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You will have to pay for an attorney. Initiate a SWIFT recall. You've already tried the easy thing - simply asking for it back, and that didn't work. They likely don't have a legal right to keep the money, but you'll need a lawyer for that. Quote from the article Although you may not be able to reverse the wire transfer, the recipient does not have a ...


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They used to give a paper certificate done up with large seals and ribbons hanging off it. This document was actually a receipt that such a deposit was made. Much has been made of the asserted fact that money was deposited as evidenced by the elaborate certificate. Banks keep records of 7 years as dictated by state law. Indeed the paper document was ...


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Yes, "US tax collectors" would include the IRS and the tax collection departments of the various states. The IRS today gets information about how much interest the bank paid you for the balance held in your various accounts. It doesn't generally get information about how much money went into and out of your account though it will get notified if ...


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It sounds to me like complete BS - they write “an anonymous reader tipped us off”, which basically means “someone made it up from thin air, and we thought it’s good clickbait”. Don’t believe everything you find on the internet. There is no interest from the IRS about accounts; they care about movement of money - where do the big bucks flow to, and where do ...


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Do these different options have associated terms (names)? They are called "day count conventions". They are usually referred to by those names (e.g. "thirty/three-sixty") Are some more common than others? It depends on where they're used. Loans may use one method more commonly than bonds, for example, and swaps may use another method. ...


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The terms and conditions depend a lot on the country, even with neobanks/fintechs but all those I know actually offer free and convenient withdrawals. International fintech startups like Revolut or N26 tend to have limits on the number of free withdrawals per months that are on the low side but you do get at least 3 a month for free, which is enough to get ...


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Decades ago when before online banks existed, customers either had to go to a teller during banking hours to get cash, or they had to go to their grocery store and buy a pack of gum, and then writer a check for more money than the purchase prices. The cashier would then give them change. Most banks today are a mix on brick and mortar and online. Truth be ...


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A bail-in makes sense when you consider depositors to be creditors of the bank. Absent a bank insurance program like the US FDIC, if the bank suddenly runs out of money, the depositors lose everything. Better is for the depositors with enough money to accept IOUs for a period of time, to give the bank a chance to clean up their balance sheet, pay off some ...


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One thing that's clear from those documents is that a bank can't just decide by itself to do a bail-in. The regulators do it to the bank. Imagine a bank is going bankrupt. If that happens, the shares will become worthless. The creditors of the bank will hope for a payout of some of their money from the liquidators, but they won't get all of it back. ...


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Ignoring the specifics of the scenario (transfer to estate, recovery of collateral), here's how basic Bad Debt is accounted for: Bad Debt is an expense for the lender. It's a decrease in an asset account and an increase in an expense account. For the borrower, it would be an income ("Forgiven Debt?") since they had a reduction of debt and no change ...


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If the buyer dies his estate will inherit the debt (if they want to receive the inheritance they will have to pay the debt). This is not an absolute safety, as maybe no one wants to accept the inheritance (debts are higher than assets) or there may be other situation (bankruptcy). In your specific case in which the loan is to be used buying a defined item, ...


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