for some time. I will still have Canadian bills to pay, so I would need to regularly transfer US dollars from some US bank to my Canadian bank account in ...
4
votes
3answers
388 views

Which UK banks have an account that features free online incoming/outgoing international wire transfers and no monthly charges?

This is a similar question to US bank w/ free online incoming/outgoing international wire transfers, no monthly charges, online application in relation to the UK. Which UK banks have an account with ...
9
votes
3answers
3k views

“Free checks:” do I really need to pay to get “secure and trackable” shipping?

One of the benefits of my Bank of America premium checking account is free checks. However, they recommend "secure and trackable" shipping for the low-low price of only $8.40. Is that just a sneaky ...
10
votes
2answers
5k views

Why is there a limit of 6 ACH transfers out of savings accounts (per month)?

I recently discovered this limit the hard way, after being charged a fee for each transfer over the limit. With online banking becoming so prevalent, this is a huge inconvenience as it prevents people ...
3
votes
4answers
99 views

Multi-Account Budgeting Tools/Accounts/Services

Every time I get paid, I take some of the money and allocate it for certain uses. I track this in a spreadsheet. This works fine, but it's not what I want in the end. Basically, I think what I want is ...
2
votes
2answers
211 views

Is there a debit card that earns miles (1 mile per $1 spent) and doesn't have an annual fee?

I use Bank of America and they offer debit cards on US Airways and Alaska Airlines, but I earn 1 mile for every $2. Plus, I pay an annual fee. I would love to switch banks and use a bank that offers ...
2
votes
7answers
641 views

Are there any banks with a command-line style user interface?

I am bit fed up with my local banks that are click-click-click-...click type of banks, every time I use them I get a sense of absurdism. If I am doing anything a bit more specific like doing abroad ...
2
votes
1answer
2k views

How do you access an OFX server?

My bank, ING Direct, has setup an OFX server. Details (public): http://www.ofxhome.com/index.php/institution/view/658 I also obtained a "Personal Finance Access Code" from ING Direct, so I have ...
1
vote
2answers
985 views

Banking: What does the term “Sales Frontend” mean?

Could you please explain me what does it mean when banks refer to "Sales Frontend"? I have heard the term in sentences like "We need to improve our sales frontend in order to stay ahead in ...
3
votes
1answer
100 views

What kind of information can I use when trying to convince my bank to lower the interest rate on my line of credit?

I'm looking to lower the interest rate on my line of credit, and, before calling up my bank, I am wondering what kind of information I should have prepared that I can use as arguments when trying to ...
6
votes
5answers
4k views

Is there such a thing as a deposit-only bank account?

My employer wants me to give my routing-numbers, social-security numbers, and basically everything else required to take money out of my account, to several third-party direct-deposit websites (one ...
1
vote
1answer
98 views

Can I apply for immigration if I have a house mortgage to pay?

I am planning to continue to pay the mortgage after immigration. But I don't know if the bank will allow me to pay house mortgage from another country.
11
votes
2answers
976 views

As a US citizen, should I only have $50,000 in non US banks due to FATCA?

The Hiring Incentives to Restore Employment (HIRE) act was enacted March 18, 2010 with the goal of increasing employment in the US. It also included the Foreign Account Tax Compliance Act (FATCA) ...
15
votes
7answers
3k views

Why is the fractional-reserve banking not a Ponzi scheme? [closed]

Operating a Ponzi scheme is a crime which I suppose has some sort of definition in the penal code or criminal law. It is a fraudulent investment operation that pays returns to separate investors from ...
9
votes
1answer
1k views

Why does Bank of America sometimes refer to itself as Banc of America on some documents?

Why does Bank of America sometimes refer to itself as 'Banc of America'? Are they two separate institutions responsible for different things? It's always seemed odd to me.
4
votes
1answer
2k views

What laws govern check clearing in the US?

When I deposit a check in my bank, the bank credits the first $100 of the sum immediately and the rest of the sum is credited the next day, usually. I know that it's not a real clearing - i.e. if the ...
11
votes
2answers
256 views

Why do they ask whether it is a paycheck or not in a bank?

I am getting paid with checks so each time I deposit it to my bank account they ask whether it is a paycheck or not. What difference does it make?
4
votes
2answers
409 views

Credit cards: How is a cash advance different from a purchase? Why are the fees so high?

I have a couple of questions about the notion of "cash advance" on credit cards. How does the credit company decide if some transaction is a "cash advance"? Does the merchant tell the credit ...
7
votes
3answers
1k views

I'm moving to another country. Where should I keep my money?

I've been working in the US for a number of years, and am shortly to return to Australia. My cash is in an online bank based in the US. Would you recommend I move it to an Australian bank, or leave ...
5
votes
4answers
226 views

Advice on selecting a bank in the US

I'm moving to the US soon so I need to choose a bank to open accounts with. Does anyone have any advice on which banks or credit unions are good or particularly bad? For the purposes of this ...
2
votes
3answers
244 views

Where can I learn about the differences between the banking system in Puerto Rico and the USA?

Puerto Rico is a territory of the USA. Puerto Ricans can: not vote for president vote in presidential primaries not pay federal taxes go to work for the US army are US citizen work in any state ...
6
votes
5answers
400 views

Checking to brokerage transfer latency: Why does it take 3 days to move money, even at the same bank?

It takes my bank 3 days to transfer money back and forth to my brokerage account, even though my checking and brokerage accounts are both with the same bank. I don't understand why in the digital age ...
0
votes
0answers
173 views

How much is appropriate for an emergency fund? [duplicate]

Possible Duplicate: As a general rule, how much in “liquid” emergency savings should I have? How can one calculate how much emergency fund should one put away? What factors? How ...
5
votes
4answers
400 views

What are the advantages of Switzerland?

I am currently living in Switzerland. Switzerland has been known for decades as an attractive location for companies. Indeed there are a couple of American companies in Zürich. What I ask myself is: ...
7
votes
5answers
476 views

Why do some people go through contortions to avoid paying taxes, yet spend money on expensive financial advice, high-interest loans, etc?

There seems to be a lot of resistance to paying taxes, yet people are paying a lot of money to banks and other financial advisers when there are cheaper/better options out there. Any thoughts on why ...
6
votes
4answers
288 views

What is an alternative to bank CD accounts that would pay slightly more interest?

I am looking for an FDIC (or other reliable body) insured account that pays more in interest than CDs. What is the next step up, interest wise, from CDs, even if it means tieing up the money longer ...
12
votes
9answers
636 views

Who uses safe deposit boxes?

What items would an average person keep in a safe deposit box? Sounds like most of the documents (passports, birth certificates) can be restored.
8
votes
7answers
1k views

Is it worth it to reconcile my checking/savings accounts every month?

I used to be very diligent in reconciling my accounts with the monthly statement when it came in the mail. Now that I don't receive paper statements, I rarely even look at the statement or bother ...
3
votes
3answers
143 views

What actions can I take against a bank for lack of customer service?

I currently have a mortgage with a bank. Two months ago, they had an offer to fix our home loan interest rate for a year. We accepted this offer, we signed a document and they signed it too. In ...
1
vote
2answers
1k views

Can I get a mortgage from a foreign bank?

I live in the UK is it possible to transfer a mortgage to a bank based in a different country that doesn't operate in the UK, say Germany or United states for example?
4
votes
1answer
2k views

How long do direct deposits take to go through?

eBay listed the status as "paid" last Friday for some sales I'd made, and that it would be deposited to the bank account I have on file. It's Monday and I haven't seen any changes in my online ...
5
votes
3answers
231 views

Will I have any problems keeping my money in a UK bank, even though I am out of the country?

I was working in the UK for 2 years. I had opened an account with one of the banks in the UK where my salary used to be credited. Now, I am away from the UK for over a year, however I do have a ...
8
votes
3answers
708 views

If banksimple.com is not a bank, what is it?

I came across Banksimple.com, and I was wondering whether or not it is safe to entrust your money to. The About Us page says We partner with select deposit-taking institutions. We spend our ...
7
votes
4answers
5k views

“Infinite Banking” or “Be Your Own Bank” via Whole Life Insurance…where to start?

I've been researching the concepts of "Infinite Banking", "Be Your Own Bank", etc., as they seem to be hot topics right now. At first, I was extremely skeptical about the concept, however, I believe I ...
6
votes
1answer
2k views

Difference between a (credit union) “share certificate” and a (bank) CD?

I've seen both Share Certificates and Certificates of Deposit available. Are they the same thing? Do they have different names based on whether they are offered at a bank or credit union? Does one ...
8
votes
6answers
1k views

Do you keep ATM receipts? Why might keeping bank ATM receipts be a good habit?

Do you keep ATM receipts? I've occasionally heard some bank-insider's tips that say it's a good habit to keep the ATM receipts and check them against the online bank log. Having a programmer ...
5
votes
6answers
490 views

Would you withdraw your money from your bank if you thought it was going under?

The Texas Ratio attempts to measure how well a bank can cover its losses on nonperforming loans. A ratio over 100 indicates the bank is in trouble. I cross referenced the texas ratio for banks ...
8
votes
4answers
243 views

Should I switch to this high rate checking account for my emergency fund?

Okay, so I bank at a local credit union, AllegacyFCU. (Here is their rates sheet.) Currently I have through this bank: Daily Access Savings account with 0.2% interest Totally Free Checking (no ...
8
votes
3answers
7k views

Are these checks usable?

I recently opened an account at a credit union here, which includes a checking account. They gave me a book of checks on the spot. Are they valid and usable? They simply came out of the drawer and ...