Questions tagged [banking]

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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3
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1answer
38 views

Set a direct debit with an UK bank as a EU citizen moving to UK

My girlfriend (EU resident - Italian) is moving to London for 5 months beginning next Jul for a research placement. The college where she's staying asked her to pay the rent via Direct Debit at an U.K....
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2answers
147 views

How much money is needed to get an investment bank account? [closed]

I heard somewhere that to open a bank account in the Lazard-Rothschild bank, you need to have 2 million euros. Is that true? More generally, I would like to know what is the minimal amount of money ...
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0answers
47 views

International SWIFT transfer: sent as OUR, received as SHR (field 71A)

The company I'm working with sent me a few SWIFT payments, and they all were received with the following fields: :71A:SHA :71F:USD16,00 :71F:USD0, So the 16$ fee was deducted from the full amount ...
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3answers
199 views

How to check if a bank is legit

I would like to check if an online bank is legit. It is a Astroibank. I cannot find anything online and I have some money that was supposed to have been sent there. The bank is asking me to pay a lot ...
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0answers
59 views

Why a large proportion of a bank’s balance sheet would fall into either Current Assset or Liabilities, while defining Working Captial?

In "Valuing Financial Service Firms" by Aswath Damodaran he wrote With working capital, we run into a different problem. If we define working capital as the difference between current ...
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1answer
48 views

Treating debt of financial firm as Source of Capital, why small change in value of firm's asset value causes large change in Equity Value?

Let us treat debt as source of capital for Financial Service Firm and firm is operating on High Financial Leverage. Then how small changes in the value of the firm’s assets can translate into big ...
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0answers
25 views

Are foreign currency bank accounts in Brunei protected by deposit insurance?

All retail banks in Brunei are members of the Brunei Darussalam Deposit Protection Corporation (BDPC). The deposit insurance scheme protects up to 50,000 BND per person per bank in the event of a bank ...
3
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2answers
166 views

What paperwork do I need to sell a car for $30k cash in New Jersey and deposit the proceeds into my bank account?

I am selling my car to an individual who wishes to purchase the car from me for 30k in cash. I asked for a check instead but they stated they only have cash. What sort of paperwork would I need to ...
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1answer
39 views

Stripe error Refunds

I inadvertently refunded all my car club's annual membership fees in my Stripe account, currently showing as "succeeded" in the refunded column That was 4 days ago. Nothing has happened yet ...
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6answers
9k views

Is it a scam when a contract employer asks me to forward money to other workers through my bank?

I have applied for a job as a translator in a UK based company via Indeed, working from home. Everything about it looked legit - regular contact information, addresses, interview (even though ...
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5answers
11k views

Why do banks seem to be indifferent about identity theft?

Several years ago, I was in a terrible relationship in which my girlfriend fraudulently opened a credit card in my name. I forget the specifics, but she ended up transferring the full cash advance on ...
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0answers
80 views

if i change my bank password will venmo lose access to the bank?

After I learned that Venmo uses Plaid and monitors all transactions, I wanted to remove all access to the bank, but Venmo decided to put account on lock preventing me from doing that, and to remove ...
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2answers
143 views

What are non-banking financial companies?

I read in the book Indian Economy by Ramesh Singh that, NBFCs are fast emerging as an important segment of Indian financial system. It is an heterogeneous group of institutions performing financial ...
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1answer
138 views

Can I use my lot as security on a credit line?

I purchased an empty lot next to my house. I'm very glad to have it, but I did naively think that perhaps that I could use this lot as something like a credit card. Using it as collateral for a ...
35
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7answers
11k views

Is it acceptable to use a bank's “dispute a charge” feature if restaurant wouldn't give refund?

I ordered some food at a popular fast food chain, through drive through. When I arrived at my destination, I found my order was wrong, plus the food was very stale and cold. I paid for a rather ...
2
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1answer
136 views

My bank did not withdraw the funds for a check I wrote

My bank didn't withdraw funds for a rent check I wrote over 4 months ago. However, my apt. manager received those funds. What do I do?
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2answers
57 views

Differences in return rates on cash accounts across banks

I noticed a massive difference (35x) in the return rate of savings accounts between Bank of America and a Cash account at Wealthfront. This confuses me, how can a Robo advisor offer such a high ...
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2answers
267 views

Is this a 'trust fund scam'?

A week ago i received an email from an old lady (i actually submitted an ad on a site to find penpals), it seemed okay at first, she said that she had no children or relatives, and her husband was ...
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2answers
151 views

A doubt in definition of banks

"Banking means accepting money for the purpose of lending or investment,of deposits of money from the public,repayable on demand or otherwise,and withdraw able by cheque,draft,order or otherwise.&...
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1answer
57 views

What is this index all about? [closed]

Why did this index touch so high when our finance minister annouce the privatisation of 2 PSBs and one insurance bank?A detailed answer to this will be most welcome. She did not name any but why would ...
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0answers
45 views

Why is a separate fiscal year needed different from that of a calendar year? [duplicate]

What is even a separate fiscal year different from that of a calendar year? A detailed answer to this is most welcome. I am asking this particularly in Indian context.
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1answer
63 views

What is the meaning of the phrase “National Asset Monetisation Pipeline”?

Tabling the Union Budget for 2021-22, Ms. Sitharaman said: Monetising operating public infrastructure assets is a very important financing option for new infrastructure construction. This has been ...
21
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11answers
6k views

Why can't my LLC get a credit card when the owner has credit history and a good credit score?

I've started an LLC (US-based) and have an EIN that I'm bootstrapping myself and self-funding. All my addresses and details are registered in the US. I'm the sole employee, but have zero revenue as it ...
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5answers
233 views

Why do some banks charge a fee for a low account balance?

I'm learning in economics that if your balance gets too low, you have to pay a fee. Why is this? Is it to help support the bank, or as a punishment? Or is it both?
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6answers
4k views

If a bank is supposedly robbed, can you still withdraw from that bank? [closed]

This question has been living in my mind without an answer for a pretty decent while and im just wondering, Can you withdraw from a bank that has been "Robbed"? Or would law enforcement keep ...
0
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1answer
78 views

How much do US banks rely on deposits from retail customers to operate? (checking, savings, CD's, etc) [closed]

How much do US banks rely on deposits from retail customers to operate? Deposits such as checking accounts, savings accounts, certificates of deposit, etc. Let's say overtime this number trends to ...
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0answers
48 views

Money transfer to Turkey

My partner from the USA has sent me money (a few million dollars) to Turkey, the transfer is now exactly 14 days ago, have received until now still no money receipt, the money should be on the ...
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2answers
210 views

Have I correctly understood the logic of lending money to a bank? [closed]

Let's say that I am able to convince my local bank to borrow 1 Bitcoin from me today, with them allowed to hold it for at least a year before I am able to ask them to give it back. After a year, if I ...
2
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6answers
243 views

Why do credit unions in Germany charge a monthly fee (Kreditvereine Kostenloses Girokonto)?

I recently moved to Germany, and I was shocked to discover that almost all of the credit unions (Kreditvereine) and banks here charge a fee just for me to give them my money. Why? Background: I'm from ...
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2answers
222 views

My parents have control of my money and see everything I can do. What should I do?

So I know that you have read the title. But today I come to you pouring out all of my emotional finance trauma. So I am all for saving money. My parents are control freaks and the moment I show any ...
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5answers
275 views

A relative transferred $31,000 to my bank account. Do I have to report this to the IRS?

A relative transferred $31,000 to my bank account. Do I have to report this to the IRS? All information online is very inconsistent. Additional details: He wants me to temporarily hold his money. he ...
0
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1answer
159 views

Can a stolen Government cheque be cashed by someone else?

I received a trillium check in the mail, I didn't sign it yet. The cheque was stolen and I want to know if she signs the cheque and deposits it into her ATM can she withdrawal the money right away?
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0answers
91 views

How do I get a 'copy of a cheque'?

Sorry if this is a stupid question, but how do I get a copy of a cheque? I'm going through the process of encashment of some bonds which I received as inheritance, to do this I need to send over a ...
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0answers
119 views

Can I convert a cheque to money in any bank? Is there a fee?

After a Ryanair flight cancellation and several e-mails, they've sent a cheque. Well, I have no physical bank account in UK and have no idea how to claim money from a cheque. Plus, I suspect I will ...
0
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1answer
313 views

Do rich people never have to pay back what they borrow with their wealth as security? Does the same apply in my case?

I heard something very interesting today. Apparently, people who are the descendants of early New York City plot owners, never sell their land. Instead, they borrow money from banks (or some entity) ...
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0answers
65 views

Why ACH is still slow even after 3 phases by nacha

per nacha , USA banks are suppose to be processing ACH fast, but I have not seen any improvement in ACH with either brokerage or bank accounts since year 2003. What is the reason for no visible change ...
34
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7answers
3k views

How does a bank lend your money while you have constant access to it?

How do banks / fintechs lend your money while you have constant access to it, ie. can withdraw at any moment? I assume there is some kind of liquidation pool, but how exactly is that managed with ...
9
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7answers
5k views

Why are cheques so insecure?

I was reading this question about fraud committed by printing and cashing checks and the thought occurred to me that is should be trivial to prevent such scams. There are many ways that this could be ...
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0answers
33 views

How to check bank bonus web page from last year?

I opened account in a TD bank. Bank had promotion going on in August 2020. I close account in same bank before 2 years. Promotion T&C was starts with Offer is available to new personal checking ...
1
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1answer
85 views

periodically change the IBAN number (of the payment account) for more privacy?

A colleague told me he cancels his payment account every few years and opens a new one for better privacy. He says the IBAN and various other related info should be known to as few people as possible. ...
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0answers
14 views

Canadian and PayPal account linked to US bank

If a Canadian citizen has a US fund bank account in Canada, can they open a PayPal account and link the US fund bank account to it? They will not have a US address since they only have the US bank ...
0
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0answers
27 views

Is COT (cost of transfer) exsists in bank from a certain country to another? (Eg. Uk to philippines or othe country to philippines) [duplicate]

Heres the scenario: I have invested through bitcoin to a certain company but the thing is endless payments were being asked and i have complied with them. A few days i received from a certain bank ...
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0answers
17 views

Question for Xenith (Eikon) Expert - Is the following data available…?

In the ''Universe'' tab are many different options: Government and Corporate Bonds, Equities, Funds, Indices, Equity & Index Derivatives, Companies/Issuers, Commodities, FX & Money, Benchmarks ...
0
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1answer
62 views

Customer stated three options of international payment?

My customer asked one of three options of payment types (for remittance) from USA to UK. These are: (1) Intl-Wire - Domestic to foreign (2) ACH - Domestic to Domestics (3) IAT - Domestic to Domestics -...
2
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1answer
122 views

Should i worry if i lied in my new bank that i have no association with another bank when i actually do?

I recently opened a new account. I already had an old account at a different bank, but I declined when they asked me if I had association with another bank. Does this matter?
6
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3answers
1k views

How much share should I get in our property

In 2012, my brother, my mom, my dad, and I bought $349,000 property with 10% down to it. I paid the most towards the down payment, $10,000. Our mortgage is around $1,600/month and property tax of $2,...
0
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0answers
24 views

Settlement of wire transfers [duplicate]

How does a recipient bank, in international wire transfers, gets back its money which it credits to the recipient since there won't be any physical movement of cash from the sender's bank to that of ...
9
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3answers
1k views

What is the difference between “wire” and “bank” transfer?

This question comes after reading a sentence https://money.stackexchange.com/a/69731/88420 Wire transfer is the only way I know that is not reversible. Bank transfers are reversible; From what I ...
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4answers
3k views

Why is no routing number asked for?

I am new to US banking. I want to make an online payment to a business with minimal fees, and my recipient gave me their routing number and account number. However, the "pay bills" ...
1
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1answer
92 views

Cashing a UK Bank issued check in US Dollars in Canada

I have a cheque from a UK Bank I need to deposit. I live in Canada. The funds on the cheque are in USD. My Canadian Bank isn't able to accept the cheque since the funds are issued by a UK bank but ...

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