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 ...
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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 ...
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  • 1,048
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" ...
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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 ...
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  • 5,262
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 ...
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  • 4,225
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'...
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  • 45.7k
15 votes
Accepted

Why are bank transactions not instant?

If you want your bank to pay $1 to a beneficiary Bob, then the service (no matter how implemented) needs to result in Bob's bank saying to Bob "Hey, I owe you $1". The usual way how this is done ...
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  • 3,245
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 ...
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12 votes

Transfer money between Wells Fargo and BofA accounts for free

Wells Fargo and Bank of America both belong to the clearXchange bank network (https://www.clearxchange.com/about). You can send money to anyone for free with just their email address or phone number ...
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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. ...
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  • 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 ...
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9 votes
Accepted

Transfer money between Wells Fargo and BofA accounts for free

The simplest method is just to write a check from one account and deposit it in the other. If you are the owner of both accounts, you should be able to electronically deposit the check using their ...
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  • 3,632
9 votes
Accepted

IRA transfer - any tax implications?

No issue. You are permitted to move like accounts (i.e traditional to traditional or Roth to Roth) directly with no tax issue. Problems can arise when taking possession of the funds in a 60 day ...
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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 ...
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  • 37.1k
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 ...
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  • 75k
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 ...
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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 ...
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  • 131k
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 ...
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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 ...
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  • 2,799
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 ...
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  • 115k
5 votes
Accepted

Can you transfer a Roth IRA to someone else?

Yes. Dying works great for what you'd like to accomplish. The key point is that you need to specify a beneficiary (or multiple beneficiaries) on the account . When you meet your maker, the beneficiary ...
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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 ...
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  • 5,077
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 ...
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  • 20.8k
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 ...
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  • 2,097
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 ...
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  • 3,397
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 ...
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  • 6,361
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 ...
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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/...
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4 votes

HSBC gave me the wrong IBAN

There's something wrong with your story. The IBAN contiains two check digits, and the method used to compute them guarantees that any single digit error will be caught. So it's impossible that "HSBC ...
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4 votes
Accepted

Transferring assets between Roth IRA accounts

The IRA contribution limit is a limit on the total amount you can contribute to all of your Roth and traditional IRAs. It's not a per-account limit. (See here and here.) Once you've hit the ...
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  • 23.8k

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