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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10 views

What's a good ACH transfer app? [closed]

So I had recently opened a brokerage account that requires an ACH transfer inorder to deposit or withdraw assets. Only thing is that none of my checking account apps allow me to manually enter ACH ...
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0answers
26 views

Business banking insurance above FSCS £85,000

In the UK, the Financial Services Compensation Scheme (FSCS) provides insurance for bank deposits up to £85,000. Is there an insurance (or financial product) that provides coverage above this ...
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2answers
68 views

Compounding Interest

How to calculate compounding interest and maturity value of recurring deposit. e.g. Mr A deposit $ 1000 per month in bank @ 5% p.a. for 5 years. Interest compound quarterly. How t0 calculate maturity ...
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42 views

Is there a banking app, which automatically invests a specific percentage of your income in etfs? [closed]

I am searching for a banking app, which automatically invests a specific percentage of my incoming transactions in ETFs. You are probably asking yourself, why not invest a fixed amount per month (say ...
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0answers
60 views

Why would a major bank not accept opening new accounts during the Covid-19 pandemic?

I'm in the United Kingdom and asked HSBC about opening a joint bank account with my partner as we're in the process of purchasing a house and wanted one for mortgage payments and household bills. We ...
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1answer
64 views

How are fractional cents handled when bank create a loan payment schedule

I am working on developing my own loan payments schedule generator and I have a question regarding how fraction cents For example, this load: Principal: $10,000 Interest: 5% per year Period: 48 ...
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8answers
7k views

Selling a House Upfront Or Collecting An Income Over Time?

Suppose that you have a house worth $500,000.00 that is gifted to you and this house is completely paid off. The people who want to purchase this house will need to go to the bank to get a loan so ...
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2answers
136 views

How to cash my brother's check

My brother is 15 and he doesn’t have a bank account. I’m 18 and I have a bank account. Would I be able to cash a work check written to him?
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1answer
59 views

Interest rate difference - savings account in a foreign currency

I live in a EU country where I have a currency account in CHF with a local bank. The interest rate of this account is 0.01%, whereas the interest rate in Switzerland is currently at -0.75%. Doesn't ...
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3answers
72 views

How do banks convert foreign currencies in bank accounts?

I've searched lot but I couldn't find an exact answer. For example: a person who has 100 usd in his account. He opens a euro account and converts the usd to 90 euro at the bank's exchange rate.... ...
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1answer
95 views

How safe are those online brokers and what to look for?

I am relatively new to the investment world. I know enough about economics & finance and I have bought & sold government bonds through my bank before. I am moving to a new country (Germany) ...
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1answer
170 views

I gave someone my info and got scammed and my accounts are closing

So I gave someone all my bank information , because they said they would put money in my account and it sounded ver legit and they left my bank account at -$383 . Then I filed a claim at the bank and ...
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0answers
24 views

Interpreting bank's calculation of interest: gross, net, and what the bank pays

I cannot understand how my bank calculates the interest. Here is what the system shows when I invest 175,000 pesos (it's small money in dollars): Investment instrument: PAYMENT AT MATURITY Investment ...
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1answer
79 views

Lost money on credit card refund due to exchange rates & fees

My CC had an unauthorized charge by an overseas service I was undergoing a free trial with. They apologised and refunded that amount (and I subsequently cancelled the free trial), but I lost money due ...
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1answer
58 views

How to calculate a loan constant payment (like PMT) but extra double paying (without interest) twice a year

This is my first post in this community, already tried to find my answer, and didn't succeed :(. I'm working a way to understand the formula behind a loan that allows the client to extra pay the same ...
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2answers
130 views

Why should I buy a principal protected note from the bank when I can create one on my own?

I was looking at principal protected notes (PPN) at a bank (link: CIBC Principal Protected Notes). It says: The return of your CIBC PPN depends on the performance of the underlying assets. (It ...
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1answer
67 views

Why is LIBOR getting phased out? [closed]

It looks like LIBOR is set to be phased out at the end of 2021. Why is this happening? This PwC representative says that banks don't really use LIBOR that much, and the new "alternative rate" system ...
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1answer
89 views

Can a person other than the person it is written to cash a Very Large Check?

My predicament: United States, father passed away, mother is disabled. I've been here for a few weeks taking care of all of their affairs, including filing the life insurance claim. Apparently, the ...
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4answers
132 views

Is it reasonable to split my money across two banks for security?

I am working to build an emergency fund, so I have money available in case I need it. I have read advice about keeping money split across multiple banks, for security. The idea is: if one of my banks ...
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0answers
25 views

Foreign banking transfers

I have been communicating with a woman who is active duty (Marine) in Syria for several weeks now. She has been chatting with me trough Hangouts. Then just a week ago she asked if I could help her ...
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0answers
90 views

Are foreign banks in India safe?

This question is about the safety of foreign banks operating in India. I don't know how much people who are not familiar with Indian finance will be able to tell me, but I think it is on topic for the ...
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1answer
211 views

I met a woman online who wants me to allow a third party to put money in my checking account to buy medicine for her mother

I've had a relationship for a month with a woman I met online. She is selling some things to make money to buy medicine from Africa for her mother. She wants me to give the buyer of the items my bank ...
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1answer
72 views

How are banks able to offer high interest rates on foreign currency fixed deposits?

My bank offers foreign currency fixed deposits (FCFD) at a high rate of interest. What's the catch? I know how the bank earns money on domestic currency fixed deposits: by loaning out the money or ...
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0answers
63 views

Sugar daddy wants to transfer me money for me to buy him gift cards [duplicate]

I’ve been talking to a sugar daddy for a couple days and he wants to mobile transfer me 200$. He wants me to buy 150$ worth of google play gift cards for him and then keep 50$ for myself. Is this a ...
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0answers
64 views

Is there any way for a non-US person to get a US-based bank account? [duplicate]

I live in the EU. After signing up with various brokers across the pond, I noticed that some have decent low-cost deposit/ withdrawal fees, while others' are abnormally high. For instance, ...
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3answers
212 views

How do billionaires keep their stakes in other companies safe during economic crises?

The world economy -- and therefore also the world of finance -- is currently facing yet another existential crisis. What solution do the best and most risk averse investors, like Warren Buffet, use to ...
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53 views

endorsing a check for mobile deposits

My bank requires me to write the following on the back of a cheque before I can use their mobile app to send it over to them: For mobile deposit at XYZ bank only I am very worried that once I ...
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1answer
113 views

How do banks make money on payment in 3-4 times without fees?

I have a very simple question: I wonder how banks get money from "payment in X times without fees" that are often proposed on e-commerce websites. Is it the e-commerce that pays interests?
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1answer
110 views

What are the practical effects for banking consumers from Fed cutting fractional reserve requirements to zero?

With all the other news, it seems like the fed eliminating the Fractional reserve requirements for banks in is not getting so much attention. Everyone is talking about the Fed Discount rate, which I ...
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1answer
65 views

With reserve requirements eliminated what reason banks have to not approve every loan? [closed]

Quoting wikipedia: On March 16, 2020, amid an economic crisis caused by the 2020 coronavirus pandemic, for the first time since the inception of the Federal Reserve, the fractional reserve ...
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0answers
48 views

I put in the incorrect IBAN

I recently made an internal transaction online. But I typed in the wrong sort code, not that I put in wrong numbers but instead I skipped a number so instead of six numbers, I put in five numbers. ...
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0answers
28 views

Opening a regional US bank account: Non-resident?

I am from Brazil and would like to open an account in the US. I was wondering if there is any regional (i.e., US only, or that does not operate within LATAM) bank that would let me open an account ...
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1answer
45 views

Yes Bank Vs State Bank Of India [closed]

I recently heard the news of Yes Bank Failure. When I compared the some of the Financial Ratios of the Yes Bank with that Of SBI then Yes Bank seemed to perform better(also better than many of the ...
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2answers
224 views

Sugar Daddy wants bank info [duplicate]

I have a sugar daddy who wants me username & password to my bank to send me my money. So what I did was I opened a new account with only $25 in it at a totally separate bank from my main one. ...
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1answer
30 views

Transfering from existing Indian account to NRE account

I have a normal Indian bank account, joint with my mother. Now, I wish to open an NRE account as I no longer live in India. How can I transfer money from this existing Indian account to the new NRE ...
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3answers
419 views

Should I apply for a new credit card once the promotional rate on my current credit card expires?

I used to have an average/low credit rating (experian) because I never had any lines of credit. I got a Barclaycard on a promotional offer, so for a year they have not charged me any interest for ...
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1answer
51 views

Out of date bank draft

I have a bank draft sent to me at an old address which has just caught up with me. Having moved three times. It is in US funds from Deutsche Bank New York which cleared US funds for an investment ...
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5answers
10k views

Pay off Credit Card Debt now or later

I recently paid a non-refundable housing deposit of $1,300 for summer intern housing. The company I am going to work at this summer has outlined in my contract that I will receive $2,500 to cover ...
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1answer
138 views

Canadian $50.00 bill [closed]

I sent half a Canadian $50.00 bill to my future granddaughter on completing half her studies to become a Dr. I told her she would get the other half on completion. The letter containing the mailed ...
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2answers
569 views

35 years old and I inherited 200k. What should I do?

I’m 35 years old with no children. My grandmother left me $200k and I’m not sure what are the best steps to take. Do I stay with my bank? Should I get an accountant or financial advisor? I want to ...
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1answer
108 views

Skimmers and bank accounts and banking security

I have read that banks will reimburse for "fraudulent activities". If I have a savings account and checking account, and my ATM is not linked to say my checking account, can this account ever be ...
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1answer
141 views

Involuntary Account Closure due to Suspicious Activity (AKA BTC transactions)…When will I receive the funds from account closure?

I've been banking with U.S. Bank for about a year and a half. Around the beginning of January, I noticed some strange activity as it pertained to my U.S. Bank checking account. I often utilize Zelle ...
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0answers
133 views

Spouse earns $50 K yearly, you $0. How much tax on joint HISA?

We both maxed out RRSP, TFSA. Each has 3.3% HISA at Laurentian Bank. We don't want deposit over $100 K, CDIC's coverage. No other CDIC institution pays 3.3%. We open a joint HISA — 2 below — and only ...
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0answers
95 views

What are the options to invest in the UK stock market? [closed]

In Portugal, investing in the stock market is very easy, as all major banks allow placing market orders from a current account and hold custody of shares (for as little as €5 per quarter). I was ...
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3answers
555 views

What is the difference between a loan and credit?

From other sites I’ve gathered that loans are for long term purposes (12-48 months) with lower rates of interest, while credit is mainly to meet monthly purchases with higher (monthly) rates of ...
2
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1answer
69 views

What's the cheapest way to get your Hungarian salary into a German EUR account? [closed]

I get one part of my salary in Hungarian Forints and this cannot be changed. I live currently in Germany and I need them in Euros. Currently I have an account by Deutsche Bank, but they use a pretty ...
4
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0answers
184 views

How safe are neo-banks?

In Australia there are a swath of 'neo-banks', banks that have no physical presence - typically are a 'mobile-first' experience. Some examples are Up, Xinja, 86400. These banks are typically pretty ...
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2answers
311 views

Is it bad to leave a checking account empty for up to a month?

My son is in college out of state and we have set up a bank that I transfer money to, but there is no physical location for him to get cash or in-network atm. I just got him a grocery debit card to ...
3
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2answers
185 views

Does returning small bank verification deposits count towards the limit of 6 monthly “convenient” withdrawals on a savings account?

Does returning small bank verification deposits count towards the limit of 6 monthly "convenient" withdrawals on a savings account? Example:
3
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1answer
355 views

Bank transfer to fake or fraudulent recipient

I have made a bank transfer from my UK account to another UK account but then I have realised that the recipient's name was fake and I got scammed. I requested my bank and the recipient's bank the ...

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