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68

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 the loan from will also probably work, and will usually involve you giving the full value of the check back. (That's including whatever the check cashing place ...


45

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 away with something and they caught you. Of course, in the latter case, you will protest that it was an honest mistake, but that just sounds like you're saying ...


43

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 need to do is this. Go to your employer and tell them you did not receive your paycheque. If they say it was delivered to your address get them to put that in ...


43

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 you're in the US, and you want some of your cash holdings to be in EUR to hedge against the possibility of the dollar falling, you could exchange your dollars to ...


40

This is definitely a scam. Don't reply to the email at all. Don't forward it or save it. Just mark it as spam/junk in your email client and delete it. These emails are known as Nigerian scams or "dead customer scams", and there are several variations on this theme. For example: Someone will email you claiming that they need you to stand in as the next-of-...


35

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 cash bonus is still worth it. For example, Chase Bank (U.S.) was (is?) offering a $500 bonus for a $15,000 deposit for 3 months. That's 13+ pct annualized ...


34

You're getting confused between several different things. 10K - cash transactions over $10,000 are reported to FinCEN under BSA. This is to prevent money laundering. IRS - IRS wants to see your tax return with all your income reported there. They don't see your bank deposits unless they audit you. 1 and 2 are not related at all.


34

The only problem, besides having to update your information if you change banks, has been an unintended issue. I have noticed that people don't look at their pay stub when getting direct deposit. The stub is frequently only available on a third party site. The harder it is to see, the less often it is checked. I have run into instances of coworkers who ...


22

Contractors regularly deposit checks like this; if the income is legitimate don't worry. Report it to the IRS as income whether or not the customer issues you a 1099. With deposits like this you should be making quarterly payments to the IRS for your projected income.


21

No to both. The deposit refund is not taxable, but in states where security must earn interest, that small amount is subject to tax. I just returned a $750 deposit to a tenant, and after a year, it accrued $0.24. A rebate of fees you pay such as ATM fees is just you getting back your own money. As is "cash back" on credit card purchases. Not taxable.


21

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 an important tax law and you have to pay tax on income that you don't have access to. For example, a long time ago I had a CD that had an exit clause where ...


19

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 numbers are sufficient for the payment to go through. If the deposit is more than 2 days late I would contact your HR department to confirm if the payment was ...


18

Of course it is a scam. They don't need your password to give you money. Even giving them the rest is enough information for them to try and withdraw money from your bank by automatic transfer.


16

You should have a separate business account. Mixing business and personal funds is a bad practice. Shop around, you should be able to find a bank that will let you open a free checking account, especially if you are going to have minimal activity (e.g. less than 20 of checks per month) and perhaps maintain a small balance (e.g. $100 or $500).


16

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; Genuine Mistake by Sender or Error by Bank In such cases after the payment has cleared — depending on the instrument used, around few days to few weeks — ...


15

When a business asks me to make out a cheque to a person rather than the business name, I take that as a red flag. Frankly it usually means that the person doesn't want the money going through their business account for some reason - probably tax evasion. I'm not saying you are doing that, but it is a frequent issue. If the company makes the cheque out to a ...


14

If your house is repossessed because you've defaulted on the mortgage then the bank sells the house (probably cheap, because it's a quick sale of a repossessed property), takes the money you owe them (the mortgage balance plus the outstanding interest payments and any costs to sell the house like estate agent's or auctioneer's fees) out of the proceeds, and ...


14

The only downside I can think of is if you change banks (or change accounts), you need to remember to notify your employer.


14

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 they have 14 days to prepare your last check, plus mailing time. It simply may not have arrived yet. You are overthinking this. And missing the point. The ...


12

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


11

For an American it's nearly impossible to open a Swiss bank account. Even as a Swiss person, you have to fill out a document, which asks you if you have a greencard or other relationships with the united states...


11

It is difficult to find investment banks that offer both low fees and low minimum investments. If you google around for "no-fee low-minimum mutual funds" you can find various articles with recommendations, such as this one. One fund they mention that looks promising is the Schwab Total Stock Market Index Fund, which apparently has a minimum investment of ...


11

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 your local scoring agency. They, in turn, will lower your score because making different bank accounts every few months is statistically a bad sign. That ...


10

As you are depositing the check, there's something simple that you can do that will make this work very easily. Sign the check, and write the works "For Deposit only <BANK> Account # <ACCOUNT NUMBER> (Replacing the <BANK> and <ACCOUNT NUMBER>, of course), then you can use any means to get the check to the appropriate location, so long ...


10

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, they may keep larger reserves, have more balanced loan portfolios, etc. Banks in other countries may offer better rates than in your home country. Did you ...


10

I have prepared a report on scam's like this. I'd be happy to deliver a copy of the report to your home. Just give me your address and mail me the keys to your house and I'll drop by and leave it in your home. Oh, and tell me a time when you won't be home, so I won't bother you when I come by. It might also be helpful if you tell me if you have any cash, ...


10

This is just a guess but I would imagine that it has to do with risk. The deposits in Banks are usually as safe as government bonds (broad oversimplification) as: Usually bank deposits are insured by local equivalent of FDIC. I'm not sure about local regulation but it means that they are backed partially by the government - at least this is the case in US ...


9

You can open a 529 plan for your child. The minimum contribution for my state is only $25. You can setup automatic deposits, or deposit money only a few times a year; or both. You can save money on state taxes, and the money grows tax free if the money is used for educational expenses. They generally have age based portfolios, but some also let you pick ...


9

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 stocks, but at this moment in time are accumulating cash because they think that is the best choice for new money. Or maybe they recently sold some or part of ...


8

This is check fraud, be careful, and don't run back to the bank without planning (but plan fast) That is likely not as bad as it sounds. People occasionally bounce checks (also check fraud), and a single slip-up will likely be forgiven if you are proactive. Before going to the bank and explaining the situation Make sure you actually did mobile deposit ...


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