New answers tagged

5

YMMV, but my bank (Chase) auto-closed an account after seeing it sit empty for 90 days. Since you refill it every 30ish days, that won't be a problem. It would certainly be a problem over the summer, though (presuming he doesn't take summer term classes, or have a local internship), but $25 then would solve that problem. Still, I'd counsel my child to ...


2

Yes - probably. Ultimately it depends on exactly how you made those transactions. The relevant Federal rule is often referred to as Reg D and it places limits on how certain account types must be reserved for by banks. A bank with deposits from customers is required to keep a portion of that money on-hand and available, as a way to support the liquidity of ...


2

YMMV, but it sure did for me. (There's no "small withdrawal" exception to Regulation D.)


0

Consult an experienced attorney (or equivalent) that specializes in bank fraud to determine what (if any) remedies are available.


4

IBAN is an european concept (some others have adopted IBAN aswell) and american accounts dont have IBANs yet (https://en.m.wikipedia.org/wiki/International_Bank_Account_Number). The IBAN starts with a two letter country code - this tells you where the account is located (e.g. DE for Germany or GB for the UK). For US transfers you should just need to give ...


3

so her dad could send her some money One word: PayPal. Another word: Zelle. Yet another word: Xoom. A fourth word(s): Western Union.


18

It's a scam. It's your account, you are responsible for it. She will send money from some illegal source, like a hacked bank account, or a stolen check. The money appears in your account, say $1,000. You return some part of it to her, say $500. A month later the bank figures out that there was something wrong with the $1,000 and removes it. Now your ...


1

Most Bank employees can't see that info In most banks there is a team that is in charge of tracking deposits that reach a threshold, in the case that you define, they need to verify that the money that you deposit in your account is legal. Depending in the laws in your country the bank will demand for evidence in the regard of from where it came? why do ...


5

I was finally able to get information from a bank representative. This is related to Republic Act 9160 or the Anti-Money Laundering Act (AMLA). Banks and other financial institutions are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.


1

I don't think that any bank will issue a credit card solely to a minor (I suspect it isn't legal, but they wouldn't want an unsecured debt against a minor anyway). One option that I've seen is to open a joint credit card account with them with a low maximum (https://www.creditcards.com/credit-card-news/what-is-the-minimum-age-to-be-an-authorized-user.php ...


0

I have no actual experience with trying this, but I think giving your kids each a reloadable prepaid debit card might be the best way to handle it. Such cards are usable online and in person as if they were standard credit/debit cards, and you can fund them electronically through your own bank. Plus, since they're debit, they can convert it to cash at ...


4

Your question states that the country is the United States. You also seem confident that the question actually comes from your bank and not a potential scammer, but, as others have stated, best to make absolutely sure of this by asking your bank directly, ideally in person. I've had bank accounts for decades, and never been asked, under threat of closing ...


1

This sounds very much like a scam to steal your banking information. I would call your bank directly or visit a local branch. Do not call or contact them using only the information in the email. It is very possible the email isn't from your bank, it is someone trying to trick you into giving up personal information.


4

The FDIC publishes its rates if you want to get into the nitty gritty details. Broadly speaking, rates are determined by the amount of deposits an institution holds and the riskiness of the bank. If you want to determine what any particular bank would get charged, though, it would require a fair amount of analysis because there are adjustments in addition ...


1

To complement dwizum's answer, in my experience, totally free accounts are uncommon in Europe. Every account I've had charges some small monthly or quarterly maintenance fee regardless of the balance.


9

You asked, Are banks in the EU allowed to charge fees for having too low of a balance? I'm not asking about overdraft fees like 20% annually for how much below zero your balance is. I'm asking about either non-relative charges (like 20 EUR for having a balance below 100 EUR or below -1000 EUR) or charges for a balance that's low but not below zero (like ...


13

You said that this individual was going to test you, and then... asked me to start by sending $29 to his account managers payapl so he would have my information, am right to think this is a scam? Regardless of if this is a scam or not (although it almost certainly is), that's not at all how PayPal works. If someone wants to send you money, all they need ...


1

Each participating bank (at least sender and receiver, maybe more) takes a fee. The sender of the money tells his bank how he wants the fees treated: 'sender pays it all' - this results in the sending bank taking a flat rate chunk of money, and paying all fees through the chain 'receiver pays it all' - this results in the receiver bank taking a flat rate ...


1

All the banks I have dealt with don't do the calculations as described in the answers by Lawrence and Ross Millikan but use a simplified method that works as follows. If the interest rate (APR) is, say, 0.24% per annum compounded monthly, then the amount of interest credited to the account at the end of the month is the average daily balance during the past ...


1

A typical approach is to compute interest daily on the balance of the account. You can make a spreadsheet that computes this. For each day, compute the interest from the previous day by multiplying the balance by 0.25%/365 (or 360 depending on the bank). Apply whatever rounding process the bank uses to get rid of fractional pennies. Then apply the day's ...


4

First, check the account’s terms and conditions regarding interest payments. Some don’t pay interest if you make a withdrawal that period. Others require a deposit in addition to no withdrawals. Regardless of the ‘gotchas’, they should also tell you on what basis interest is earned. It could be the minimum balance that period. It could be the minimum ...


0

You could use PayPal, register there your IBANs [PANs] and transfers from IBAN1 [PAN1] to PayPal (PayPal top-up) and then from PayPal to IBAN2 [PAN2] (Transfer). If you use cards I think you have to transfer at least 100$ (here is 100€) to have the transaction for free. But if yours are debit card (that are linked to a plain old bank account) why you don't ...


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