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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10
votes
2answers
2k 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. ...
4
votes
2answers
138 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
105 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
730 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
3k 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 ...
12
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
504 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
100 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
720 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
1answer
184 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
3k 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
651 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
250 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
136 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
128 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
6k 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
336 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 ...
12
votes
2answers
11k 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
720 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
18k 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. ...
2
votes
3answers
1k views

Deposit a cheque in an alternative name into a personal bank account (Australia)

I'd like to be able to deposit cheques payable to a business name into my personal bank account. I do not have a company (Pty Ltd) and at this stage it's probably more trouble than it's worth to set ...
4
votes
2answers
294 views

Is it illegal for Canadians to keep money in overseas banks?

The movies are always talking about off-shore Swiss bank accounts and "hiding" money. Is this legal? What is their motivation for doing so? If it is legal (in any way), how can it be profitable?
5
votes
1answer
89 views

How to tell if you can trust a loan company?

What do you look for? Good UI design? BBB accreditation? Yelp, NYTimes mentions? What should I expect of the customer service when making my decision to take out a loan? What information should I ...
6
votes
2answers
186 views

Do US banks lend your money to foreign banks during the weekend while you cannot make withdrawals?

I was told by an economics teacher once that banks take advantage of the weekend being closed to deposit on hand cash in foreign banks, specifically Mexican and South American banks. The lending bank ...
8
votes
4answers
3k views

Why are monthly mortgage pre-payments applied to the back-end of the mortgage?

After having paid several years of 'extra' principal payment on my mortgage, I found that the extra monies were being applied the the 'back-end' of the mortgage instead of the 'front end'. The ...
14
votes
5answers
13k views

How to store millions of dollars?

Not that I have it but most banks only secure amounts up to $100k so if you put $1M in there are you at risk of losing $900k if that bank shuts down? How do people store large sums of money, do they ...
2
votes
1answer
42 views

Do we know the simulated shocks used in EU bank stress tests?

The official document released only contains the outcomes of the stress tests. Does anyone know what shocks were specifically used? Was that information publicly released? Please note that the fact ...
7
votes
6answers
654 views

What is a good 5-year plan for a college student with $15k in the bank?

I have 15K in a USA Midwest bank called TCF. I am a college student, and after working at some internships I saved up some cash. I currently have the money in a savings account called "TCF® Premier ...
3
votes
1answer
354 views

When traveling in Southeast Asia, what is the best bank and card to use?

I am going to travel to Asia, to Thailand and Indonesia among other countries (yet undecided). I am traveling from Denmark and have a Danish bank account - but also a Swedish one since I'm originally ...
2
votes
2answers
141 views

Are Credit Cards a service to banks?

Well, as i have already claimed, i have limited knowledge on finance, but i do try to learn more things. Now, it's the de facto thing that banks love to lend money. As i see it, with a debit card, ...
7
votes
5answers
521 views

Where can I borrow money for investing?

Where can I borrow money in the US if I have a good credit (730+)? I have heard community unions a good place to borrow money..but the lowest they could get is 12 percent. Can I borrow from a ...
6
votes
3answers
760 views

How can a freelancer get a credit card? (India)

I work freelance for clients, in other countries, and paid via Paypal and other methods. When I applied for a credit card in my country, it was rejected. They mention as I don't get a salary and I ...
1
vote
3answers
553 views

Compounding frequency for Recurring Deposit account at ICICI Bank?

Does anyone know the frequency of compounding of a Recurring Deposit account at ICICI Bank? It isn't mentioned anywhere in their website and looks like they are conveniently hiding the fact.
8
votes
6answers
966 views

Why don't banks print their own paper money / bank notes?

The fractional reserve system benefits the banks immensely from the documentaries I've been watching recently. However, I began thinking why don't they get into the paper business too? If you take ...
5
votes
5answers
981 views

Should credit card payments be broken up into amounts smaller than $10K?

As mentioned in this answer about bank transaction reporting, a Cash Transaction Report (CTR) will be generated for deposits (or all transactions?) greater than $10K. So, there are two parts to this ...
5
votes
3answers
1k views

What's up with this weird Wells Fargo account nickname policy?

This question is super random, but I have a savings account that I want to throw 10% of my money in per month for savings. I wanted to nickname it "Tithing", and Wells Fargo gave me this error: ...
6
votes
4answers
507 views

Can I cancel a credit card without negatively affecting my credit?

Some background: I have no debt, have never carried a balance on the card, and have never used more than 10-15% of the credit limit per month. I'd much prefer to pay with debit/cash, but I got the ...
11
votes
2answers
14k views

“Savings” account vs. “current” account - what's the difference?

When I draw money from ATMs or open a new bank account, there's the choice of either "savings" or "current" account. What's the difference between these two account types?
2
votes
1answer
2k views

Will I be able to identify the ATM surveillance footage from the bank where my money was stolen from?

I recently discovered unauthorized ATM withdrawals from an account I rarely use. The amounts were small ($40-100) over several months. I searched for my ATM card to this account and could not locate ...
2
votes
3answers
87 views

Is the I.T. function in banking considered to be on the expense side, as opposed to revenue side?

I read that in a company, if you are on the revenue side of the balance sheet, you will earn more than if you are on the expense side. I realise that being in IT in Banking is the expense side as we ...
5
votes
2answers
326 views

MasterCard and SWIFT

I have MasterCard. With Master Card I have received paper where I have two important things. Card number Account number So. Questions. For SWIFT transactions I should use Account number. Yes? ...
17
votes
1answer
694 views

Paying off home mortgage and lender wants a “Recording Fee”

So I whittled down my house note to the point where I have enough cash to just pay it off early and be done with it. Yay! I asked my lender (well more accurately their website) for a "payoff" ...
12
votes
2answers
443 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
218 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
435 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 ...
8
votes
5answers
4k 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 ...