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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5
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1answer
2k views

How do banks prevent fraud in international wire transfers?

How does the international banking system prevent fraud in wire transfers? Specifically suppose a wire transfer from a bank in China to a bank in the United States is done. How does the bank in the ...
1
vote
2answers
166 views

Forex, trading “currencies” or trading “relations”?

I'm newbie in Forex and have a simple question, I guess. Disregarding leverage and things alike, I would like to know what's the difference between opening a position in Forex on a pair through a ...
4
votes
1answer
429 views

How does bank deposit insurance work in Singapore?

When I check bank web sites in Singapore, they usually post something like below: Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under ...
6
votes
1answer
9k views

How do multi-currency bank accounts work? What is the advantage?

I've recently read that banks are offering multi-currency accounts to their business customers. How do they actually work? Is it one bank account and the balance is available in, let's say for ...
2
votes
3answers
2k 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 ...
3
votes
1answer
2k views

Is there a U.K. prepaid card having SWIFT, BIC, or IBAN codes, for money transfer?

I'm located in the U.K. Does anyone know if pre-paid cards here, such as Visa prepaid cards, have a SWIFT or BIC or IBAN code, because they are not really a current account? For example, for the ...
5
votes
1answer
591 views

Can the IRS freeze a business Bank account?

My credit score is really bad, it used to be in the high 700s but is now about as bad as you can imagine. I owe a lot of debt including IRS, credit cards, banks, loans, etc. I now need to start a ...
2
votes
1answer
305 views

When a merchant accepts bank wire transfers, how does the merchant know who has wired him the money?

When a merchant accepts bank wire transfers, how does the merchant know which customer wired him the money and how much money the customer paid? For example, when I'm funding payza.com, entropay.com ...
2
votes
1answer
184 views

FBAR semantical issue

From my understanding, the US Treasury's Foreign Bank Account Report (FBAR) is supposed to be filed if a US person - natural or artificial - holds over $10,000 in a foreign bank account at any point ...
3
votes
2answers
2k views

I specified the wrong IBAN number when transferring money to a UK bank. How can I correct this?

I transferred money to a UK bank from outside of the UK, but I specified the IBAN number for an individual by mistake. The bank transferred the money to the individual instead of the bank, even though ...
4
votes
2answers
316 views

Spain: Convert cash to electronic money?

I am in Spain, have some cash, and would like to move that to a German bank account. I asked at Deutsche Bank Spain, and they said that to do that, I would need an account at their bank. Note that ...
2
votes
1answer
134 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 ...
3
votes
1answer
101 views

What happens during the windup of a bank?

When a bank is wound up....depositors are usually protected up to a certain amount. Let's say this certain amount is 100K. If a depositor had 150K in the bank, the 50K will be 'frozen' or even ...
9
votes
4answers
9k 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 ...
1
vote
1answer
153 views

Refusal to do auto pay

I live in a retirement home, which I will call RH. Until recently, RH allowed us to pay our monthly bills (which are not the same amount each month) automatically with a credit card. Because of high ...
0
votes
1answer
181 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. ...
3
votes
1answer
23k views

What is an inclearing check?

My US bank showed a transaction without a check number and called it an "inclearing check". The month is not over, so i haven't seen how it's shown on a statement. But a bit of searching on the web ...
2
votes
1answer
111 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 ...
1
vote
3answers
2k 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
votes
3answers
26k 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
104 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
2k 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
votes
2answers
499 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
votes
1answer
2k 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
3k 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
413 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
1k 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
votes
1answer
2k 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
votes
3answers
797 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
216 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 ...
14
votes
3answers
7k 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
300 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
98 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 ...
4
votes
5answers
2k 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
109 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
votes
2answers
696 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
2k 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
votes
6answers
2k 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
3k 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
140 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 ...
13
votes
2answers
1k 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
320 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
264 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
11k 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
3k 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 ...
5
votes
5answers
8k 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
3answers
1k views

Who creates money? Central banks or commercial banks? [closed]

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
2k 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
1k 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
3k 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 ...