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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2
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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 ...
3
votes
2answers
269 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?
4
votes
1answer
70 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 ...
13
votes
5answers
11k 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
626 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
322 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
131 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
509 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
583 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
518 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.
7
votes
4answers
719 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
793 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
417 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
10k 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
84 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
277 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
634 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
396 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
211 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
389 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
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 ...
6
votes
2answers
898 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
208 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
227 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
417 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
193 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
123 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
93 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
2k 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
410 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
4k 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 ...
11
votes
2answers
6k 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
102 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
667 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
1k 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 ...
4
votes
1answer
108 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
101 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
1k 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
4k 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 ...
10
votes
1answer
2k 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
272 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?