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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47
votes
8answers
11k views

How to organize bank accounts with wife

My wife and I are recently married, both of us are working hard. At the moment we currently have the same system as prior to our marriage. Which simply put is that both of have our own bank accounts ...
19
votes
3answers
44k views

Would depositing large cash amounts cause problems?

I saw an article recently where a man withdrew $600,000 USD in cash from his bank. I'm sure many folks here would advise against this move for obvious (and perhaps not-so-obvious) reasons. My ...
25
votes
4answers
40k views

Daily interest calculation combined with monthly compounding: Why do banks do this, and how-to in Excel?

I often see banks advertise (for accounts with fixed yearly interest, let's say 1.5%) – "interested is calculated daily, and compounded monthly". I have 2 questions: Why are they calculating ...
13
votes
3answers
79k views

Co-signed a loan and I need to have my name removed

I co-signed on a car loan with my partner, and now that we are no longer together I want to have my name removed. He has had the car a year now and has been on his job over an year, but he won't do ...
24
votes
4answers
22k views

How can banks afford to offer credit card rewards?

I understand Visa and MasterCard make money on transaction fees, but how much (if any) of those fees do banks see? Do banks make money on people who pay their bills on time, or are reward programs ...
3
votes
2answers
3k views

Military member asks me if she can have money wired into my bank account but needs my social security number and bank routing number [duplicate]

I was recently talking to someone online and she said that she was in the Army and then she went on to tell me that she had a lump sum of 45,000$ co.i g to her but she needed my bank account routing ...
2
votes
2answers
1k views

Why do (ACH) payments that withdraw or deposit on my bank account require 1+ business days to complete?

Based on this question, I figured that there might be multiple questions for distinct locales. Why do the most common transactions to or from bank accounts in the US require waiting one or more days ...
84
votes
7answers
36k views

Is this $200 “welcome money” (from a major bank) some sort of scam?

I googled around (this in the US) about "bank accounts you can open online", I noticed: https://www.us.hsbc.com/checking-accounts/campaigns/offer-2018/#advance-checking-details Notice they will (...
25
votes
5answers
188k views

Is there a limit on the dollar amount of a personal check?

Is there a limit on the dollar amount of a personal check?
15
votes
2answers
1k views

When can I be sure a questionable check has cleared?

Someone has sent me a check for $250 in payment for property damage they caused in a car accident. It would have been better if I had gotten a cashier's check or official check, but I'll have to make ...
13
votes
5answers
18k views

Is there such a thing as a deposit-only bank account?

My employer wants me to give my routing-numbers, social-security numbers, and basically everything else required to take money out of my account, to several third-party direct-deposit websites (one ...
11
votes
2answers
710 views

What is the “Bernanke Twist” and “Operation Twist”? What exactly does it do?

I was reading the article Bernanke’s Twist Sharpens Year-End Anxiety Over Stimulus and In the article it says The Fed on June 20 extended its Operation Twist program to swap $267 billion in ...
4
votes
2answers
10k views

How do I withdraw all money from my HSA account as a non-resident?

I have lived in US for 5 years, and I (still) have an HSA account with BoA. Now I am living in Europe, and there's a fat chance I'll ever go back to live in US, so I would like to withdraw the money ...
3
votes
2answers
2k views

Can a person negotiate with banks on CD interest rates?

I use a brick and mortar bank for some of my savings. I’d love to get a CD interest rate closer to what Ally or other online banks offer. Are brick and mortar banks will to negotiate with customers ...
69
votes
9answers
26k views

How does a bank make money on an interest free secured loan?

I was having a discussion about the ethics of charging interest on a loan, and I was of the position that allowing the charging of interest encourages more loans to be given, and thus contributes to ...
90
votes
5answers
20k 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 ...
70
votes
13answers
21k views

Mother abusing my finances

I'm in a bit of a predicament so I want to give some background. I'm a 17-year-old who has a bank account with my mother as an account holder given that as a minor I cannot legally enter into an ...
16
votes
6answers
8k views

How easy is it for people from Nepal to open a foreign bank account via the internet?

Has anyone attempted opening a foreign bank account from Nepal as a Nepalese citizen, if so what was your experience? how easy was it? Which country's banks will allow this?
12
votes
2answers
2k views

As a US citizen, should I only have $50,000 in non US banks due to FATCA?

The Hiring Incentives to Restore Employment (HIRE) act was enacted March 18, 2010 with the goal of increasing employment in the US. It also included the Foreign Account Tax Compliance Act (FATCA) ...
3
votes
1answer
2k views

What is the easiest way to open a foreign Bank Account?

I live in Argentina. Nowadays in my country it is almost impossible to buy foreign currencies as American dollars or Euros. I was thinking if it is possible to open a foreign Bank Account to be able ...
64
votes
5answers
16k views

What should I do if I lost money in a scam?

I live in New Jersey and my son wanted to order some toys from this guy who said he makes them in his house and he could give him the best deal, but before he could send these toys he needed my 16 ...
25
votes
2answers
191k views

“Savings” account vs. “current” account - what's the difference?

When I draw money from ATMs or open a new bank account, there's the choice of either "savings" or "current" account. What's the difference between these two account types?
15
votes
7answers
5k views

Savings vs. checking account — when to prefer savings if interest is the same?

Let's say I'm opening a new checking or savings account, assuming: I already have another checking account All accounts offer the same interest rates Why would I ever choose to open a savings ...
14
votes
6answers
9k views

Should I have separate savings accounts for various savings goals?

I have read through some personal budgeting articles and saving tips. Most articles and books mention saving money for emergency funds, large purchases, etc. Should emergency funds and saving funds (...
10
votes
4answers
709 views

Should I switch to this high rate checking account for my emergency fund?

Okay, so I bank at a local credit union, AllegacyFCU. (Here is their rates sheet.) Currently I have through this bank: Daily Access Savings account with 0.2% interest Totally Free Checking (no ...
4
votes
6answers
869 views

Would you withdraw your money from your bank if you thought it was going under? [closed]

The Texas Ratio attempts to measure how well a bank can cover its losses on nonperforming loans. A ratio over 100 indicates the bank is in trouble. I cross referenced the texas ratio for banks ...
3
votes
7answers
11k views

Is it a scam if a Military commander from the army deposit money into my account then I send to an army female? [duplicate]

Is it a scam ? Talking to a female person in the army, she was deported to Africa (which of course red flags came up). She told me her mother can't because she doesn't feel good so her commander is ...
16
votes
5answers
7k views

Cashing a fishy cheque addressed to someone else

I agreed to cash a cheque for someone I don't really know. In hindsight, this was very stupid, but now I need to figure out how best to get out of this situation. We both endorsed the cheque, it ...
13
votes
1answer
525 views

WSJ article about CFDs - am I missing something?

In this WSJ article, it comments Traders held a net $22.6 billion in bets that the dollar will appreciate, a gain of 31% in net wagers over the previous week and the largest such position since ...
8
votes
3answers
4k views

What is the best way of transferring money from American to Canadian bank? [closed]

I am a Canadian that will be working in US for some time. I will still have Canadian bills to pay, so I would need to regularly transfer US dollars from some US bank to my Canadian bank account in $...
3
votes
1answer
18k views

(How) can I print my own checks on my printer on regular paper?

If I want to write a check from one of my accounts, I can obviously order a checkbook. The thing is, I don't want or need a whole checkbook. I might just need, like, 1 check. Maybe 2. Now, banks ...
1
vote
1answer
1k views

Is it illegal to going to someone's bank account and do a transfer? [duplicate]

A person I've been talking to for a while asked me to go into his bank account and make a transfer to a US beneficiary account. It's a continental account. It showed the date that the account was ...
1
vote
2answers
670 views

What are the options to transfer USD to CAD from within Canada?

I have a USD account with Bank A in Canada. I have a CAD account with Bank B in Canada. I would like to transfer USD money from Bank A to Bank B as CAD. What are the options available to do this ...
0
votes
1answer
636 views

How to recover money from old closed/dormant bank accounts in the U.S.?

Can anyone answer how to recover cash from (old) closed bank accounts from banks in usa?
0
votes
1answer
101 views

Can somebody explain “leveraged debt investment positions” and “exposures” in this context for me, please?

"The strong bond performance has led to a surge in leveraged debt investment positions that are ultimately funded by the banks' interbank exposures and WMPs. But nobody really knows how levered these ...
0
votes
1answer
156 views

I need to open a brokerage account in the US from AUSTRALIA

Does anyone know if I may be able to open a brokerage account in the united states but living in Australia, to use in trading.
15
votes
4answers
2k views

How to start personal finances?

I'm 24 years old, and haven't ever spent a second thought on money. My parents were not rich, but they had enough to keep me totally away from all business-stuff. When I was 19, I finished an ...
20
votes
5answers
53k views

How to store millions of dollars?

Not that I have it but most banks only secure amounts up to $100k so if you put $1M in there are you at risk of losing $900k if that bank shuts down? How do people store large sums of money, do they ...
12
votes
1answer
22k views

How do multi-currency bank accounts work? What is the advantage?

I've recently read that banks are offering multi-currency accounts to their business customers. How do they actually work? Is it one bank account and the balance is available in, let's say for example,...
34
votes
20answers
13k views

How to safely destroy (a large quantity of) valid checks?

A while ago I had my bank issue me new checks due to a change of name (I got married). However I still have many hundreds of checks with the out of date info (they're an online bank and issue about ...
11
votes
4answers
2k views

Can I cancel a credit card without negatively affecting my credit?

Some background: I have no debt, have never carried a balance on the card, and have never used more than 10-15% of the credit limit per month. I'd much prefer to pay with debit/cash, but I got the ...
10
votes
4answers
3k views

I'm moving to another country. Where should I keep my money?

I've been working in the US for a number of years, and am shortly to return to Australia. My cash is in an online bank based in the US. Would you recommend I move it to an Australian bank, or leave ...
24
votes
2answers
8k views

Why does it take 3 days to do electronic transfers between banks? [duplicate]

It seems like electronic transfers can take 2 - 3 days to complete. For example, when I ask my online broker to transfer money from my checking account, the money won't actually be available to trade ...
21
votes
2answers
160k views

What's the difference between a certified check, a cashier's check, a money order, and a bank draft?

The question comes from reading this answer. I've heard these terms used somewhat interchangeably, but I have no idea what the differences are. What's the difference between a certified check, a ...
8
votes
1answer
9k views

Difference between a (credit union) “share certificate” and a (bank) CD?

I've seen both Share Certificates and Certificates of Deposit available. Are they the same thing? Do they have different names based on whether they are offered at a bank or credit union? Does one ...
29
votes
6answers
7k views

Why are there many small banks and more banks in the U.S.?

I'm a Canadian and here in Canada, we don't have a ton of banks. We have around 5 or 6 major banks (Scotiabank, Royal Bank of Canada, CIBC, etc.) and basically no others (except a couple of credit ...
15
votes
4answers
403k views

Is it possible to cash a check made to someone else's name? How to do so?

Is it possible to cash a check made to someone else's name? How to do so?
12
votes
5answers
24k views

Can a “For Deposit Only” endorsement on a check be changed (canceled) by initialing?

My wife endorsed a small check "For Deposit Only". Then, she crossed the endorsement out, and initialed it. The grocery store refused the check, saying once it's endorsed for deposit only, the bank ...
11
votes
1answer
2k views

Buying checks from places besides your bank? How does it work?

I just opened a new account at Bank of America. The checks they sell aren't cheap and I heard that you can buy checks elsewhere. Does this mean that I can just buy a packet of blanket check and just ...
11
votes
1answer
21k views

How do wire transfers get settled?

Say I open accounts on Bank A and Bank B. I deposit $20 in Back A. I then initiate a wire transfer to my account in Bank B. I drive over to Bank B and withdraw $20. Bank A now has $20 extra and Bank ...