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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.

0
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2answers
99 views

How can I deposit money from my account to a friend's account in another state? [on hold]

Can I deposit money from my account to a friend's account who lives in another state?
2
votes
1answer
90 views

Are there any particular ways to use a secured credit card best?

I am using a secured credit card to build back my credit. Is there a particularly good way to do this? I know that a secured credit card will allow me to increase my credit score. But I'm not sure ...
0
votes
1answer
55 views

Is KYC information placed in a global database like bank accounts?

When I open a bank account or credit card, it is instantly accessible nationwide just like a credit report. What about opening an exchange account and filling out KYC information in the U.S. or ...
1
vote
1answer
207 views

received a check with me as a c/o, can I deposit it into my account?

I rented an apartment and unfortunately without any notice rental management changed and I received a check with the new rental management company and me as a c/o for the amount of my security deposit....
4
votes
0answers
115 views

Why would a bank suddenly start using a very old address for me?

I stumbled upon an infographic that reminded me of something strange that happened to me several years ago, possibly related to banking, law, and credit reporting. Apologies if this is not the right ...
32
votes
4answers
9k views

Transfer over $10k

I recently realized that most of my money is going into my checking account where it's just sitting there losing value due to inflation, etc. I want to open a savings account at a different bank (...
0
votes
2answers
95 views

Are online purchases reported to IRS or FinCen

I am an international student in US. if I buy products online using my debit card and my online purchases and wire transfer in (my family transfers me tuition from back home directly in my account and ...
27
votes
3answers
7k views

My bank got bought out, am I now going to have to start filing tax returns in a different state?

My bank just got bought by a bank in another state. Does this mean my interest earnings are going to get reported in that other state and potentially require me to file tax returns in the other state? ...
3
votes
0answers
83 views

Sum of quarterly reports is not equal to annual reports

I am trying to calculate a stock's worth and in doing so I am adding values of all the four quarters from quarterly reports but it is not equal to the value in the annual report. I am trying to ...
0
votes
1answer
94 views

Having issues transferring high dollar amount from thailand to us [closed]

Thailand Bank is telling us we need to get anti money laundering paperwork for 5% of what is in our account or we can boycott and pay the bank 2% of what is
1
vote
0answers
88 views

How can I convince my bank to accept deposits without my signature?

My credit union doesn't accept any check deposits without signature endorsement from the recipient. I have a joint savings account with my spouse. They do not accept checks made out to both me and my ...
52
votes
5answers
28k views

Withdrew £2800, but only £2000 shows as withdrawn on online banking; what are my obligations?

I just withdrew £2800 from the bank. Looking at my online banking, there is only a withdrawal of £2000 listed. The form I signed said the amount I asked for, and the teller weighed the cash out on the ...
0
votes
1answer
46 views

Multiple day ACH transfer - is there a day when neither bank is paying interest?

If I transfer money from my account at bank A to my account at bank B, using a free multi-day ACH transfer, is it common that I would not be paid daily interest for the balance while the transfer ...
0
votes
0answers
32 views

Transfer from NRE account to salary account

I am working in Kenya with an Indian company duly registered in Kenya as a branch. I am getting my salary from India in my salary account and I am also getting an overseas allowance from Kenya in ...
1
vote
1answer
128 views

Why would a bank refuse TARP bailout money during the financial crisis?

I will delete this question if it's not relevant. I came across this link on banks that refused bailout money from TARP during the financial crisis in 2009. I'm wondering why would a financial ...
2
votes
1answer
83 views

Can the CRA peek into the amount of a Canadian bank account forthwith?

I mean without any search warrants or court orders. I ask because for the 2018 tax year, my brother in Grade 12 earned a total income of $500 CAD from only interest. The bank issued a T5 statement ...
1
vote
0answers
49 views

Received a tax refund check after my business' checking account is closed and the entity's dissolved

I had an LLC and closed the LLC's checking account. Then the LLC was dissolved a few months back. A couple days ago, I found out that my business received a tax refund check two months ago, but I'm ...
-3
votes
1answer
325 views

$100 divided by 3: What happens to the $0.01? [closed]

Frustrated with the current bookkeeping app I use, I've decided to start making my own with the intent to publish it. While I was on it, one thing that was immediately apparent is what happens to ...
-2
votes
1answer
162 views

How Were the Scammers from North Korea able to Hack SWIFT CODES?

Sanctions-Hit North Korea Stole $13.5 Million From Cosmos Bank: Report North Korea was reportedly using cyberspace for undercover operations "to acquire funds through a variety of measures in order ...
1
vote
2answers
58 views

effective rate loan installment

Why is it that the effective rate is based on compounding and it is also paid only on the remaining loan balance in compounding interest we pay interest on interest? Can someone explain in to me? what ...
2
votes
4answers
218 views

Why don't banks process money transfers more often?

From what I've seen, most banks process money during night batches and once during the day around lunch time. Some resources I found say that during the day most banks process transactions at 10:30, ...
89
votes
5answers
18k views

How do scammers retract money, while you can’t?

I see a lot of question about scams with the same premises: Someone puts money in your account. You send money somewhere. They take their money back, while you lost your money. I don't know a whole ...
3
votes
3answers
246 views

Retailer charged different amount on my card

A little bit of context: I did some online shopping. I added some items in the basket for total amount of 770 and payed online with my card. the 770 value transaction was status "pending" on my bank ...
1
vote
2answers
280 views

Is storing money in a bank the best way to utilise your savings?

Over the past few years, the rate of inflation in my country has outpaced the interest on my savings account, meaning that I have been losing money as its value has dropped faster than its quantity ...
0
votes
1answer
51 views

What does “on non-bad debt and open balance accounts” mean here?

This sentence is from a policy of an organization I found on a leaflet. Can anybody please explain or paraphrase it for me? "on...debt" and "open balance accounts" are confusing me. "If the patient ...
5
votes
1answer
103 views

Who Guarantees What in the 'Current Account Switching Guarantee"?

Someone I know recently used the UK 'current account switching service'. Suffice to say, it didn't go as its supposed to. The old bank account was closed without collecting the direct debits and ...
5
votes
2answers
4k views

What will happen if I transfer large sums of money into my bank account from a pre-paid debit card or gift card?

I want to use my credit card to put money on a pre-paid debit card, transfer it to my bank account, and pay off the credit card with that money so I can get points. I read that transferring more ...
2
votes
1answer
57 views

What is a nominee in the jargon of opening a bank account?

I am opening a bank account for my company and in the registration form they ask about the director of the company, who is me. After setting my details, they ask if I am a nominee. What is that ...
1
vote
2answers
110 views

Ways to alleviate credit card missed payment due to bank problem?

A couple of months ago one of my banks randomly blocked my online account (I just had to call them and tell that I am still alive). Long story short, I called them multiple times and they never ...
1
vote
1answer
25 views

Where on the balance sheet do I find these items? [closed]

I am preparing for an interview for a banking role (on the tech side, but with exposure to business aspects), and have found out some questions I might be asked, wrt to where on the balance sheet the ...
7
votes
4answers
223 views

Do I have to sign a check with “For Deposit Only” and Account number?

My business processes a lot of checks and I was thinking about ordering one of those For Deposit Only stamps. If I get it to say with account number: "FOR DEPOSIT ONLY 00000000" Is that enough? ...
0
votes
2answers
45 views

Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?

Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?
3
votes
1answer
91 views

How does a private entity FINRA have authority to impose fines

FINRA is a private entity per https://en.wikipedia.org/wiki/Financial_Industry_Regulatory_Authority and per http://www.finra.org/industry/disciplinary-actions and also otherwise its revenue comes from ...
1
vote
2answers
150 views

Why do banks give loans instead of buying assets themselves?

There was asked a similar question why don't banks invest money in mutual funds or shares instead of giving personal loans It was about buying fonds and shares. Those are derivatives. Here is an ...
1
vote
1answer
62 views

Do I need to live in Canada to have a bank account in Canada?

I live in the US. I am considering opening a bank account in Canada. Do I need to live in Canada to have a bank account in Canada? If so, am I required to file tax in Canada?
3
votes
4answers
171 views

Give other entities access to only deposit funds in my account

I've had an account with OldBank, and recently opened an account with NewBank. In order to transfer money from OldBank to NewBank (both US banks), I could either give OldBank my NewBank login details (...
-1
votes
1answer
49 views

how to find flat rate of interest per annum and month if we have given reducing rate of interest or loan amount and tenure?

For example: For loan amount 500000 for 5 years at the rate of 12% (reducing interest rate), EMI is 11,122.22 per month Here 12% reducing is equivalent to flat 6.69% per annum or flat 0.55% per month. ...
2
votes
1answer
137 views

Bank is not depositing my new account promotion bonus [closed]

I opened a bank account in response to a promotion in a big bank. Originally it was saying if I keep my money (50K) for 60 days, I get $600. The agent at the branch didn't say anything more. Then they ...
7
votes
3answers
335 views

When do institutions exchange physical currency from electronic payments?

This question always been on my mind and I never truly understood the concept. I’ve done some digging and haven’t found the answer that is comprehensive. I want to understand at what point does a ...
5
votes
3answers
297 views

Why do banks have daily deposit limits for check deposits with app?

I have a bunch of accounts at Fidelity and use their app to deposit checks on my phone. Each account has a daily deposit limit that is based on a number of factors, but the most important appears to ...
3
votes
1answer
341 views

What Happens if dont pay the creditcard or Personal Loan amount and leave the country

Hi My Friend went India without paying his credit card balances around $150K. Now he is unable to pay due to losses in business and what kind of actions can happen from credit card companies and/or ...
1
vote
0answers
24 views

Can one transfer a plan épargne logement (PEL) to another bank as a US permanent resident (green card holder) and French citizen?

Can one transfer a plan épargne logement (PEL) to another bank as a US permanent resident (green card holder) and French citizen?
2
votes
1answer
161 views

Buying business product for a business associate that's abroad

I was wondering if there's any legalities regarding the purchasing of product for a business associate that is abroad? I would buy the product and he would reimburse me the money. The products are ...
3
votes
2answers
137 views

Is it more difficult to reverse a fraudulent check if it is cashed at a check-cashing service rather than deposited at a bank?

Say that someone gets ahold of my checking information and writes a fraudulent check from my account. Then they cash it at a check cashing store. I notice a week or so later, call my bank, and report ...
0
votes
1answer
43 views

Which method CHATS, ECG, or TT should I use to transfer funds to account in Hong Kong Bank?

I've personal bank accounts with Shanghai Commercial Bank in Hong Kong (henceforth "SCB") and HSBC Hong Kong ("HSBCHK"). SCB accepts the FPS Identifier only to receive funds, and not to send funds to ...
0
votes
1answer
344 views

Storing Money Without a Bank [closed]

One way to store money without a bank account, could simply be keeping it in banknotes, however that's not very safe. So is there another way to store digital money that is not a bank account? ...
0
votes
2answers
195 views

How are micro-finance banks able to offer interest rates so much higher than traditional banks?

Recently while browsing on google I came to know that there are few small-finance banks which offer great returns with the high amount of interest rate up to 7% and fixed deposits up to 9-9.5%. like ...
8
votes
1answer
478 views

What are the financial implications of merging my wife's bank and investment accounts with mine?

Background I've been married to my wife for eight years & live in Washington State. For that entire time, we've had separate bank and investment accounts, mostly due to inertia. I make most of ...
4
votes
1answer
124 views

Why does my bank not charge a fee for small amounts?

I work abroad in a SEPA country and send money to my non-SEPA home country regularly. In the foreign country I have a euro bank account and in the home country - a non-euro bank account. My foreign ...
-3
votes
1answer
179 views

How Do I Get Citibank To Give Me My Money?

I was banking with Citibank online back in August. I was a good customer. I never went in the negative and I was very nice to all employees. I have my own business and I receive at least 7 to 10 ...