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Does transferring $10 to various bank accounts count as money laundering?

This is not money laundering. Money laundering applies to money obtained from criminal activity. When you process money, and depending on the nature of your business, there is some due diligence you ...
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Can a bank make overdraft protection mandatory?

They can and it is "big biccies", a very lucrative product niche. Thirty or forty years ago there would be a report and a junior manager would manually make a decision on an account by ...
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28 votes

Can a bank make overdraft protection mandatory?

What you describe is not overdraft protection, it is overdraft. The term overdraft protection applies to actions that the bank would take if you are in a situation which would otherwise result in ...
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1 vote
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Can I use a friend's bank account while living abroad?

Legally there's probably nothing wrong with it, but you'd want a legal advice from an attorney. From tax perspective it is not a gift, the money is yours from start to finish, the friend is just an ...
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-2 votes

Are foreign banks in India safe?

Indian Bank: Security of bank savings is protected by Insurance which is Pea Hen Egg. Meaning u loose ur future when ur savings in Indian banks go down. Gove say banks are well regulated by RBI but ...
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5 votes

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

Banking regulations in the US are convoluted and spread across Federal/State governments/laws and various different Federal and State regulators. So what specific regulations apply to your specific ...
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1 vote

I received a seemingly legitimate welcome email for a bank account I did not open. What do I do?

What to do. Google the bank and go to their main website. Find their fraud number. If you can't find that, find their main number and work your way through the phone tree or getting transferred. ...
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1 vote
Accepted

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

It depends. The general structure of credit card transactions is: Card holder swipes at supplier's store Supplier processes the transaction with the credit card processor ("their bank") ...
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1 vote

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

Chargebacks are always pre-financed by your bank (the one that handles your credit card). The bank can turn around and work with the supplier to get their money back, and if it doesn’t work out, they ‘...
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