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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2
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1answer
48 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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2answers
200 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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68 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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2answers
64 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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1answer
37 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 ...
4
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2answers
168 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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2answers
154 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 ...
0
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0answers
22 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 ...
2
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2answers
370 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 ...
2
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1answer
109 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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3answers
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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2answers
371 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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1answer
32 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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1answer
124 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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2answers
151 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) ...
8
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3answers
3k 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 ...
2
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1answer
190 views

What is the difference between a checking account and savings account?

I understand the exact difference will vary from bank to bank. But in general, I understand that savings accounts have a higher interest than checking. So if it's that simple why not always use the ...
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0answers
37 views

How to setup a canadian CIBC bank account, from the US?

I am an international student (US citizen currently residing in the US). I will be going to university in Toronto Canada in a couple of weeks. I have arranged to pay rent for a single room apartment, ...
0
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1answer
55 views

Error opening Sofi Money Account

When trying to open a SoFi money account (or SoFi investment account), I'm told that there was an error and they couldn't verify my identity... i have checked this information 10 times and know its ...
0
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2answers
135 views

Can I use my brokerage accounts and trading as my job evidence?

I live in the US and have some brokerage accounts and I have income from trading online. I also don't have another job. Can I use my income and trading history when I want to apply for a loan or ...
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2answers
263 views

Am i being used for bank fraud [duplicate]

I have been speaking to a girl in Nigeria she promised to visit me but but twice didn't show up said she loved me although never met. Asked for money multiple times asked for bank details and says she ...
31
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7answers
13k views

How can I gift $41,000 to my friend anonymously? (Australia)

We both live in Australia. I don't want him to know it's from me. But I’m not hiding from the government. I’d prefer the money to go into his bank account so he can see it's real money. I have his ...
0
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1answer
83 views

Can I use a stamp to make mobile deposits for my LLC?

I have an LLC called "MrPeanut LLC." I am currently depositing all checks with a signed endorsement via my bank's mobile app as such: John A. Smith, Managing Member For mobile deposit to ...
0
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1answer
127 views

What are the pros and cons of using a personal bank for investing vs something like e-Toro?

I want to invest a small amount of money (about 1k to 5k) at the moment. My personal bank (AIB) offers some investment products. I suppose my main goal is to avoid inflation and big fees. At the ...
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1answer
82 views

Is an asset that cannot be sold by the holder (due to a contract) seizable by a bank at default?

In one or so years I will be leaving university and start working full-time. I've been reading about compensation methods in different industries. As we all know, many industries give part of annual ...
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1answer
165 views

Is it suspicious to send $10K via Interac e-Transfer by dividing it into 4 transfers of $2.5K each?

At my bank, there is a $3,000 daily limit and $10,000 weekly limit on Interac e-Transfers. Will the bank or regulatory authorities be suspicious if I decide to use Interac e-Transfer to send $10,000 (...
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1answer
237 views

What obligation do banks have to return money after fraud?

I'm interested in what happens when money is stolen from a UK bank account. I have read on the Citizens Advice Bureau website that Your bank should refund any money stolen from you as a result of ...
5
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1answer
48 views

Set a direct debit with an UK bank as a EU citizen moving to UK

My girlfriend (EU resident - Italian) is moving to London for 5 months beginning next Jul for a research placement. The college where she's staying asked her to pay the rent via Direct Debit at an U.K....
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2answers
161 views

How much money is needed to get an investment bank account? [closed]

I heard somewhere that to open a bank account in the Lazard-Rothschild bank, you need to have 2 million euros. Is that true? More generally, I would like to know what is the minimal amount of money ...
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0answers
71 views

International SWIFT transfer: sent as OUR, received as SHR (field 71A)

The company I'm working with sent me a few SWIFT payments, and they all were received with the following fields: :71A:SHA :71F:USD16,00 :71F:USD0, So the 16$ fee was deducted from the full amount ...
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3answers
401 views

How to check if a bank is legit

I would like to check if an online bank is legit. It is a Astroibank. I cannot find anything online and I have some money that was supposed to have been sent there. The bank is asking me to pay a lot ...
0
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0answers
61 views

Why a large proportion of a bank’s balance sheet would fall into either Current Assset or Liabilities, while defining Working Captial?

In "Valuing Financial Service Firms" by Aswath Damodaran he wrote With working capital, we run into a different problem. If we define working capital as the difference between current ...
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1answer
54 views

Treating debt of financial firm as Source of Capital, why small change in value of firm's asset value causes large change in Equity Value?

Let us treat debt as source of capital for Financial Service Firm and firm is operating on High Financial Leverage. Then how small changes in the value of the firm’s assets can translate into big ...
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0answers
33 views

Are foreign currency bank accounts in Brunei protected by deposit insurance?

All retail banks in Brunei are members of the Brunei Darussalam Deposit Protection Corporation (BDPC). The deposit insurance scheme protects up to 50,000 BND per person per bank in the event of a bank ...
3
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2answers
188 views

What paperwork do I need to sell a car for $30k cash in New Jersey and deposit the proceeds into my bank account?

I am selling my car to an individual who wishes to purchase the car from me for 30k in cash. I asked for a check instead but they stated they only have cash. What sort of paperwork would I need to ...
1
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1answer
41 views

Stripe error Refunds

I inadvertently refunded all my car club's annual membership fees in my Stripe account, currently showing as "succeeded" in the refunded column That was 4 days ago. Nothing has happened yet ...
32
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6answers
9k views

Is it a scam when a contract employer asks me to forward money to other workers through my bank?

I have applied for a job as a translator in a UK based company via Indeed, working from home. Everything about it looked legit - regular contact information, addresses, interview (even though ...
49
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5answers
11k views

Why do banks seem to be indifferent about identity theft?

Several years ago, I was in a terrible relationship in which my girlfriend fraudulently opened a credit card in my name. I forget the specifics, but she ended up transferring the full cash advance on ...
0
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0answers
86 views

if i change my bank password will venmo lose access to the bank?

After I learned that Venmo uses Plaid and monitors all transactions, I wanted to remove all access to the bank, but Venmo decided to put account on lock preventing me from doing that, and to remove ...
1
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2answers
158 views

What are non-banking financial companies?

I read in the book Indian Economy by Ramesh Singh that, NBFCs are fast emerging as an important segment of Indian financial system. It is an heterogeneous group of institutions performing financial ...
2
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1answer
168 views

Can I use my lot as security on a credit line?

I purchased an empty lot next to my house. I'm very glad to have it, but I did naively think that perhaps that I could use this lot as something like a credit card. Using it as collateral for a ...
35
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7answers
12k views

Is it acceptable to use a bank's "dispute a charge" feature if restaurant wouldn't give refund?

I ordered some food at a popular fast food chain, through drive through. When I arrived at my destination, I found my order was wrong, plus the food was very stale and cold. I paid for a rather ...
2
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1answer
139 views

My bank did not withdraw the funds for a check I wrote

My bank didn't withdraw funds for a rent check I wrote over 4 months ago. However, my apt. manager received those funds. What do I do?
0
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2answers
59 views

Differences in return rates on cash accounts across banks

I noticed a massive difference (35x) in the return rate of savings accounts between Bank of America and a Cash account at Wealthfront. This confuses me, how can a Robo advisor offer such a high ...
0
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2answers
363 views

Is this a 'trust fund scam'?

A week ago i received an email from an old lady (i actually submitted an ad on a site to find penpals), it seemed okay at first, she said that she had no children or relatives, and her husband was ...
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2answers
155 views

A doubt in definition of banks

"Banking means accepting money for the purpose of lending or investment,of deposits of money from the public,repayable on demand or otherwise,and withdraw able by cheque,draft,order or otherwise.&...
0
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1answer
63 views

What is this index all about? [closed]

Why did this index touch so high when our finance minister annouce the privatisation of 2 PSBs and one insurance bank?A detailed answer to this will be most welcome. She did not name any but why would ...
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0answers
45 views

Why is a separate fiscal year needed different from that of a calendar year? [duplicate]

What is even a separate fiscal year different from that of a calendar year? A detailed answer to this is most welcome. I am asking this particularly in Indian context.
1
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1answer
95 views

What is the meaning of the phrase "National Asset Monetisation Pipeline"?

Tabling the Union Budget for 2021-22, Ms. Sitharaman said: Monetising operating public infrastructure assets is a very important financing option for new infrastructure construction. This has been ...
21
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11answers
6k views

Why can't my LLC get a credit card when the owner has credit history and a good credit score?

I've started an LLC (US-based) and have an EIN that I'm bootstrapping myself and self-funding. All my addresses and details are registered in the US. I'm the sole employee, but have zero revenue as it ...

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