80
votes
Is there a way to transfer $100 into a family member's US bank account on a daily basis?
I'm troubled by this: either the person is financially competent, or they are not.
If he's genuinely not financially competent, then I would say the trustee should not be handing them $3000/month and ...
69
votes
Is there a way to transfer $100 into a family member's US bank account on a daily basis?
Have you considered a pull based system rather than a push based system?
Set up a bank account with the full amount.
Engineer or such that your relative can only access it via a debit card.
Set the ...
- 1,058
53
votes
Someone asked me to login to his bank account and make transfers to another account
The scammer gave you login credentials to account X and had you move money to account Y.
The scammer didn't own account X. What is likely is that the person who owns account Y was told "I" ...
- 145k
24
votes
Someone asked me to login to his bank account and make transfers to another account
This sounds like the definition of a "confidence scheme", in which the scammer does things which at the beginning seem legitimate or, even if suspicious, work out exactly as they promise ...
- 5,390
20
votes
Accepted
Cryptocurrency: What happens to coin value when it's transfered from one blockchain network to other?
Your confusion comes from the fact that the term "transfer" is a misnomer. You are correct, movement cannot be made between the chains.
What is actually happening is that one is being sold ...
- 4,277
20
votes
How can people sell high-value items when bank drafts cannot be trusted?
Since bank drafts are proven to be an insecure and unreliable payment method…"
The vast majority of bank drafts are not fraudulent, they are fairly secure, but it's true they are not perfect.
...
- 71.2k
16
votes
Is there a way to transfer $100 into a family member's US bank account on a daily basis?
Most banks offer inter-bank transfers on a recurring basis, but AFAIK the smallest recurring increment is typically weekly instead of daily. First you should verify that both the trust and beneficiary'...
- 47.3k
15
votes
How can people sell high-value items when bank drafts cannot be trusted?
The situation in the news story you linked sounds very unusual to me. Bank drafts/cashier's checks are not supposed to be handled sloppily like that.
For a recent high-value transfer I made via ...
14
votes
Someone asked me to login to his bank account and make transfers to another account
Yet another possibility is something along the lines of:
they ask you to perform an operation
they have the website display the outcome of a different operation instead
they claim you screwed ...
- 299
12
votes
Accepted
Can a Zelle Bank Transfer be reversed or denied after credit has been added?
After collecting information via web searching, the comments above, and an additional call to BOA, I have concluded the following to the best of my knowledge.
Zelle Transfers are final. Irreversible.
...
- 368
12
votes
Someone asked me to login to his bank account and make transfers to another account
Since the bank account is fake, it's practice.
The scammer is actually cultivating you. It's a confidence game, but in a form called "the long con".
For scammers, the limiting factor (the ...
9
votes
Why are there fees on international online transactions?
Banks are businesses, and their reason of existence is to make money, like all businesses.
If you know a cheaper way to transfer money around the world, potentially exchanging the currency in the ...
- 38k
9
votes
How can people sell high-value items when bank drafts cannot be trusted?
If you want to get technical, all transactions carry some non-zero risk. The cash could be counterfeit. The gold could be a fake. The bank teller could be bribed. Normal people treat "impossible&...
- 3,818
8
votes
Can I sell my stocks for less by transferring them to another brokerage?
TLDR: Yes you can.
That is quite a steep price to pay for a trade. I've used TradeKing previously, which would charge you $5 for that same trade. Some other brokers are more or less expensive, and ...
- 79.6k
8
votes
Accepted
What are the benefits of moving larger amounts of money via wire transfer?
Since you are receiving money from a family member [and thus presumably have a high degree of trust], it seems cheque payment will be simplest, as long as you are willing to wait perhaps 1-2 weeks for ...
- 43k
8
votes
What are the benefits of moving larger amounts of money via wire transfer?
Some of the things covered by the other answer are valid in the US as well.
Wire transfer is secure.
This is true in more than one way. First and foremost you don't have the risk of physically ...
- 185k
8
votes
How can people sell high-value items when bank drafts cannot be trusted?
You can use an escrow service.
They are a neutral third party that makes the exchange of property and payment between the parties in a secure way.
- 215
8
votes
Accepted
Unused Private Pension fund transfer to offspring
It's not possible to transfer a pension fund in its entirety to another person, in the UK, other than in the event of your death. What you can do is bequeath the pension fund to your son via an "...
- 25.2k
7
votes
Cryptocurrency: What happens to coin value when it's transfered from one blockchain network to other?
A coin can't change from Bitcoin to Ethereum, any more than a share of one company can turn into a share of another (absent a merger). If you want to move your money from one to the other, you'd have ...
- 10.6k
6
votes
Accepted
Paying for a house in cash and am concerned about FDIC insurance for funds used to make the purchase
Typically a wire transfer is used to move a large amount from a bank to an escrow agent. The escrow agent should have no problem receiving wire transfers from several banks, as long as they’re all ...
- 2,817
5
votes
Accepted
Moving a Roth IRA: Can I withdraw the funds and deposit them, or do I have to do a "transfer"?
What you are describing in an indirect transfer, as opposed to a direct transfer.
It could take weeks.
I have done direct transfers from Traditional 401(k)s four times, and it has taken less than ...
- 142k
5
votes
Accepted
Tax consequences of transferring securities to non-spouse family member (US to US)
tldr: The only tax involved is gift tax, and there is a rather large gift tax exemption (an individual can give more than $11,180,000 in gifts during their lifetime before taxes get involved), so in ...
- 5,107
5
votes
Is it illegal to transfer money to people in foreign countries?
Why does she need you to transfer money for her? Why can't she just do it herself?
You don't say much about who these guys are that she's sending money to and why. That statement brings up all sorts ...
- 22.9k
5
votes
How to write a non-transferable check for sending in the mail?
You can't really, it's the bank's job to do that. That's the whole point of writing a name on the For line. Banks aren't supposed to accept checks endorsed by someone other than that person. When you ...
- 2,116
5
votes
How to write a non-transferable check for sending in the mail?
In USA, on Check you cannot write "To the payee only" as in Israel or "account Payee only" as in India.
In USA it is assumed that the Bank will verify that the name matches with the person cashing ...
- 3,502
5
votes
Will my father know I changed brokers?
However as I'm now in my 20s I've noticed that my broker has been getting returns of about 5% a year which I'm not really happy with.
Have you found out why are the returns about 5% a year?
I can ...
- 6,753
5
votes
My friend wants to wire transfer money from overseas through my account. Do I get taxed for this?
First, assume that the friend's email has been hacked, and that the request is fake.
If you can prove that the friend and the request are real, your friend could be more resourceful before asking for ...
5
votes
What tax is needed to be paid when gifting a daughter a rental
I am going to assume that you only care about the US impacts, and assume that your daughter is also filing US taxes.
If I wish to gift my daughter a single residence that is rented out
for $1000/...
- 145k
4
votes
Sent wrong payment to right IBAN but wrong SWIFT. What will happen now?
The bank number is part of the IBAN number, so the SWIFT code is actually redundant. It is still required for international payments because every country has its own payment infrastructure. The SWIFT ...
- 24.1k
4
votes
Is there a way to transfer $100 into a family member's US bank account on a daily basis?
Could you get the $700/week down to a less tempting figure by paying some significant recurring amounts directly from the trust?
I'm thinking things like utilities, property taxes and services (...
- 2,555
Only top scored, non community-wiki answers of a minimum length are eligible