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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Can a bank take money out of my account without asking, to collect old outdated debt?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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0 votes
1 answer
72 views

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 ...
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-3 votes
0 answers
77 views

Paying an invoice for someone through his offshore account as he has an unsecured line at his remote location [duplicate]

Someone who I have been romantically linked to for the past month but have not met in person other than Skype and email etc. wants me to pay a million dollar plus invoice out of his offshore account ...
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0 votes
0 answers
30 views

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 ...
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18 votes
2 answers
3k views

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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0 votes
1 answer
212 views

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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0 votes
1 answer
104 views

What specific services, if any, is a bank required to offer to call themselves a bank in the United States?

Someone close to me operates a small business, and has been doing their banking through a relatively young fintech startup which advertises "full-stack business banking". Recently, with only ...
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5 votes
0 answers
106 views

How can I find out whether a UK bank closed my accounts unfairly? Are there risks to not finding out?

A UK bank has given me 60 days' notice that it will be closing my accounts. My activity on these accounts has been low (since I use another bank for everyday transactions), so that might be the reason ...
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2 votes
2 answers
111 views

If I request a chargeback on a purchase because a company went bankrupt, who foots the bill?

One reason people often cite when advising to make purchases with credit cards is the ability to issue a chargeback in case of problems. A common example would be buying airline tickets and then the ...
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-1 votes
1 answer
160 views

How can I provide proof of ownership of a bank account?

I set up a gambling account ended up making a large amount of money. I have verified my ID and proof of address and I want to withdraw, but I need a proof of ownership of the bank account that funded ...
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0 votes
0 answers
89 views

How did someone use contactless payment against my bank account?

Recently I learned my bank account had been accessed by another device and my contactless payment was used to make small un noticeable transactions. How is someone else able to use my contactless ...
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1 vote
1 answer
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Why is there an 'unpaid standing order' on my bank statement when I have plenty of cleared funds?

Recently a Standing Order from my account has started appearing on my bank statement as an 'Unpaid Standing Order'. The money goes out of the account, but is then returned. I have sufficient cleared ...
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0 votes
0 answers
71 views

Is is possible to store securities outside of a bank/brokerage?

Is is possible to store securities outside of a bank/brokerage? It would like to hold them myself or store them with an entity with minimal exposure to the market. E.g. in the past stocks were held in ...
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1 vote
1 answer
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What is the point in limiting the number of current accounts/deposits or the amount one has in such accounts?

Context: EU country outside of the Eurozone. The main bank I am working with has issued a notification that says something along the following lines: no more EUR deposits maximum one current account ...
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2 votes
0 answers
56 views

What could possibly explain this minor data difference from my bank? [closed]

Half a year ago, I logged into my bank's website and fetched all transaction records for my account as far back as it allowed me, which meant down to the first day of 2009. Saved as CSV file. For ...
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1 vote
0 answers
108 views

Trading Crypto With My Bank Account

I want to be a crypto trader and trade cryptocurrencies with my bank account. How it works is the seller would put his coins into an escrow account, the buyer will transfer him the money, and then the ...
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39 votes
14 answers
11k views

Are programmers in the USA still able to automate fetching their bank transactions, like was possible in the 1980s and 1990s?

I have a pretty simple question for primarily programmers in the USA, but it also goes for those elsewhere. I'm in Sweden. A couple of years ago, just when I had finally set up an automated system to ...
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-3 votes
2 answers
231 views

If my bank account was hacked via an insecure phone, would I be better off if I had warned the bank about it?

For environmental and financial reasons I have always used second hand or grey market mobile telephones. For work purposes I have general purpose computer kept as secure as possible, purchased new ...
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1 vote
2 answers
102 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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1 vote
0 answers
60 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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0 votes
0 answers
47 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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2 votes
0 answers
145 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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1 vote
1 answer
138 views

Can You Cash A Bank Guarantee?

Can you cash a bank guarantee and if so where?
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-1 votes
1 answer
124 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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16 votes
5 answers
4k 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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  • 409
1 vote
1 answer
171 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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1 vote
0 answers
85 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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1 vote
0 answers
84 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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0 votes
1 answer
251 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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2 votes
1 answer
91 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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0 votes
0 answers
41 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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16 votes
6 answers
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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0 votes
2 answers
161 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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1 vote
1 answer
110 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 ...
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22 votes
1 answer
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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  • 221
2 votes
2 answers
212 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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0 votes
0 answers
71 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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  • 101
0 votes
2 answers
75 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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  • 664
0 votes
1 answer
44 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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4 votes
2 answers
184 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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-3 votes
2 answers
160 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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0 votes
0 answers
26 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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  • 101
2 votes
2 answers
433 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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2 votes
1 answer
124 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 ...
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16 votes
3 answers
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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3 votes
2 answers
509 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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1 vote
1 answer
42 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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  • 13
0 votes
1 answer
135 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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0 votes
2 answers
254 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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8 votes
3 answers
4k 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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