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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Is the Interac e-Transfer email-to-bank-account mapping unique?
A mechanism (Interac) in the Canadian banking system permits people to send amounts less than $3,000 over email.
This also works for transferring funds between two accounts held by the same person at ...
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2
votes
1
answer
80
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Keep money in Australia but have access to them overseas
I am going overseas for extended period of time. Gonna have overseas residential address, mailing address and non Australian phone number. But I want my life savings to be in Australia with access to ...
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7
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706
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Are there "banks" (or something morally equivalent) which merely stores their clients' money and doesn't invest/lend/etc it?
Another year, another major bank or two goes down because it decided to take the money that it was entrusted with it and go gamble. All of them fear "bank runs" because they know that they ...
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1
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How does a beneficiary receive benefits if an FDIC insured bank goes bankrupt?
I have three questions:
Generally, in the US, can a beneficiary receive the inherited benefits for a certificate of deposits (CD) in a single bank if an account holder (single) who purchased the CDs ...
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0
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115
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How do wealthy folks protect heaps of money, specifically relating to bank collapse [duplicate]
Given the recent Silicon Valley Bank issues, what do the wealthy do to protect their fortune? If you have it sitting in a bank, it's vulnerable if the bank is poorly managed.
The stock market seems ...
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4
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What happens to depositors at Silicon Valley Bank?
Today, Silicon Valley Bank is bankrupt, the second largest bank failure in American history.
What happens to its depositors? Will they be able to withdraw (some of) their money? How long will they ...
- 2,556
9
votes
2
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Are demand and time deposit accounts really loans _to_ the bank?
Borrowers pay interest to borrowees any time they take out a loan.
The Government even pays interest when you "buy" it's notes and bonds.
Banks, too, pay interest to deposit holders. Does ...
- 49.9k
0
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1
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189
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Bank accounts closed unexpectedly, funds missing
Wells Fargo bank closed my accounts and haven't sent me my funds. I keep getting run around about who to call; what can I do?
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1
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How can I minimize possible future ties to economics and live as stress-free as possible on an economic level? [closed]
I have no other way to phrase this but for some reason, even the meer mention of most personal finance topics sets off panic attacks (probably a lack of understanding or ability to comprehend the ...
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4
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2
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What factors to evaluate in a bank or credit union when investing certificate of deposits in the US?
How do I evaluate a bank or credit union for its financial strength and trustworthiness before investing in their certificate of deposits in the US?
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1
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How to deposit $9,900 in $100 bills when I only have accounts like Schwab and CapitalOne
I sold a car and have a bunch of cash that I'd like to put into my CapitalOne savings account.
I live in the Atlanta suburbs, where CapitalOne has no branches and no ATMs that accept deposits. Their ...
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2
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What formula has bank used in this situation?
This is the bank fixed deposit's start date and end date with the principal and maturity amounts. The rate is 7% p.a.
Could anyone help with how the bank has calculated this maturity amount?
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1
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How is the IBAN created worldwide?
I have a big list of Account Numbers, corresponding currencies and BIC-Codes.
For every Bank I know BIC-Code and location.
Now, I am interested in calculating the IBAN for every Bank-Account, if ...
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1
vote
1
answer
161
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Bank loan related fraud in India
I am asking this question on behalf of an Indian friend of mine.
My friend (A) is planning to sell a house. The prospective buyer (B) will take a bank loan to buy the house.
Now B suggests that an ...
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1
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113
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Why would I (with good credit and financial history) be denied while applying for a business checking account?
I've applied for several accounts, and all of them were denied, most instantly. I have an 800+ credit score, a clean checking history, and so on. I do not have any business financial history - but ...
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1
answer
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Transfer of money between two international euro accounts
I was wondering if it is possible to transfer money electronically between my Finnish Nordea every-day bank account and my French Societe Generale bank account without any fee? I did a test transfer ...
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1
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Does a retail brand (e.g. Walmart or a regional coffee chain) have one Merchant ID per location, or just one for all of its locations?
Let's say I'm a big retail brand like Walmart or a small local chain of coffee shops, and I accept credit card payments.
Through my acquiring bank (or an acquiring bank by way of my MSP like Square or ...
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21
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8
answers
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I wrote a check with an unambiguous but casual written amount - why did the recipient's bank reject it for "invalid written amount"?
I wrote a check for 3495.00. For the written amount, I wrote "Thirty four ninety five and 00/100". When the recipient deposited the check, it was rejected due to "invalid written amount&...
- 359
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0
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81
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Why it is not possible to set a recurring weekly electronic money transfer to a 3rd party?
I am trying to set up a weekly recurring electronic money transfer (EFT/ACH) order to a 3rd party's checking account. It happens that 6 banks (so far) would not allow that. It seems like my options ...
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19
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5
answers
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Why are wire transfers not reversible by the bank?
ACH payments and credit card payments are both forms of electronic payments. Because of this, reversing a payment is usually as straight forward as calling your bank. However, this does not seem to be ...
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I would like to know if this bank is legitamate? [duplicate]
I need to check to see if this back is legitimate. My boyfriend has over a million dollars in this bank MBFBonline? They locked his account because the company he worked for in Berlin sent all his ...
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2
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Should I keep track of money flowing out of my business bank account, when it's not used for business purposes?
Right now the account will only exist to hold my own funds (that I've earned elsewhere, and paid taxes on). I plan to take them out to use for non-business expenses on occasion, before I get off the ...
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What happens if you don't pay a bank's account closing fees in the U.S?
Many banks charge account closing fees of $25 to $50 when a customer wants to withdraw their money and stop using their services. I'm not sure if these fees are even enforceable, but I would like to ...
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1
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"Check" created from multiple overlapping checks
I use Bank of America and wrote a check for rent in September this year for an amount of $2850. I turned in the check physically to the landlord and the amount was drawn from my account normally, but ...
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2
votes
1
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112
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What is the meaning of reserve in the assets of a bank's balance sheet?
I was reading a bank's annual report. I discovered that the table of balance sheet contains 'reserve' in the assets column of the balance sheet.
I want to know the meaning of that reserve, and its ...
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1
vote
1
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341
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Please help me with scam? [duplicate]
I stupidly found a sugar daddy site and found one. He sent me $1900 and now wants it back and is threatening to call the police if I don’t send it back. I do not have the money in my account since it ...
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2
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How to rectify bank transfer with incomplete IBAN [closed]
I sent a bank transfer with an incomplete IBAN number. How do I rectify this? It was from a trading account to a bank account, both in my name.
8
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4
answers
4k
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How can a bank make it possible for their customers to get their salary up to two days in advance?
I read on https://blog.revolut.com/revolut-launch-united-states/:
U.S. customers will be able to get their salary up to two days in advance via direct deposit at no cost.
How can a bank make it ...
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0
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33
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Banks vs. Credit Unions [duplicate]
What are the differences and similarities of banks vs. credit unions?
One difference I've seen credit unions state is that they're non-profit and customer-owned. Is this true?
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Why the calculated cost of a loan is less than expected? Is the bank working at a loss?
Let's say I want to borrow $1000 from a bank at an interest rate of 12% per year, for one year. The number of payments in this case is equal to 12 (one year * months per year) and the interest rate ...
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0
votes
2
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181
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How do I buy a life insurance policy as a collateral? [closed]
I’m almost done paying my home, my wife wants to sell it and buy a bigger house using the money from the sale? Someone told me to borrow against the house instead of selling it, and then purchase a ...
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3
votes
2
answers
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Unusually inverted yield curve for time deposits
I found out the following time deposit rates of a bank:
I understand the meanings behind inverted yield curves. However, the rates seem very unusual to me: The 18-month rate is far lower than the 15-...
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2
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Is a transfer between 2 NRO accounts a taxable event?
I'm an NRI and my friend who is also an NRI wants to transfer money from his NRO account to my NRO account. Does this transfer attract Tax?
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7
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Does it hurt anything to have an unused checking account?
I have an old checking account, at a bank I no longer use (it's my only account there), with just a few cents in it. There are no account fees. Are there any reasons why I should or should not close ...
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3
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If a person direct deposits their income into their relative's account, would the IRS or their relative's bank say anything?
If a person asks their employer to direct deposit their income into their relative's account, would the IRS or their relative's bank say anything?
Assume they still leave enough money in their own ...
0
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2
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ACH Direct Debit Blocking (fraud protection, security)
How can I setup a bank account in the US that can receive ACH credits but block all ACH debits?
I have a bank account for my business that has an ACH routing and account number, so that my customers ...
- 148
2
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3
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What does it mean when I read in the news that interest rates were lowered or raised?
I was reading the newspaper, and an article mentioned that the government was going to lower interest rates. What does that mean?
I'm confused because the news always assumes that you know what they'...
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6
answers
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What are examples of honest reasons for carrying and using large quantities of cash? [closed]
This question: How Can I Make Consistent Large Cash Withdrawals From U.S. Banks? recently appeared on the HNQ list. The question concerns the logistics of withdrawing large amounts of cash from their ...
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How Can I Make Consistent Large Cash Withdrawals From U.S. Banks?
I am vaguely aware of laws regarding cash withdrawals for Depository Institutions (think regular consumer banks) in the U.S., namely that banks can place hold on transactions over $10k for up to two ...
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2
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How do people live in 0% or negative interest rate countries?
I am from Sri Lanka and our banks give high interest rate for fixed terms (About 10% to 15%) and saving accounts. Therefore most of the people are invest money to bank and get interest for living.
I ...
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Adding a branch code to my swift code, is there a difference?
I have been receiving money from Romania to Indonesia using the swift code CENAIDJA for the past two months. This month there was an error in the swift code but when the sender added 'XXX' making it ...
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How to tell if a bank is legitimate? [duplicate]
I’ve got a deposit on a bank named First Unify Bank, but I can’t really find alot about them online.
Can someone help me find out if the bank is legitimate or not?
Their site is firstunifybk.com
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1
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Where do independent digital wallets keep money?
When you cash in to your independent digital wallet, where does the money go?
When I say "independent", I mean those digital wallets that are not backed by banks.
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Is it possible to make a transfer without the bank knowing? [closed]
I don't know if they approve every transfer, so if not, is it possible?
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0
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604
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Is COT FEE a Scam? [duplicate]
I read another question about the COT FEE Scam, but what if they're not asking you to log into their account?
I was working with A Private Money Lender & was supposedly approved for a $200,000.00 ...
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1
vote
1
answer
166
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Can a bank take money out of my account without asking, to collect old outdated debt?
Almost 2 decades ago I had identity theft and they maxed out my card. I lived with it (and terrible credit) and could not discharge it or pay it off.
Some years ago this all fell off my record and is ...
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1
answer
103
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Does a non-permanent resident of the US have to close their credit cards before they leave the US?
The background is the same as in my previous question:
I'm in the US on an F1 visa (and this will be the case for the next two years). I'm not sure whether I will take the path of staying in the US ...
user88299
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0
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MT103 SWIFT Transaction Beneficiary Information be Updated after Wrong Entry
I received a payment under a business registered account under some company name, my client sent me the required funds through a SWIFT transfer, unfortunately, his bank mentioned my name instead of ...
18
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2
answers
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Can a bank make overdraft protection mandatory?
Recently I spoke with a bank about opening an account. As usual, overdraft protection was mentioned. The banker informed me that the account has overdraft protection and it cannot be disabled. When I ...
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1
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226
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Can I use a friend's bank account while living abroad?
I've been living abroad for 2 years and work as an expat independent contractor. A friend is willing to open a bank account, on his name, exclusively for my use - so my client will send payments to ...
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