231 votes
Accepted

Rent cheque was stolen from landlord - am I obligated to pay again?

Yes, absolutely! You are obligated to pay your rent, and you haven't done so yet. Since this was your landlord's issue and not your own, if your bank charges you a stop payment fee, it would be ...
TTT's user avatar
  • 47.2k
107 votes

Is this a Bitcoin scam?

Yes, it’s a scam. After you have irrevocably paid him the Bitcoin, the check will turn out to be invalid and you’ll have to pay the money back to your bank. You might also come under investigation for ...
Mike Scott's user avatar
  • 23.4k
104 votes

Rent cheque was stolen from landlord - am I obligated to pay again?

Your obligation wasn't to write a check...it was to pay your landlord. And you haven't actually paid until money has gone from you to the landlord. So you're still obligated to pay. (You might not ...
cHao's user avatar
  • 3,209
46 votes
Accepted

How to manage expenditure when billing cycles and paycheck cycles are not aligned?

It sounds like the problem is that when your husband got paid twice a month, his paycheck was large enough to cover the bills in full so you were able to pay them right away, then you could use the ...
lizziv's user avatar
  • 1,746
43 votes

Rent cheque was stolen from landlord - am I obligated to pay again?

Yes, you are still obligated to pay the rent. I don't know Canadian law, but in the US, your obligation to pay a debt is generally relieved when control of the money passes to the other person. In a ...
Jay's user avatar
  • 22.6k
38 votes

I closed my CU checking/savings accounts. Weeks later the bank auto-paid my rent. Now they want me to pay them back

You cannot make a financial gain from this situation Not only would be immoral, it's just not how it works. Regardless who's fault it was that the payment was made, if they paid your rent, you owe ...
Grooke's user avatar
  • 565
36 votes

How to manage expenditure when billing cycles and paycheck cycles are not aligned?

The ideal state is one in which it doesn't matter when either of you get paid. Where you use last month's income to pay this month's expenses. The starting place is a simple budget. You know when ...
Hart CO's user avatar
  • 70.3k
34 votes

Rent cheque was stolen from landlord - am I obligated to pay again?

The Régie du Logement is the government agency responsible for setting regulations regarding leases in Québec. They are very clear that paying the rent in full is your #1 obligation as a tenant. When ...
Scott Dudley's user avatar
31 votes

Why should I not keep my checking account at $0 and use overdraft protection?

There are several issues with this plan. The financial institution may limit the number of free overdrafts they allow. After that they charge a fee. When they cover a check/debit card transaction ...
mhoran_psprep's user avatar
30 votes

I was asked for a COT code to transfer money to my account. Is this a scam?

A bit of googling suggests that this is indeed a scam. There is no such thing as a "COT code", but the term is sometimes used as one of the steps in an advance fee scam. The victim is told that ...
hmakholm left over Monica's user avatar
25 votes

Does a savings/checking account sitting at $0 have any drawbacks?

The main concern I'd have is that something will happen to the account while it's unattended. While you may not have any money in it to risk, you could have a fraudulent check written against it that ...
Joe's user avatar
  • 35.8k
24 votes
Accepted

Can I be arrested for not returning money someone else deposited in my bank account?

This is simply a variant of deposit scams. No, you will not be arrested as this is just part of social engineered blackmail by the scanner. However, this an indication of identity theft, you must ...
mootmoot's user avatar
  • 4,183
23 votes
Accepted

Scheduling bill payments exactly on pay day - dangerous risk of overdraft?

I got to work on overdraft class action suits with many of the largest banks in the US. Every bank we analyzed data for batch processed transactions at the end of the night, and posted credits first, ...
Hart CO's user avatar
  • 70.3k
23 votes

Is it safe for me to give my checking account's routing and account numbers to a credit card company?

You give those numbers to people every time you give them a check. So you are at no more risk than if you had written them a check. And if they're giving you a refund electronically, they need those ...
keshlam's user avatar
  • 44.7k
22 votes
Accepted

In which situations is it better to consider a loan instead of paying cash?

Your practice of waiting until you can pay cash is a good one. It will certainly prevent you from getting into debt! Now, to be clear, your question puts a credit card in the same category as a loan, ...
TTT's user avatar
  • 47.2k
22 votes

Is a debit card dangerous for an account with low balance and no overdraft protection?

The "danger" of using a debit card is that what backs it is your real money. If there is a fraudulent transaction, the money that is used to settle the transaction is yours. Yes there is a dispute and ...
Todd's user avatar
  • 2,302
20 votes

Will closing a checking/saving account have a bad effect on my credit report?

I want to know will this has a bad effect on my credit, etc? Closing a checking and/or savings account should have zero impact on your credit score. There is a risk if you close the account, and you ...
mhoran_psprep's user avatar
19 votes
Accepted

Does opening or closing a checking account show up on a credit report or affect credit score?

None of what you mentioned is part of your credit report, unless you close an account that was overdrawn and has been referred by the bank for collections. In the U.S., your banking history is ...
Daniel Anderson's user avatar
19 votes
Accepted

Does it hurt anything to have an unused checking account?

TL;DR Read your ToS. Chase Bank will happily close your account: Either you or we may close your account (other than a CD) at any time for any reason or no reason without prior notice. https://...
MonkeyZeus's user avatar
  • 8,383
18 votes

Why do banks insist on allowing transactions without sufficient funds?

Believe it or not, this is done as a service to you. The reason for this has to do with a fundamental difference between a credit card account and a checking account. With a credit card account, ...
Ben Miller's user avatar
  • 115k
18 votes

Is this a Bitcoin scam?

They're basically asking you to act as a Bitcoin exchange. Now if someone asked you to act as a bank, would you do it? Probably not, because you know there are special rules that banks have to follow ...
Brian Drake's user avatar
16 votes

I closed my CU checking/savings accounts. Weeks later the bank auto-paid my rent. Now they want me to pay them back

This is fairly standard practice. For a period of time after closing an account, it will be automatically re-opened if a transaction posts to it. I asked about this the last time I closed an account,...
bta's user avatar
  • 2,557
16 votes

Why should I not keep my checking account at $0 and use overdraft protection?

Aside from the other answers, which are very good, there is this. Your savings account likely gains interest at a ridiculously small rate, less than 1%. Unless you have many thousands of dollars in ...
nuggethead's user avatar
  • 1,999
15 votes

Why can't I deposit a check from the drawer's bank to the payee's bank *at* the drawer's bank?

If not, why not? Because this is simply not how checks work. There is historical setup, carried over time, and if you want to deposit money FROM bank A into an account on Bank B you do not use a ...
TomTom's user avatar
  • 11.6k
14 votes
Accepted

Why do banks insist on allowing transactions without sufficient funds?

The reason they want the transaction to go through is because they make money that way. Remember the overdraft protection might incur a fee. If it does their experience may show them that the fee is a ...
mhoran_psprep's user avatar
14 votes

Rent cheque was stolen from landlord - am I obligated to pay again?

You voided the check, so now you still need to pay the rent. This is an area of law called "Mitigation of damages" -- everyone has a duty to prevent loss. Mainly, this shows up when you break a ...
Harper - Reinstate Monica's user avatar
14 votes
Accepted

Why different interest rates for checking and savings?

I noticed that the interest rates on savings accounts are significantly higher than those of checking accounts. Why is this the case? Balances in savings accounts tend to be maintained for much ...
Ben Voigt's user avatar
  • 6,787
12 votes
Accepted

When making an online money transfer, why is one often asked whether the source account is checking or savings?

why one is often asked whether the source account is checking or savings? Some of this is legacy. Once upon a time Account Number were repeating for Savings and Checking [as well as Currency]. Hence ...
Dheer's user avatar
  • 57k
12 votes
Accepted

Is there any benefit to keeping money in a checking account?

You said, Whenever I see things like this, they are always tied to moving money from your checking to your savings account. The reason why that's the mechanism they're suggesting is because most ...
dwizum's user avatar
  • 17k
12 votes

Is this a Bitcoin scam?

Why would anyone wanting to buy Bitcoin need to jump through so many elaborate hoops? So here is the chain of actions you are being asked to partake in: “Someone wants to e-mail me a check…” “…take ...
Giacomo1968's user avatar

Only top scored, non community-wiki answers of a minimum length are eligible