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Questions tagged [deposits]

related to depositing cash or check into a Bank Account or in general deposits kept for various purposes like securing a rental property etc. Additional context specific tags like bank-account, rental-property to be used as appropriate.

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35 votes
5 answers
12k views

What are the advantages of a Swiss bank account?

I've heard about bank accounts in Zurich / Switzerland, but I don't fully understand the unique advantages of swiss bank accounts. What I do believe about these (but don't know for sure): They accept ...
0 votes
1 answer
952 views

How can I make my phone number verifiable by Chase Bank?

My friend endorsed his payroll check to me and I used mobile deposit to deposit it into my Chase bank account. (Used to have PNC account and have never had an issue doing this) The check cleared my ...
2 votes
1 answer
106 views

Does indivitual investor get protected by Deposit Guarantee Scheme if the money has been transfered into a collective escrow account?

Some brokers like trade republic are advertising the investor's deposit is protected under Deposit Guarantee Scheme. But in the same time it keeps mentioning that the deposit is actually in a ...
1 vote
0 answers
26 views

Is personal loan interest deductable from other income / income for capital gains

Say I take a personal loan and invest that amount on P2P lending platform, or in a high yeild FD, or in the stock market. Is the loan interest that I pay for this loan eligible to be deducted from the ...
1 vote
1 answer
265 views

Can the Zelle notes be enough of a written statement when returning a portion of the security deposit for Colorado Statute 38-12-103.?

Can the Zelle notes be enough of a written statement when returning a portion of the security deposit for Colorado Statute 38-12-103.
7 votes
6 answers
16k views

Is it safe for me to give my checking account's routing and account numbers to a credit card company?

I have a credit card from one of the top five largest banks in the United States. The credit card offers cash-back rewards. The credit card company offers that the cash back can be issued directly to ...
2 votes
1 answer
367 views

Is withdrawing all one's deposits a good tactic on pressing on the state? [closed]

In recent news, I see calls for people to withdraw all their cash deposits, supposedly to pressure against the state on a certain decision. (redacted the names since the question is not about the ...
5 votes
1 answer
565 views

How to deposit $9,900 in $100 bills when I only have accounts like Schwab and CapitalOne

I sold a car and have a bunch of cash that I'd like to put into my CapitalOne savings account. I live in the Atlanta suburbs, where CapitalOne has no branches and no ATMs that accept deposits. Their ...
1 vote
2 answers
303 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) ...
2 votes
1 answer
328 views

Need help depositing a joint check without a joint account

I think I've really screwed myself over here. I was dating someone and I bought a car with them. It was all my money used to buy the car. I put the title under both of our names because I wanted it to ...
1 vote
1 answer
386 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 ...
3 votes
3 answers
893 views

Can my landlord live in a property I rent if I move out before the lease ends?

We moved out two months earlier than our lease ends, but are still fully prepared to keep paying rent until May. We were responsible for getting the lawn mowed, so I had my dad go mow it. While he was ...
2 votes
2 answers
122 views

If deposit rate at banks > mortgage rate, does it always make sense to take a mortgage loan and not to pay in cash for house?

If deposit rate at banks > mortgage rate, does it always make sense to take a mortgage loan and not to pay in cash for house? It sounds simple but true. If mortgage rate is 5% and deposit rate is 7%...
-2 votes
3 answers
527 views

In theory, can FDIC fail?

In theory, can FDIC fail? If it goings default, who is going to cover the customers? Will the federal reserve automatically prints money to keep FDIC alive? Or such decision must be made through a ...
0 votes
3 answers
1k views

ATM cash deposit verification

When I deposit cash with a bank employee, they look at it and I have never heard of the amount later getting changed due to mistake or counterfeits. If I deposit cash with an ATM which reads the ...
1 vote
1 answer
121 views

Why are returns on term deposits so much higher in Canada (than in other countries)?

If one searches for GICs (Canadian equivalent of a term deposit) on the Canadian financial service comparison site ratehub.ca for 3 year deposits with 10 000 CAD as investment capital, one will come ...
1 vote
3 answers
124k views

How can I tell if a check has been deposited?

I found an old check in my drawer from two months ago and I can't remember whether or not I cashed it. I typically use digital deposit and don't usually void my checks when I've finished. I'm not ...
2 votes
1 answer
138 views

Am I using the right method for this compound / simple interest problem with annual deposits?

I am trying to solve the following exercise: A bank account is opened at the beginning of the year 2013 by making a one-off deposit of £1000. A further deposit of £200 is made at the beginning of each ...
1 vote
0 answers
69 views

As a EU citizen, are there any low-effort diversification options that could protect me against inflation or a local crisis?

The recent political events in the EU and in my own country (Poland) led me to reconsider my current saving scheme and I'm looking for a low-effort way to diversify what I have in order to better ...
0 votes
1 answer
200 views

What are safer alternatives to deposits that consumers can lose — if, after consumers pay deposit, a company goes bankrupt?

Many companies (call them D for Defendant) require monetary deposits from consumers (C for Claimants), before D undertakes time and effort to order the product. C is an unsecured creditor, and ...
40 votes
4 answers
6k views

Possible scam for security deposit - bank operation

I am looking for apartments to rent in Switzerland and I came across a bank operation that is rather new to me. In order to put down the security deposit, I would have to do the following: Fill in a ...
1 vote
1 answer
113 views

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 ...
0 votes
2 answers
382 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 ...
11 votes
6 answers
76k views

Are there special endorsement requirements for US Government checks to two parties?

At a bank where I have a checking account in my name only, I regularly cash a dividend check made out to my wife AND me. My wife endorses the check at home and then I stroll down to the bank and add ...
13 votes
3 answers
5k views

Why do escrow services use wire transfer?

Escrow services seem to typically require earnest money funds to be deposited via wire transfer. These days the wire transfer instructions will be surrounded by 50-point bold red text warning you that ...
3 votes
1 answer
291 views

Check depositing

My utility department sent me back some of my security deposit; however the check is made out to both me and my ex.(who I don’t know his where abouts) so it’s pay to order of said person and then ...
2 votes
1 answer
371 views

Money deducted for pre authorization hold

I was in a hotel recently and they did a pre-authorization hold on the debit card. It was initially shown as real charge in my banking app, the hotel staff told me to not worry it's just a pre ...
4 votes
2 answers
794 views

What payment options are there besides checks and direct deposit?

My employer is planning to require all employees to be paid by direct deposit. A number of our employees are unbanked, and opening an account is not practical. I understand the employer's concern to ...
3 votes
2 answers
865 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 ...
10 votes
3 answers
4k views

Why a bank would propose a depositor to invest part of their money to mutual funds, instead of bank doing it itself?

Currently, some banks in Greece propose their depositors (via financial consultants) to invest their money in foreign mutual funds. Their main argument is that deposit interest rates are close to zero ...
3 votes
6 answers
1k views

Deposit and lending real money

It is universal that banks use deposits for lending and make money in the form of interests. My query is if bank utilising the deposit for lending,why it isn't reflected in depositors account? Say for ...
0 votes
2 answers
275 views

Depositing a fairly large check, and privacy concerns

If someone deposits a large personal check (significantly more than their regular paycheck but less than $10k) into their personal checking account, is the bank allowed to ask any questions? Is the ...
1 vote
0 answers
99 views

The Military Junta in Myanmar tried to "empty" $1B from the NY Fed. As a deposit liability of the Fed, where would this money have actually gone? [closed]

https://www.reuters.com/article/idUSKCN2AW2MD?il=0 In the above article the Myanmar Military tried to "empty" the account belonging to the Myanmar Central Bank held at the NY Fed. This ...
0 votes
1 answer
175 views

Am I entitled to get my car deposit back?

I recently put down a $1000 deposit on a vehicle that is at a dealership out of state. The vehicle that I put the deposit down on is “in transit” and is not technically on the lot. It’s been two ...
0 votes
2 answers
242 views

How many accounts can a scammer take money from? [duplicate]

Someone wants to give me a check over the internet to deposit into my account. If I have a checking and savings account, can they access both? or can they just get to one account?
5 votes
4 answers
7k views

Why do almost all U.S. banks have a Salt Lake City P.O. box for accepting deposits?

Title says it all. A Google search for "bank salt lake city po box" shows that many banks/CUs (Discover, Capital One, AMEX FSB, Schwab, etc...) accept deposits at a P.O. box in Salt Lake City. Why ...
9 votes
3 answers
70k views

Can my significant other deposit a check made out to me?

We share a bank account; if the check is made out to me personally, can I have my other half run it to the ATM while I'm at work? Also, is it legal to do so?
41 votes
4 answers
53k views

Accidentally cashed a check twice

I got a loan from a company, it was a paper check that i had received the check in April. I found the check today, un-signed, no void notes. I figured I hadn’t cashed it in considering it wasn’t even ...
4 votes
1 answer
179 views

What protection is offered to payment of 1 week holding deposit

I am based out of London, Great Britain. We came to the UK last month and are a bit in-experienced with the UK market. Me and my wife are currently viewing properties around the London area and came a ...
2 votes
1 answer
195 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 ...
6 votes
3 answers
7k views

Depositing a check with both wife's and my name into my sole account

Not thinking, I deposited a check written out to both my wife and me into my sole account. The check seems to have cleared and it has been a few days since then. The check said "and" between ...
2 votes
1 answer
742 views

If a check is written out to me, can I come with my boyfriend to have it deposited into his bank account?

We got a refund check and the dealership had put my name on the check. However, we need the money to go to my boyfriend's account. If I go up to the bank with him and explain that I want this check ...
0 votes
1 answer
523 views

If online company wants to deposits money into my banking account and wants me to send it to back to there vendor is it a scam can i be responsible [duplicate]

Do business do interview on hangout, and then they want to send you money for software but needs all your online banking information? They sent me money through my cash app. They want me send it to ...
13 votes
5 answers
5k views

Is the money that you get back from deposits or rebates taxable?

Please help me understand if the following two items are taxable or if they should be included at all on the tax report: Rent deposit. A few years ago, when I moved in my previous apartment I put a ...
0 votes
0 answers
82 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....
7 votes
2 answers
2k views

What are some drawbacks to Interac's e-transfer auto-deposit option?

As a user, what are the drawbacks for Interac e-transfer auto-deposit and what I should consider before using it?
7 votes
3 answers
10k views

Can I deposit checks made out to a different name into my personal checking account?

Suppose my full legal name is Sam Sawyer Abraham and my wife's name is Sandra Connor Abraham. We would like to open a joint checking account at a bank in the USA. We will be depositing checks through ...
-5 votes
2 answers
143 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 votes
2 answers
122 views

Does something like a "group deposit" exist?

What possibilities does a private person has to merge his capital (mostly stocks) with 2-3 more different private persons? Apart from having lesser transaction costs, which advantages or disadvantages ...
4 votes
3 answers
26k views

I'm Canadian, but I've worked in the United States. Why did I get a $1,200 payment from the IRS?

I'm Canadian, but have been working in US 3 years 2015-2018 on TN visa. In 2018 I returned to Canada, filed IRS return for 2018, but didn't do it for 2019, because that year I didn't work in US. But ...