New answers tagged

1

You can copy the check, but you have to write "copy" on it so you don't run into trouble with the law. There have been countless times where people have copied checks and tried to pass it off as original to get twice the money. That of course is illegal so write somewhere on it that it is a copy and not to be deposited.


0

There is no free lunch. Anybody giving you money without expecting anything in return (except your parents or trusted friends) is doing fraud. The messages can be duplicated. If they are so eager to give you money why processing charges, delivery charges, transfer charges etc. My advise is please don't rush by seeing a lot of money otherwise you'll be out of ...


2

Anyone who contacts you out of the blue and says they want to give you money is a scammer. Anytime someone says they have a lot of money for you but you have to pay some money to get it (a fee, or tax, or a bribe, or a courier charge) it is a scam.


14

It is a fraud/scam. No stranger wants to give you money. If they are rich they should be paying the transfer fee. But they expect you to pay in advance. You used the contact info the stranger gave you to verify what the stranger said. Of course the people at the other end verified it, they are in on it.


3

In a comment you clarified your question: By legally binding I mean if I don't inform the bank on my own and spend the money instead the bank is able to prosecute me. It likely depends on the type of transaction that caused the credit, among other factors. In most banking systems, there are a range of ways money can arrive in an account, and they have ...


0

Thus why would a wealthy bank loan at APRs < 6%? Because it is lending almost none of its own money. Banks lend the money that's on deposit based on a "reserve" formula. Depositors deposit $100, the bank lends $900. Conversely, why don't they charge more than 6%? Why not charge the opportunity cost of loaning, that is, the APR gained from ...


1

Take a simple example of a bank that is able to led 5x its deposits to lend as standard home mortgages (leverage is much more complex than this in modern banks but does fine for a toy example). Assuming they pay 1% on these deposits and loan out at 3% and no one defaults. For every $100 deposited the bank makes: -$1 in interest paid to the depositors ($100 ...


2

My question is: Is this legal? The issue for you is will those cash transactions cause your banker to contact the government about a suspicious set of transactions. Daily cash transactions if they are near the reporting limit might cause them to wonder. Your bank might feel that you are running a business out of a non-businessa count and want you to get a ...


6

The sort answer is because the banks create money through lending, and bank lending is fundamental to a prosperous economy. They are not allowed to create money to invest in equities or ETFs. Investment banking is funded by a bank's funds available for investing. Perhaps because we have lived through a decade of quantitative easing by the central banks, ...


2

Because of risk. A norma lbank is in the credit business - it is VERY controlled in what risk it can take these days. Investing in Stock ETF is jsut not compatbile with the risk profile a bank (which is EXTREMELY highly leveraged) can take.


6

Ask yourself: Would you send a check to a random person you met on the internet? Why would you do that? You wouldn't. Unless this was part of some scheme to con the other person out of money. Now ask yourself: Why would a random person that met you on the internet send you a check? Same reason. Only ever accept checks from people when you know where they ...


4

In your question, you note that your aunt has granted you a limited power of attorney over her accounts, with the proviso that you cannot draw money out to pay anyone. If your aunt’s intent is for you to just monitor her accounts, consider getting her to grant you non-value or view-only access to the relevant bank accounts. I’m no lawyer, but it seems that’...


0

The Fidelity-type broker should be able to handle this pretty easily. I happen to use Schwab. My Mother in law had me handle her finances when my father in law passed on, about 12 years ago. 4 years ago, she was starting to lose the ability to function on her own, and we sold her house and did exactly what you intend, deposit to a trust. Not that she ...


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