67

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 ...


46

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 ...


44

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 ...


44

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 all. To make this guarantee, the escrow service needs to be sure you really have the assets you are bringing to a trade. This is why a personal check is no good: ...


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 ...


41

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

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.


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 ...


33

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 ...


26

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 lose their money, or could trigger a bailout from a government. This is why - historically in the US - there is a legal requirement that banks can be only deposit ...


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

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 ...


20

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 give it back to you when you need it. It's easy to take that for granted, to the extent that most of us choose banks based on their fees and customer service ...


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

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 — ...


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 ...


13

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, the landlord would typically refund the security deposit back to us with a certified check made out to both me and my wife. Since I put down the deposit, I ...


13

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 transformation. They turn short-term deposits into long-term loans, because depositors need to be short-term and borrowers need to be long-term. And yes, that’s an ...


12

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. This will vary to an extent from bank to bank, of course, but some factors such as ...


12

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...


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

Using the following values: p = initial value = 2500 n = compounding periods per year = 12 r = nominal interest rate, compounded n times per year = 4% = 0.04 i = periodic interest rate = r/n = 0.04/12 = 0.00333333 y = number of years = 5 t = number of compounding periods = n*y = 12*5 = 60 d = periodic deposit = 100 The formula for the future value of an ...


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

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 ...


10

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 customers to mutual funds is higher than the banks' expected profit for attracting the equivalent amount in deposits. Or, the bank is simply giving good advice to ...


10

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). The bottom line is that there is no more reliable way to transfer money quickly than wire. Many occur each day with no issues. Like anything else, those with ...


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