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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5answers
3k views

Why can't I deposit a check from the drawer's bank to the payee's bank *at* the drawer's bank?

Let's say my name is Bob, and I have an account with Bank B. I have a friend named Alice who's paying me back for something, and her bank is Bank A. She issues me a check with my name on it, signs it, ...
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0answers
49 views

Japanese company transfer to contractor in Turkey rejected by Rakuten bank without disclosing reason

I am a freelance contractor working with a Japanese client. My nationality is not Turkish and I used to get payment in my home country from them with no problems. Then I moved to Turkey recently and ...
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2answers
28 views

Transfer Inheritance from US to a NRA in Indonesia

I am a non resident alien, not living in the US. I inherited funds from a US stock exchange account after the owner died, but they could not wire it to a non US bank. THey can only wire to a US bank ...
2
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1answer
67 views

Can an individual use the Open Banking APIs in Australia, or must you go through an Accredited Data Recipient?

I've been excited to learn about Australia's Open Banking initiative. In particular, I had hoped that I would be able to use my own bank's APIs to automatically access my bank transactions, so that I ...
4
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4answers
205 views

If it's so hard to beat the market, why do banks invest billions in active portfolio management (and why do they have any customers?) [duplicate]

It's well known that beating the market is difficult, and most actively managed funds aren't really doing all that much better, especially after accounting for fees. So if that's the case, why the ...
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1answer
91 views

What to do now that “my” bank has finally removed the last bit of access to its alleged customers? [duplicate]

For a long time now, "my" bank (Nordea, in Sweden) has announced that it's removing what they used to call "simplified login". This "simplified login" actually meant &...
1
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1answer
119 views

I placed trade with Broker and it was not executed even though price fell 55 cent below what I asked

I placed a trade for stock XYZ with broker 123 from bank ABC (which is part of SIPC) This was BUY trade for $100. Stock for XYZ went down to $99.45 and closed at $99.80. Trade was never executed. I ...
1
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1answer
55 views

Will I have a problem buying a large bank draft with wrong address on my ID?

I'm in the middle of a cash real estate purchase and will need a fairly large (close to $100k) bank draft in the next few days. I just realized the address on my photo ID is out of date, and my bank ...
1
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1answer
62 views

I have two debit cards for same account with different limits can I use two cards for maximum withdrawal?

I got State Bank of India Classic debit card with a daily ATM transaction limit of 20,000 INR per Day, and also got State Bank of India International Visa card with Daily ATM limit of Transaction 40,...
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1answer
37 views

UK: TIN (Tax Identification Number) UTR needed or NINO ok?

I'm a UK resident and British citizen, always in PAYE jobs, and who's never even seen a tax return. I'm opening up an account in an EU country, for a pitiful amount of money and it wants a TIN (Tax ...
3
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1answer
135 views

Can banks charge a lower interest rate for loans than for their fixed term savings account and still make profit?

A friend of mine got a loan of 1,000,000 at an interest rate of 10.6% per year for three years and then deposited that 1 million at 3-year fixed-term non-accessible savings account with a return ...
25
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5answers
10k views

If a bank fails, will debt be wiped out?

I have debt to Capital One. If they fail, and whoever the trustee is fails, will the debt eventually get lost in bankruptcy proceedings? Considering the Lehman bankruptcy is still ongoing, well past ...
3
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1answer
107 views

Is there a limit to how large a bill I can pay from a bank account?

If I have a checking account, can I use it pay large bills using online banking without encountering any difficulties? I intend to pay a bill of $20k+ to an educational institution. It will be a bill ...
2
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1answer
88 views

What are the advantages of prize-linked savings accounts over regular savings accounts?

I was looking at prize-linked savings accounts (lottery-linked savings accounts), and I wonder: is there any fundamental benefit in putting my savings in such accounts instead of regular savings ...
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1answer
101 views

Account deactivated and unable to login to online banking after moving out of the USA some years ago — how do I reactivate it?

I left the USA about 6 years ago. Until some time ago, I used to be able to login to my online banking to check my balance, but I am unable to do so now. Unfortunately, they also have my US phone ...
3
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0answers
170 views

Bank refusing to credit prize money

I have won a story-writing contest based in the US and the company has transferred $1000 minus taxes, so $695 to Kotak Mahindra Bank's Nostro account. I have submitted FEMA declaration at the bank and ...
0
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0answers
60 views

Is a Bank's LDR meaningless?

I'm learning how banks work and I used to think banks took in deposits and loaned those same deposits out to customers. I recently learned banks actually create most of the money out of thin air each ...
2
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2answers
94 views

Checking account with no mail

Is it possible to set up a checking account that creates no mail, or at least to redirect all mail to a different address? I tried posting this question earlier and it was marked as off-topic, but I ...
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3answers
127 views

Creating Foreign Bank Account for Access to Foreign Currency

I'm a young male who is a U.S citizen and resides within the U.S. I have investments in different areas, like stocks, bonds, etc. While I'm perfectly fine with these investments, I would like to ...
1
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1answer
73 views

Why do banks withhold old statements and transactions in online banking? [duplicate]

I noticed that none of my banks I have accounts with in the US (i.e. my local CU, Bank of America, Chase, and Citi) offer any way to view or download bank statements (e.g. as PDFs), account activity ...
2
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1answer
155 views

Lost Deposit. Which bank is responsible? [closed]

I'm currently dealing with a clusterF around a deposit that was credited to the wrong bank account. Neither bank has the target account number where the deposit was credited. Both banks pointing ...
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2answers
146 views

What happens to the money over the FDIC limit when a bank fails?

I had about $4-5K at Countrywide Financial and when it became bankrupt. I recovered all my money thanks to the FDIC. I didn't encounter any problems when recovering the money, but that was probably ...
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0answers
38 views

Is a non-resident allowed to receive money transfers from other non-residents to help them pay for things in Canada?

Suppose a parent has two children: child A and child B. Both children are 18+. The parent, child A, and child B are all non-citizens and non-residents of Canada; they do not live in Canada. Child A ...
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1answer
564 views

A stranger told me he would give me a weekly allowance. Is that a scam?

A stranger told me he would give me a weekly allowance if I gave him my bank name, account number and routing number. Is that a scam?
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0answers
43 views

US dollar transfers from my Canadian TD account to my US TD account

I've been transferring US dollars from my Canadian TD account to my US TD account for quite some time as a resident of the US. TD is now asking for my Canadian address. Why?
2
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2answers
362 views

Has anyone ever lost money over the FDIC limit?

Has anyone lost money because a bank failed and they had more than $250k in deposits? As in, has this ever happened?
3
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1answer
226 views

Why are EU banks hesitant to open an account and take our money?

In Europe, I work for a small/honest internet business. We make a fair profit every month, so we wanted to deposit our profits in different banks, until we decide what to do with the money. To our ...
1
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1answer
66 views

Which are the safest deposit banks worldwide (according to reputable rating agencies)? [closed]

I would like to know which global banks are the safest for holding money, and though the big three rating agencies are often used to estimate credit worthiness of financial institutions, this seems ...
1
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1answer
118 views

Wiill banks refuse my application for a current account if I don't pay a salary in?

I want to apply for a second current account to put funds into and also for some perks that they have (I don't want any interest due to religious reasons). But my salary will not be going into this ...
1
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0answers
75 views

The best/cheapest way to get money from Moldova to pay bills in UK

I would like to withdraw money from my foreign account outside Europe (Chișinău (Moldova)) and deposit it in a UK bank account, as it has become clear I will be staying in the UK for a longer time ...
2
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1answer
158 views

Print out check from personal computer

For the first time in my life, I have a personal checking account but no paper checks. I have been burned multiple times due to ACH fraud and want to avoid having any thing to do with this 20th ...
0
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0answers
31 views

Billing my clients in different currencies, does it matter?

I have a Canadian LLC (with a Canadian dollars bank account) and recently got my first offshore client from Singapore. In our signed contract my rate is in Canadian dollars, and then my client asked ...
0
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1answer
43 views

Is this considered Structural for withdraws?

I have a friend who buys electronics (phones, laptops etc..) and fixes them up and sells them. Strictly wholesale B2B buying and selling, however he also have a customer that he pay in cash. Now since ...
1
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4answers
118 views

What are some rule of thumb criteria to choose loans?

When one wants to take on a loan, they can do so from multiple banks. There are also comparison websites that allow you to see various loan offers from each bank. Most of them use the annual ...
34
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4answers
5k views

Who pays the premium for bank deposit insurance?

Normally, when I want insurance coverage (e.g. for my car and house), I have to pay a premium to the insurer. My bank account comes with deposit insurance to insure me against bank collapse. It looks ...
14
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1answer
4k views

My broker brother-in-law and sister managed my father's stock and estimated million dollars disappeared before his passing [closed]

My broker brother-in-law and sister managed my father's stock. I know he made illegal trades and used my fathers account to buy sell trade to cover his purchases. He was fired from three companies for ...
0
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0answers
74 views

What is going to happen in this situation?

My boyfriend's stimulus check came and I did a mobile deposit into my Wells Fargo account without having him endorse it. I understand what I did wrong and I know how to prevent problems in the future....
2
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0answers
84 views

Is my money insured against bank failures during a wire transfer?

Suppose I am sending money by international wire transfer from my FDIC-insured bank account in the US to my CDIC-insured bank account in Canada. Suppose one of the banks become insolvent during the ...
2
votes
0answers
30 views

Business banking insurance above FSCS £85,000 [closed]

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
78 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 ...
0
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0answers
69 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 ...
0
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1answer
80 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 ...
25
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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 ...
1
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2answers
169 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?
2
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1answer
62 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 ...
1
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3answers
83 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.... ...
1
vote
1answer
109 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) ...
0
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1answer
286 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 ...
0
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0answers
25 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 ...
2
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1answer
126 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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