New answers tagged

3

The answer by mhoran_psprep is correct - credit unions are owned by their members, and that ownership stake is represented as a share account. In fact, any depository account is treated as ownership, there is no actual concept of a savings account at a credit union - depository accounts automatically represent an ownership share of the company, so the ...


7

When dealing with a credit Union in the United States you will frequently see the word share. That is because you are not just a customer, but a member and part owner of the credit union. The law requires that you own a share. In the three credit unions I have been a member of, every member owns a share, and a share costs 5 dollars. The share is ...


0

There are too many "ifs" and "whens". The number resembles format of a bank account. How do you deduct that from? Because it starts with DE? One of the numbers appears to be an identification number of a German bank that exists since 19th century. You might mean a "Bankleitzahl", a German routing number? Well, the German routing number system was ...


5

You asked, Is it possible to find somehow if that account is still valid (and perhaps take over the account, obviously.) I think we need to pause for a minute here and reflect. The fact that time has passed doesn't change the fact that property has a rightful owner. You can't claim it just because it's old. The concept of escheatment basically implies ...


2

Ultimately, financial institutions have responsibility to monitor their accounts and transactions for suspected fraudulent activity. The good news is, this lets them help law enforcement catch criminals, which is arguably good for us all. The bad news is, this sometimes means they suspend legitimate activities because they suspect there is fraud involved. ...


0

A perfectly legal, but (IMO) sleazy variant of this scam: In my state, California, "abandoned" bank accounts are turned over to the state after three years of inactivity, and other unclaimed monies (i.e. funds from an uncashed paycheck) can also get turned over to the state. If the balance is high enough, it will draw the attention of lawyers who will ...


6

Scam. Scam. Super scam. It has all the red flags of a scam pitch. Out of the blue, you get contacted. Didn't expect it, no advance phone calls, and you don't know the person. ... Always through some media that is extmely low cost to send out. (as opposed to how a real executor would operate, first class mail ($1.20) or certified ($10ish). Because ...


27

If it isn't a scam, then all of the following need to be true. The lawyer who contacts you will give their name, practise name, address and phone number. Googling that practice name will come up with a website with the same address, and ideally the same phone number. If it is not the same phone number, calling the number on the website (not the phone ...


2

It's a scam! At least, that's my initial gut feeling. Here is a key reason why I'm inclined to think that: the fund was paid into has been inactive for a very long time If this were legitimate, the money is likely not in the account any more. I recall a scene from a television series called Highlander where a person who no longer ages, and who is now ...


22

In my experience, there can be "slap on the wrist" fees charged by banks for this sort of thing, so the premise is not entirely implausible. That being said: $200 is absurdly high for an account reactivation fee - keep in mind, the bank usually wants to keep your business. Typically, dormant account fees are automatic. In other words, you don't have to ...


70

This has all the hallmarks of a scam. If they really needed to charge a fee they could deduct it from the account balance. And if this fund has existed for a long time why didn't you already know about it and do something about it before? If you have reason to think it is legitimate, e.g. you actually knew the "American citizen" the money came from and have ...


0

You will need to understand the requirements, which is posted online by most US banks. If you bank with DeutcheBank, maybe there is an advantage to opening another US account with DeutcheBank. Helpful Items: Two forms of valid photo ID: Your passport is a must + secondary form of ID like your student ID, driver’s license… etc. Immigration documents: All ...


3

When you take a money transfer on the credit card they will pay it into your bank account. After that point you have control of the cash and will be able to transfer it to somebody else's bank account if you wish. Taking on a debt isn't necessarily going to have a negative impact on your credit score and in some cases can be an advantage as you're ...


4

Fundamentally, your motives are at cross purposes. You want to be loyal to your family, and get along with them, but also do money transactions with them. Those three don't play well together. Don't take my word on it. Search this forum for discussions of family, money, and loans. ("Cosign" is another winner). Follow financial experts (like the US's ...


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