69
votes
Accidentally cashed a check twice
The best method would be to contact the check cashing place, and have them stop processing. Whether or not that's possible depends on the actual company you used. Talking to the company that you got ...
- 4,343
48
votes
Accidentally cashed a check twice
This type of situation is all about initiative. If you contact them first, it looks like an honest error you caught. If they discover it and contact you first, then it looks like you tried to get ...
44
votes
Does a bank have to tell me if a check made out to me was cashed there?
You are going about this wrong.
To start with your actual question, no your friend's bank has no duty or right to tell you about anything that your friend did as part of their banking.
What you ...
- 33.1k
44
votes
Accepted
Why would anyone ever invest in a cash-only etf?
One benefit of cash ETFs over a bank deposit is if you're interested in diversifying your currency holdings, they are a cheaper method than going to traditional currency exchanges. For instance, if ...
- 9,800
44
votes
Accepted
Why do escrow services use wire transfer?
Escrow services exist to reduce counterparty risk. By requiring each party to post their assets in a trade first, the escrow service can guarantee that the trade will either execute fully, or not at ...
- 3,131
42
votes
Accepted
Possible scam for security deposit - bank operation
This is normal for Switzerland, it's called "Rental surety savings account" or "Rental Deposit Savings Account"
and banks invest a lot to automate opening and closing such accounts,...
- 466
35
votes
Bank rotation to exploit promotional deposit rates for new funds
There is no risk to this approach if the deposits are fully insured and there is no fine print that you are unaware of. Unfortunately, sometimes there is fine print and you have to decide whether the ...
- 75.8k
26
votes
Why a bank would propose a depositor to invest part of their money to mutual funds, instead of bank doing it itself?
Banks investing their depositors money is extremely, and systemically, risky. What if those investments lose money, even if just for a little while? The bank could collapse and the depositors could ...
- 2,365
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 ...
- 42.9k
21
votes
Bank rotation to exploit promotional deposit rates for new funds
Risks to your method:
You misunderstand one of the rules and after waiting the specified number of days + 1, you discover that you didn't qualify and you missed other opportunities.
You misunderstand ...
- 136k
20
votes
Why a bank would propose a depositor to invest part of their money to mutual funds, instead of bank doing it itself?
There are a few things going on here.
First, banks can't just invest all their depositors' money in mutual funds. Banking relies on the idea that when you deposit money today, the bank will definitely ...
- 1,097
19
votes
Accepted
Will change of address affect direct deposit?
No, a change of address should not affect direct deposit. In fact, most direct deposit forms don't even ask for your personal mailing address. Your assumption is correct that the routing and account ...
- 47.2k
16
votes
Accepted
Spent money from unexpected deposit. Do I have to pay this back?
If you have received funds that don't belong to you; you are to return it. As part of account opening, you are liable to report unrecognized transactions back to the Bank.
There are 2 possibilities; ...
- 57k
15
votes
Does a bank have to tell me if a check made out to me was cashed there?
No, they do not. However that is the wrong side of an XY problem. You really want your paycheck! As such I will answer that. This is called a "frame challenge" and is legit here.
Also keep in mind ...
14
votes
Deposit and lending real money
No one would use banks under those conditions, because they would never know from day to day how much of their money they had access to. Fundamentally, the business that banks are in is maturity ...
- 22.9k
13
votes
Depositing a check with both wife's and my name into my sole account
While I don't have a canonical answer to this question, I can share a couple of similar experiences. I've had this happen a few times whenever we vacate an apartment after the completion of our lease, ...
- 479
13
votes
Possible scam for security deposit - bank operation
I know that in Germany similar things exist - the main idea is that the money is still under your name, and only blocked by the landlord during your rental. As a consequence, the landlord cannot ...
- 37.6k
12
votes
Is it possible to deposit checks into our Chase checking from another bank's ATM?
You need to use a proper Chase bank ATM.
If there are none in your area, you could do it with your phone:
https://www.chase.com/online/digital/mobile-deposits.html
- 221
11
votes
What are the advantages of a Swiss bank account?
Advantages
Here are some reasons why it is advantageous to hold a portion of your savings in other countries:
Banks in other jurisdictions may be safer than banks in your home country. For example, ...
- 218
11
votes
Bank rotation to exploit promotional deposit rates for new funds
In Germany there is the scoring agency Schufa, which is roughly like the US credit score system. There's probably something similar in your country.
Depending on the exact offer, the bank might tell ...
- 1,613
10
votes
Why a bank would propose a depositor to invest part of their money to mutual funds, instead of bank doing it itself?
Banks are already 90-100% 'invested' in assets, mainly loans and also bonds. They have plenty of ways to attract deposits and to make investments.
Often, the bank's referral fee for directing ...
10
votes
Why do escrow services use wire transfer?
While wire transfers are prone to fraud, so are others methods of transferring money. Wire transfers are expensive, there by limiting their use to the transfer of large amounts of money (typically).
...
- 76.1k
10
votes
Possible scam for security deposit - bank operation
I can't speak for Switzerland but there is a "bond escrow" for tenants in New Zealand where your security deposit is held, and only released afterward back to the renter, or to the landlord ...
- 780
10
votes
Accepted
Is withdrawing all one's deposits a good tactic on pressing on the state?
"will liquidate all IRA and 401k" - ROFL, let's all pay 50% tax on our savings to the government, that'll show 'em!
These kinds of messages are essentially a pump and dump scheme on steroids....
- 166k
9
votes
Why would anyone ever invest in a cash-only etf?
It can be part of an investment portfolio.
If somebody has several investments at a broker, they may have ETFs/mutual funds that invest in various sectors or indexes, they can own various individual ...
- 136k
9
votes
Can I deposit checks made out to a different name into my personal checking account?
Check with the procedure to be followed by your bank.
They should have no problem with known variations on a name: Samuel, Sam, Sammy; Michael, Mike; William, Will, Bill, Billy.
But if a you are ...
- 136k
9
votes
Deposit and lending real money
It is universal that banks use deposits for lending and make money in the form of interests.
Strictly speaking, no. Because Islamic banks are not allowed to charge interest. Instead, they charge ...
- 9,781
8
votes
Accepted
I'm Canadian, but I've worked in the United States. Why did I get a $1,200 payment from the IRS?
The eligibility and amount of the stimulus check is based on your situation on your 2019 tax return, or, if you haven't filed for 2019, your 2018 tax return. In the 2018 tax year, you were an "...
- 16.9k
7
votes
Accepted
If I deposit money as cash does it count as direct deposit?
Well, it's directly depositing money in your account, but Direct Deposit is something completely different: https://en.wikipedia.org/wiki/Direct_deposit
Direct deposits are most commonly made by ...
- 50.6k
7
votes
Spent money from unexpected deposit. Do I have to pay this back?
Using $2,500 that appeared in your account without explanation is reckless. You know it isn't your money. It is either someone's honest mistake, or some scam going in, in either case it is not your ...
- 22.4k
Only top scored, non community-wiki answers of a minimum length are eligible