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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102 views

Debit card to very remote location [closed]

I live in Costa Rica and have no home address. They just don't have that here overall. I need to receive my bank of America debit card and they will not send it to my Post Office box. Are there ...
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2answers
93 views

How does the legal "deposit insurance" work if you have large debts, but also liquid funds?

Assuming you have a mortgage of 700K CHF (i.e. minus, debts) But you have 300K CHF in liquid assets on your savings account. If the bank goes bankrupt, you have 100K guaranteed back in Switzerland (...
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0answers
52 views

Can I move to another country and keep my Belgian bank account? [closed]

I'm an EU citizen and I have been living and working in Belgium for the last few years. I'm planning to move back to my home country (also in Eu) in a few months, and I'd like to keep my Belgian bank ...
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45 views

Will Transferwise report foreign currency balances to client's country?

I am from Middle East and I keep $69,420 in my Transferwise USD account. Transferwise isn't a bank but they are regulated by local governments. I'm curious how they are regulated Will Transferwise ...
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0answers
132 views

How does “Velocity Banking” actually work?

I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
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1answer
132 views

Can You Cash A Bank Guarantee?

Can you cash a bank guarantee and if so where?
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1answer
105 views

Do I have to pay taxes If I withdraw from Paypal to other bank account than mine?

I have a Paypal account which is linked to my bank account (primary). In my country taxes are 40%. However, I want to withdraw money in Paypal to other bank account in other country (secondary). The ...
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5answers
3k views

How can I avoid overdraft fees while moving all of my funds to a new bank?

I called my bank to close my account. The sequence of events they told me was required is: Transfer all of my funds to the other bank (makes sense). Wait up to 2 business days for the transfer to ...
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1answer
167 views

Violating bank policy by not disclosing brokerage account and short selling

I live in U.S and work as a software developer (back office) at an investment bank. I don't have those series 63 license that needed to be registered with Finra, and my work is nothing at all ...
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0answers
81 views

Do I need to declare all my citizenships to my broker or bank?

Do I need to declare all my citizenships to my broker or bank? This is a follow up question https://law.stackexchange.com/questions/75069/can-one-of-my-citizenships-cause-problems-with-investing
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82 views

Can one of my citizenships cause problems with investing?

As a citizen and resident of Mexico, American and European brokers are happy to take my business. But I'm also a citizen of Syria, which is sanctioned. While filling out account creation forms, I don'...
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1answer
161 views

Will US brokers accept me? I'm a citizen of Iran but a resident of Georgia

Any citizens of Iran here who can share their experience?
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1answer
90 views

Do American brokers and banks report client information (account size, balance, yearly profit) to client's country?

Do American brokers and banks report client information (account size, balance, yearly profit) to client's country? Question is ONLY for NON-US citizens. Client's country refers to Where client lives....
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0answers
35 views

Is a Sort Code and Correspondent Bank information needed for ALL international wire tranfers to the United States?

I am supposed to have some funds wired to me from a Government Institution (International). I filled in the paperwork provided by my bank (Wells Fargo) and sent it to the institution. They requested ...
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6answers
5k views

While transitioning to a new (online) bank is it OK to have my money split between two banks?

I used to keep all my money with one bank. I recently opened an account with another bank and have slowly been transitioning towards them. I have multiple jobs and sources of income. Now when someone ...
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2answers
156 views

Could a bank take out a loan from another bank?

It costs a lot of money to start a bank from the ground up, for obvious reasons. To get this starting capital, unless the person starting the bank is already wealthy enough to pay for it themselves, ...
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1answer
107 views

Cash check in France and have the money wired to the US

The title says it all. I received my stimulus check (some time ago). As an expat, I have a US bank account open, so I would need to have some bank in France cash the check and then wire the money over ...
22
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1answer
2k views

Wired to the wrong account

Recently, I sold my house that I've been living in for over 20 years. It was almost all paid off, so I got a huge amount of cash in my account. (About 5x my yearly salary). I bought a new house, and ...
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2answers
207 views

Can somebody explain this thing about "US tax collectors" getting reports from banks about all accounts over $600?

I was reading on Slashdot about US tax collectors getting reports on accounts over $600. This quotes an Arizona Republic newspaper article discussing the proposal and a US treasury web page ...
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70 views

Does obtaining EU banking license directly make retail deposits up to 100k EUR covered by national guarantee fund?

I was unable to find any source connecting directly banking license and deposit guarantee. That is in particular interesting in regard to operating financial businesses after they obtain banking ...
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2answers
72 views

Is Neobank and cash generally mutually exclusive?

A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks. Is ...
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1answer
41 views

Core Processing - Month & Year Length in Calculations

I'm looking for information into how financial institutions and their core processors perform their calculations. More specifically, how the month and year lengths are factored in. First, are there ...
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2answers
179 views

In layman's terms, what happens to the average Joe, in a "bank bail-in"?

I've come across some scare stories that a "bail-in", being the opposite of a bail-out, is where a bank uses deposits to restructure their capital, and that the average Joe with savings ...
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2answers
156 views

How do banks balance the books after a borrower defaults on loan repayment? [closed]

Buyer gets a 10k loan to buy a tractor from Seller. In the banks' books: Buyer Assets Liabilities 10k deposit 10k repayment later Bank Assets Liabilities 10k repayment later 10k deposit for Buyer ...
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0answers
25 views

Is it reliable to do payments to offline merchants using UPI

Sometimes, when doing UPI transfer the transaction goes into the pending state. I read somewhere that in that case we shouldn't make another txn to the same beneficiary and wait for 48 hours. After 48 ...
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2answers
403 views

Mother using my details and committing fraud

I’ve lived with my single mother all my life in the UK. My bank accounts and all details, electoral etc are at the same address I’ve lived my entire life with her at. Growing up, whenever we (my ...
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1answer
119 views

What is the name for the bank a check is written against?

I'm drafting a contract and want it to say that payment will be made by (among other ways) checks from a US bank (not from banks in other countries). What's the correct way to refer to the bank that a ...
16
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3answers
6k views

Can I deposit a check into my account if it is not signed on the right hand side?

I have a check made out to me by my son but he did not sign the check on the right side. Can I deposit it into my account? I plan to endorse the check on the back.
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2answers
452 views

Someone recently gave me his banking information so that I could log into his account. Could I get in trouble?

Someone sent me their online banking information so that I could log in and check their balance. Could I get in trouble for that? I reported it to two different places that I thought I was scammed. No ...
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1answer
35 views

How can the EV/FCF be less than 1 for big companies barring extraordinary events

I found out that a large bank is reporting an EV/FCF of around 0.8, this seems ludicrously undervalued to me. What factors am i not taking into account?
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1answer
133 views

Why do business loan interest rates vary that much?

this might be a very basic and stupid question, but I've just recently started considering bank loans for my business (Covid...) and I have no experience with this world whatsoever. I've noticed that ...
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2answers
198 views

What really is a recurring deposit?

What I do not understand is what is really meant by the term "recurring"? Also why is the minimum time limit between recurring and fixed deposit so different (min :6 months and min :7days) ...
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3answers
3k views

Why would a bank refund appear as a debit on my billing statement?

My bank in the US sent me a check accompanied by this letter: We're providing the attached check due to a refund on your account. This amount may appear as a debit on your billing statement. Why ...
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1answer
232 views

What is the difference between a checking account and savings account?

I understand the exact difference will vary from bank to bank. But in general, I understand that savings accounts have a higher interest than checking. So if it's that simple why not always use the ...
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0answers
39 views

How to setup a canadian CIBC bank account, from the US?

I am an international student (US citizen currently residing in the US). I will be going to university in Toronto Canada in a couple of weeks. I have arranged to pay rent for a single room apartment, ...
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1answer
83 views

Error opening Sofi Money Account

When trying to open a SoFi money account (or SoFi investment account), I'm told that there was an error and they couldn't verify my identity... i have checked this information 10 times and know its ...
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2answers
137 views

Can I use my brokerage accounts and trading as my job evidence?

I live in the US and have some brokerage accounts and I have income from trading online. I also don't have another job. Can I use my income and trading history when I want to apply for a loan or ...
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2answers
277 views

Am i being used for bank fraud [duplicate]

I have been speaking to a girl in Nigeria she promised to visit me but but twice didn't show up said she loved me although never met. Asked for money multiple times asked for bank details and says she ...
31
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7answers
13k views

How can I gift $41,000 to my friend anonymously? (Australia)

We both live in Australia. I don't want him to know it's from me. But I’m not hiding from the government. I’d prefer the money to go into his bank account so he can see it's real money. I have his ...
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2answers
129 views

Can I use a stamp to make mobile deposits for my LLC?

I have an LLC called "MrPeanut LLC." I am currently depositing all checks with a signed endorsement via my bank's mobile app as such: John A. Smith, Managing Member For mobile deposit to ...
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1answer
133 views

What are the pros and cons of using a personal bank for investing vs something like e-Toro?

I want to invest a small amount of money (about 1k to 5k) at the moment. My personal bank (AIB) offers some investment products. I suppose my main goal is to avoid inflation and big fees. At the ...
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1answer
85 views

Is an asset that cannot be sold by the holder (due to a contract) seizable by a bank at default?

In one or so years I will be leaving university and start working full-time. I've been reading about compensation methods in different industries. As we all know, many industries give part of annual ...
1
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1answer
180 views

Is it suspicious to send $10K via Interac e-Transfer by dividing it into 4 transfers of $2.5K each?

At my bank, there is a $3,000 daily limit and $10,000 weekly limit on Interac e-Transfers. Will the bank or regulatory authorities be suspicious if I decide to use Interac e-Transfer to send $10,000 (...
3
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1answer
258 views

What obligation do banks have to return money after fraud?

I'm interested in what happens when money is stolen from a UK bank account. I have read on the Citizens Advice Bureau website that Your bank should refund any money stolen from you as a result of ...
5
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1answer
52 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
162 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
89 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
494 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 ...
0
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0answers
62 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
55 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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