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.
27
votes
4answers
791 views
Are bank customers allowed to provide username & password to sites like Mint.com?
This question is not about whether Mint.com is secure, or not. That is beside the point. (Refer to this question on the subject of trusting Mint.com and similar services.) Rather:
Are bank ...
16
votes
1answer
444 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" ...
15
votes
2answers
933 views
What are the advantages of a Swiss bank account?
I've heard about bank accounts in Zurich / Switzerland, but I don't fully understand the unique advantages of swiss bank accounts. What I do believe about these (but don't know for sure):
They ...
14
votes
8answers
2k views
Why is the fractional-reserve banking not a Ponzi scheme?
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 ...
14
votes
5answers
10k views
Is there a limit on the dollar amount of a personal check?
Is there a limit on the dollar amount of a personal check?
14
votes
5answers
522 views
Is “Fractional Reserve” banking real?
A good friend of mine keeps telling me how all money is created from debt, with only a tiny fraction coming from the bank's actual reserves. Which he refers to as "Fractional Reserve Banking".
As he ...
13
votes
5answers
980 views
Cashing a fishy cheque addressed to someone else
I agreed to cash a cheque for someone I don't really know. In hindsight, this was very stupid, but now I need to figure out how best to get out of this situation.
We both endorsed the cheque, it ...
13
votes
2answers
320 views
What's the difference between credit unions and banks?
Is one better than the other?
I've noticed that national banks seem to charge more (and higher) fees. Is that just me?
12
votes
6answers
1k views
How easy is it to open a foreign bank account via the internet?
Has anyone attempted opening a foreign bank account, if so what was your experience? how easy was it? Which country?
11
votes
5answers
3k 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 ...
11
votes
3answers
554 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 ...
11
votes
1answer
155 views
WSJ article about CFDs - am I missing something?
In this WSJ article, it comments
Traders held a net $22.6 billion in bets that the dollar will appreciate, a gain of 31% in net wagers over the previous week and the largest such position since ...
11
votes
2answers
226 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 ...
10
votes
2answers
217 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?
10
votes
2answers
352 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. ...
10
votes
2answers
2k 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 ...
10
votes
2answers
778 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) ...
9
votes
4answers
2k views
Would depositing large cash amounts cause problems?
I saw an article recently where a man withdrew $600,000 USD in cash from his bank. I'm sure many folks here would advise against this move for obvious (and perhaps not-so-obvious) reasons.
My ...
9
votes
2answers
206 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 ...
9
votes
1answer
457 views
How do Islamic Banking give loans for housing purposes?
Islamic banks do not give loans they invest in financial activities of their clients. Am I correct?
If yes, then how can they provide loans for housings? Home loans have nothing to do with business.
...
9
votes
1answer
472 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.
9
votes
6answers
1k 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 ...
9
votes
2answers
3k 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 ...
9
votes
4answers
252 views
What's a Letter of Credit? Are funds held in my bank for the amount in question?
Can someone easily cash one? Is it used for business only, or is there an advantage to consumers using them as well?
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 ...
8
votes
3answers
4k views
How does a big lottery winner cash his huge check risk-free?
You've just won $20 million in the lottery. Until you figure out what do do with the cash, you want to move it to the safest place you know: US Treasury account(s). But the lottery (per the ...
8
votes
5answers
343 views
Should your rainy day / emergency fund be in the same account as general savings?
Should your rainy day / emergency fund be in the same account as general savings?
8
votes
7answers
635 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 ...
8
votes
3answers
1k 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 ...
8
votes
4answers
211 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
646 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 ...
8
votes
1answer
179 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 ...
8
votes
2answers
5k 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. ...
8
votes
2answers
1k views
“Savings” account vs. “current” account - what's the difference?
When I draw money in ATMs or open a new account, there's always the choice of either "savings" or "current" account. What's the difference between these two account types?
(This is in Singapore.)
8
votes
3answers
538 views
Which bank (checking & savings) offers the best interest rates, lowest fees, and is FDIC insured?
We currently use ING for our banking and like a lot of its amenities, but their rates (as most banks, I'm sure) keep going down, down, down. The current savings rate is 1.25% APY and checking rate is ...
8
votes
1answer
243 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 ...
8
votes
1answer
184 views
What are the benefits and risks of doing your banking through a credit union, versus a bank? What's the difference?
What are the major differences to having your mortgage, credit, savings/chequing accounts with a credit union (or caisse populaire, in Québec) versus just a regular bank?
8
votes
3answers
258 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 ...
8
votes
3answers
828 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 ...
7
votes
6answers
513 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 ...
7
votes
3answers
3k 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 ...
7
votes
3answers
7k views
Is it possible to cash a check made to someone else's name? How to do so?
Is it possible to cash a check made to someone else's name? How to do so?
7
votes
4answers
194 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 ...
7
votes
6answers
482 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 ...
7
votes
4answers
2k 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 ...
7
votes
5answers
433 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 ...
7
votes
4answers
426 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 ...
7
votes
3answers
243 views
Should I keep most of my banking, credit, and investment accounts at the same bank?
I have two bank accounts (checking and saving), some credit cards (3), a mortgage, an investment account, and an individual retirement account. Right now all of those accounts except two of the credit ...
7
votes
3answers
587 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 ...
7
votes
3answers
999 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 ...
