Skip to main content

Questions tagged [banking]

for questions relating to the custody, transfer, and management of money by banks.

Filter by
Sorted by
Tagged with
9 votes
3 answers
2k views

What legal reason, if any, does my bank have to know if I am a dual citizen of the US?

I am a US citizen permanently living overseas, and maintain a bank account in the US. I was recently prompted to update my personal information, and one of items I had to answer was whether I had dual ...
Paul Richter's user avatar
0 votes
1 answer
100 views

What title transfers take place in the case of theft from a bank account?

In the case of theft involving taking money from a bank account, does the person whose account the money comes from loose good title to that money, or the debt it represents, or anything? Does the ...
User65535's user avatar
  • 7,620
2 votes
1 answer
225 views

Is Berliner Sparkasse's request for the list of all members of "Jewish Voice for a Just Peace" lawful?

Novara media published an article titled "Germany Is Seizing Jews’ Money Again It’s fine, they’re pro-Palestine" by James Jackson The bank [Berliner Sparkasse] demanded a list of the names ...
Ona's user avatar
  • 457
-1 votes
1 answer
103 views

What are a customer’s rights and liabilities against his bank, after it opens an account for his wife’s imposter without requiring identification?

A bank opened an account for a guy, and approved a credit and debit card. Because this bank has known him and his wife for 9 years, this bank opens an account for a mountebank posing as the wife ― ...
user109440's user avatar
-1 votes
1 answer
88 views

The government of a European Union country forces private banks to block deposits into accounts that have not signed their 2-year privacy agreement?

The government of a European Union country forces the private banks in that country to block transfers/deposits into bank accounts that the owners have not signed their 2-yearly privacy?/...
2'''''''''''''''''''''''''''s user avatar
2 votes
1 answer
402 views

If a bank intentionally causes a 'valid' bank transfer to be bounced back to the sender (maybe also charges a fee) has some law been broken?

If a bank intentionally causes a 'valid' bank transfer to be bounced back to the sender (and maybe also charges a fee for not receiving a required monthly deposit into the receiving account) has some ...
2'''''''''''''''''''''''''''s user avatar
0 votes
0 answers
33 views

Can a company lend an individual money "by way of business" if secured on a commercial property in the UK with any regulation?

I am curious to know if a company can lend an individual money at a high interest rate for many years without a licence or following any guidelines in the UK The loan was secured on a commercial ...
user53151's user avatar
3 votes
1 answer
432 views

Cheque "not to exceed $500"

What is the legal or accounting purpose of the phrase "not to exceed $500" (or some other amount) on a cheque? Who is liable should the cheque exceed the amount? The issuer? Assignee? Bank? ...
P2000's user avatar
  • 141
1 vote
0 answers
77 views

What data protection law was broken by Alison Rose lying about the reason for closing Nigel Farage’s bank accounts?

The former NatWest chief executive Alison Rose spoke to a BBC journalist about the planned closure of Nigel Farage’s bank accounts. It is in the news today that the ICO has said in a report said that ...
User65535's user avatar
  • 7,620
2 votes
1 answer
47 views

Credit union error on paperwork

Can a credit union be held liable for leaving off an account holder on a savings account? A friend is getting a divorce and just found out all her savings was placed into an account with only her soon ...
Kimberly 's user avatar
3 votes
0 answers
53 views

Do I have the right for remote identity verification?

Bit of a weird sitaution here: I did my PhD in Italy some years ago and have a bank account there. I thought I had emptied it so didn't think about that account for quite some time. I was recently ...
TheNewGuy's user avatar
  • 129
2 votes
1 answer
132 views

Charging interest on a locked account

Is it a violation of any US banking regulations for a bank to continue charging interest on a loan when they have temporarily blocked the account holder from making payments? (or at least interest on ...
Michael Hall's user avatar
  • 4,628
14 votes
3 answers
5k views

If someone robs a bank at which (s)he has an account, can the bank deduct that amount from the robber's account?

Bob has $100,000 in an account at First Example Bank. Bob robs the bank, taking $50,000, and he escapes. He is never caught, but the bank is 100% sure that he is the one who robbed the bank. Can they ...
Someone's user avatar
  • 17.1k
4 votes
1 answer
219 views

Deceased spouse still on bank account

If one leaves deceased spouse on joint bank account, what happens? If one leaves deceased spouse on home deed, what happens? Note, Soc Sec has been provided with copy of death certificate. Accounts ...
paulj's user avatar
  • 1,584
1 vote
1 answer
131 views

Do Swiss banks have the right to demand seeing a visa for a foreign country?

A friend who is a Swiss citizen and resident of Switzerland has a checking account with a Swiss bank. Because of a stay in the US, he was asked to file a "Status Declaration Form for Individuals&...
user449277's user avatar
4 votes
1 answer
62 views

Legal ramification of becomming incompetent with regards to financial accounts

A spouse becomes mentally incompetent as a result of an auto-accident. What happens to the individual brokerage and bank accounts of the incapacitated spouse? Would a power of attorney (POA) or ...
paulj's user avatar
  • 1,584
3 votes
0 answers
123 views

How much are banks allowed to intrude in peoples' private life?

Europe, but I think my question could be applicable over the Western world. I saw an online notice about a policy change by Natwest in the UK. Now people who want to withdraw cash have to explain why ...
FluidCode's user avatar
  • 530
2 votes
0 answers
169 views

If your child "hacks" your device and "defrauds" the bank what is the legal situation?

In the news today there is a case of a child spending more than £2,500 on their parents iPad. A 10-year-old girl spent more than £2,500 on the gaming site Roblox after changing the password on her ...
User65535's user avatar
  • 7,620
1 vote
1 answer
95 views

What are the steps to collect against a SAFE investment contract? [closed]

I have a fund that signed a SAFE (simple agreement for future equity) and wants to invest $400k in my company. It has been 2 months and they haven't sent the money. This had materially impacted my ...
pjonson2's user avatar
1 vote
1 answer
503 views

Does a Limited company need a licence to lend money to an individual in the UK?

A limited company (one director) lent money to me as an individual (£450,000). The initial loan was secured as a first charge on a property I owned but did not live in. Interest the first 2 years was ...
sharon's user avatar
  • 11
3 votes
1 answer
322 views

Is dyed money legal tender?

It is in the news that a bank distributed bank notes with dye on them, assumed to be Intelligent banknote neutralisation system (IBNS). It is reported that in one instance this was for mortgage ...
User65535's user avatar
  • 7,620
33 votes
3 answers
11k views

Can a bank sue someone that disseminates information that starts a bank run that destroys the bank?

Specifically, could Silicon Valley Bank sue the Founders Fund and other VCs that had companies they invested in withdraw their funds? Has any bank ever successfully done this? To clarify, I'm not ...
a101010's user avatar
  • 439
-8 votes
1 answer
167 views

Most people treat bank deposits as bailment. Why is this the case? Is this a problem?

Explanation: 99.999% of people treat bank deposits as bailment. But under FDIC rules, only the first 0.25 million is bailment. Amounts above that are loans to the bank. If the bank goes bankrupt, that ...
user avatar
-4 votes
3 answers
155 views

Are banks committing the crime of deceptive marketing?

As depositors of Silicon Valley Bank are painfully finding out, money in a checking account is not exactly the same as dollar bills in your wallet. Money in a checking account are effectively ...
user avatar
5 votes
1 answer
972 views

I owe money to SVB and I have deposits with SVB. What happens now? [closed]

I have 10 million USD deposited with Silicon Valley Bank. Now that they are liquidated, let's say I get to recover FDIC insured 0.25 million plus 5.75 million, total 6 million. At the same time, I owe ...
user avatar
0 votes
1 answer
119 views

No online access to online only bank?

I have an account at an online only bank. There are no physical branch locations for me to visit. 8 months ago I had an issue trying to log in and called their customer support to try to get it ...
Eph's user avatar
  • 101
0 votes
2 answers
116 views

What does endorse mean?

According to Oxford Languages, sign (a check or bill of exchange) on the back to make it payable to someone other than the stated payee or to accept responsibility for paying it. I'm having trouble ...
tryingtobeastoic's user avatar
2 votes
0 answers
54 views

Anti Money Laundering (AML) information on the beneficial owner for clients of a custodian

A custodian bank has a client which is an investment arranger. The funds of the investment arranger's clients are held at the custodian. The custodian has flagged one of the investment arranger's ...
M. Guillaume's user avatar
2 votes
2 answers
472 views

Is a bank account history of transactions considered personal data in the sense of GDPR?

For archival purposes, I'm trying to get the full history of transactions on my bank account since I opened it in 2019. I know my bank still has it since it's visible in the mobile app (I can scroll ...
zdimension's user avatar
1 vote
1 answer
76 views

What are the limits of removing judicial recourse through arbitration clauses?

Suppose a FINRA-regulated financial institution is notorious for littering its service agreement with purportedly binding arbitration clauses, but then exercises a policy that amounts to depriving a ...
UBSOS23's user avatar
  • 51
1 vote
0 answers
35 views

What type of legal action could be used to assert one's rights to funds held by a brokerage firm?

A previous question was insufficiently focused, and this is the third part (see also part 1, on establishing an appropriate jurisdiction, and part 2, on establishing the type of claim and appropriate ...
UBSOS23's user avatar
  • 51
1 vote
1 answer
46 views

Does SIPC offer protection in any scenarios other than a brokerage firm being liquidated due to being financially troubled?

I can imagine funds being lost due to hackers or fraudsters stealing assets from an account, or simply an unreasonable brokerage institution refusing access to a customer of their assets. Does SIPC ...
UBSOS23's user avatar
  • 51
0 votes
1 answer
288 views

Unauthorized access to parents bank account

Early in the morning the bank account password was changed. The investigation pointed to someone without authorization using my parent's phone at 1 am to verify a password change for the bank account ...
POA's user avatar
  • 13
5 votes
1 answer
479 views

Will a bank give my money back if I'm coerced to give it to a criminal?

In Brazil, it's not uncommon for criminals to kidnap someone and coerce them to give them money from their bank accounts. This can be done by taking the victims to ATMs or even demanding a transfer ...
sourcream's user avatar
  • 309
2 votes
0 answers
63 views

How to find a US lawyer for consultation in the open-source + banking + blockchain space?

Considering writing open-source software in the banking/cryptocurrency space (in the USA). Want to do it properly, and have a few questions for how to navigate the space. What's the type of lawyer I ...
gs8282's user avatar
  • 21
5 votes
1 answer
149 views

What happens to offset accounts when the lender becomes insolvent?

In Australia and the United Kingdom, it is common for home loans to come with an offset account. The balance of the account is “offset” against the loan when calculating interest, so the borrower ...
sjy's user avatar
  • 9,306
3 votes
2 answers
174 views

What is the status of money in a bank account, compared to a debt obligation or a safe deposit box?

I am trying to figure out what the legal status of money in a bank account, and I have asked these two questions but not figured it out. I think this hypothetical highlights the problem. Suppose ...
User65535's user avatar
  • 7,620
24 votes
5 answers
13k views

Is it a crime to "steal" your own money from a bank?

It is in the news that it has become a thing to stage a bank "robbery" to get access to ones own money in Lebanon. While these have involved things that are undoubtedly crimes (such as ...
User65535's user avatar
  • 7,620
6 votes
2 answers
349 views

What are the legal consequences of 'closing a bank account'?

This is based on this question on the money stack exchange. Someone has a regular checking account at some bank. This is their only account with the bank. While using the account some automatic ...
quarague's user avatar
  • 3,570
2 votes
1 answer
119 views

What laws apply when a bank is lax in it's queue management?

Probable Applicable laws: Negotiatiable Instruments Act, Consumer Protection Act Jurisdiction: India Scenario: A, and B have different banks. A issued an account payable cheque to B for an amount of ...
Everyone's user avatar
  • 377
5 votes
3 answers
5k views

What legally happens when someone takes your bank card and uses it?

If someone steals your wallet, takes the money and uses it to buy something that is theft against you. If someone steals your wallet, takes the bank card and uses that to buy something what crime are ...
User65535's user avatar
  • 7,620
1 vote
1 answer
117 views

Recourse to recover funds in a frozen account

Under anti money laundering laws if a bank has grounds for suspicion of money laundering by a customer then they may submit a SAR (suspicious activity report) to the NCA (National Crime Agency) and ...
JosephCorrectEnglishPronouns's user avatar
3 votes
0 answers
359 views

Can an Australian bank legally issue bank accounts and Visa cards without obtaining proof of identity from the person requesting the account?

This is the first time I have posted to StackExchange so please excuse me if my question is out of scope, is in the wrong place or goes into too much back story. Any assistance would be greatly ...
Hotblack Desiato's user avatar
11 votes
4 answers
8k views

Getting paid by mistake after leaving a company?

Pretend someone worked at a company and was paid monthly. A month after leaving they are paid their severance, and should not receive any payment in the future. A month later, they are contacted by ...
user5623335's user avatar
  • 1,202
0 votes
2 answers
239 views

How much compensation can a client get if the bank freeze the bank account when the client has not done anything wrong?

The client's bank account is frozen for due to "security reason". The client followed the bank's instructions to lift the account. The bank promised on phone that if the client visit a ...
dodo's user avatar
  • 365
0 votes
2 answers
271 views

Federal Reserve - can its charter expire? If so, when?

Reading through the history of US central banks, the First Bank of America's charter expired after 20 years, then the Second Bank of America's charter also expired in 1836. The Federal Reserve Act ...
Arash Howaida's user avatar
11 votes
2 answers
5k views

If the person who shares a joint bank account with makes a large purchase without the other person’s permission, what are the legal options?

If a joint owner of a bank account spends a significant portion of money without the other’s permission and doesn’t ascribe ownership of the purchases to the other parties, what are the legal and non-...
user avatar
0 votes
2 answers
71 views

Consumer liability deadline extension for electronic transfers (US)

12 CFR 1005.6(a)(4), Liability of consumer for unauthorized transfers, says (4) Extension of time limits. If the consumer's delay in notifying the financial institution was due to extenuating ...
phoog's user avatar
  • 37.9k
-1 votes
1 answer
124 views

If a European bank keeps debiting illegal account management charges, is there a way to block debits or even enforce a SEPA direct debit charge back?

If the European bank at which you have an account keeps debiting illegal account management charges from said account (e.g. an arbitrary 300% of the amount contractually agreed) and doesn't react to ...
user avatar
1 vote
1 answer
534 views

Is there a US institution that is exempt from liquidity ratio laws?

This question has been bothering me for a while and I did some digging and turned up nothing... In the Netflix show Ozark, season 1 episode 1, Marty is at his bank trying to liquidate millions of ...
Willis Hershey's user avatar