Questions tagged [banking]

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

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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 ...
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3 votes
2 answers
104 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 ...
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24 votes
5 answers
12k 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 ...
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7 votes
2 answers
137 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 ...
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Australian bank account

I lived and worked in Australia from May 2010 to Nov 2013. I have since remained in the UK, my country of birth. I closed all my financial affairs when I left Australia in 2013, however my NAB account ...
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1 vote
1 answer
106 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 ...
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5 votes
3 answers
3k 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 ...
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2 votes
1 answer
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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 ...
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1 vote
0 answers
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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 ...
13 votes
5 answers
7k 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 ...
0 votes
2 answers
86 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 ...
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0 votes
2 answers
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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 ...
11 votes
2 answers
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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-...
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0 votes
1 answer
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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 ...
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1 answer
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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 ...
1 vote
1 answer
58 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 ...
1 vote
1 answer
36 views

Receiving transactions to a company bank account located in a different country

Can a company based in a country A receive incoming transactions to a bank account that belongs to the company but is in a different country?
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1 vote
1 answer
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Changing tax residency - how does it work?

After my Phd in US, I move back to Syria. Life savings are in my US bank account (Can't trust Syria) Year is 2011 and Syria enters a war. Every single resident of Syria gets OFAC sanctioned. I'm not ...
0 votes
1 answer
59 views

Validity of Proofs, and what is terated as a Proof? [closed]

If a product delivery from an e-commerce company was canceled due to their own logistic issues. Later their chat system which is an automated bot confirms the product cancellation and refund date. Yet ...
1 vote
1 answer
64 views

To what extent has the US government legal claims to the assets of the Federal Reserve?

My question concerns the total assets of the Federal Reserve. To what extent does the government have control over, or own these assets?
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2 answers
242 views

What stops states from creating money out of thin air?

When a private bank creates money, it obeys reserve accounting, and can't create more. But when I get paid from the state of California, it comes from their treasury account, it isn't a private bank ...
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12 votes
5 answers
4k views

How can I get more than 10 years of transaction history from my bank?

I will shamefully admit that it was only in the year 2021 that I finally built my own bookkeeping system. Yes, I should have done it 10-20 years ago, but I didn't. So now I'm in this situation: First ...
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2 answers
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Can one of my citizenships cause problems with investing?

As a citizen and resident of Mexico, American and European brokers are happy to take my business. But I'm also a citizen of Syria, which is sanctioned. While filling out account creation forms, I don'...
3 votes
2 answers
113 views

Would this constitute commingling of funds?

Question about IOLA accounts (IOLA = Interest on Lawyer Account Fund, see iola.org/about-iola). (IOLA is called IOLTA in some states.) Our client has to pay restitution to Walmart. It has taken me ...
1 vote
2 answers
80 views

Cannabis Payment Processor based in the United States

I have been doing some research on the cannabis industry over the past couple of months, and from what I have been reading it is a consistently growing market, and the barriers to entry are now ...
0 votes
1 answer
105 views

Chase accounts closing due to fraud from joint account with sibling. Will I get my money back in the other accounts?

I helped my sister open a bank account through my own chase account years ago. It never occurred to me that anything that took place on her account would effect me. She was recently involved in a scam ...
2 votes
3 answers
428 views

Is pretending to be the owner of a bank account illegal?

I'm looking into a job, and I'm trying to figure out if there is a legal issue with it. The role is called "asset investigator." It entails confirming bank info on behalf of credit card ...
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1 vote
2 answers
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Can novel investable securities have intellectual property rights?

Let's say I'm a bank, and I create this really popular investment product I'm selling left and right (for example, say I'm Lewis Ranieri, and I invented the mortgage-backed security). This product is ...
0 votes
3 answers
148 views

Who is liable if somebody takes a check written to them before the funds are in place to cover it?

This is hypothetical. Suppose I write out a rent check to my landlord, but I don't give it to him. Instead, I leave it on my desk because I still have to deposit funds to cover the check. Unbeknownst ...
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-2 votes
1 answer
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Late promotional bonus and monthly service charge on bank checking account in US [closed]

Checking account was opened in June 2017 with following terms and conditions: Maintain average balance of $1500 or else there will be monthly charges of $11. While opening the account, I had a ...
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0 votes
1 answer
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Mathematical models for money lending and antidiscrimination laws in the US

Are there any federal or state laws in the US regulating which models can banks and money lenders use to decide for/against lending money to an individual? I am interested on this topic in the context ...
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1 vote
2 answers
451 views

My bank sold a local branch to another bank, including my accounts, without my permission. Is that legal?

My bank sold a local branch to another bank (in the state of Wisconsin, United States of America), including my accounts, without my permission. My first knowledge of it was that my debit card was ...
3 votes
2 answers
173 views

Impersonating account holder, with perfectly good intentions, and the person himself willingly assisting. Is that a crime?

Is it considered a crime for someone to help a close relative by calling that person's bank on their behalf, with the person himself sitting in the room and willingly assisting, and dealing with the ...
2 votes
2 answers
316 views

Is failing to report a bank error in and of itself a crime?

(Related to discussion at https://money.stackexchange.com/questions/133263/how-should-i-handle-money-returned-for-a-product-that-i-did-not-return/133270 ) Suppose a customer receives a deposit into ...
0 votes
1 answer
60 views

Unauthorized online banking personal identity compromised

My father in law recently died. I have just found out that his girlfriend has been accessing a trustee account utilizing an old user ID and password. No funds were withdrawn, but the bank's cyber-...
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0 votes
1 answer
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Freezing funds with positive balance

My spouse's son is on an account with his stepmother. Both were put on the account at different times by his dad. Unfortunately his dad passed away recently. The money in the account was to be split ...
6 votes
2 answers
187 views

On the legality of replacing international transfers with intranational ones

Here is a fictional story based on this question. Andrey is a Russian programmer residing in Germany who makes regular wire transfers to his father, Boris, who resides in Russia. Chris & Dasha, a ...
-2 votes
1 answer
133 views

My friend has alot of cash (about 55K in $100s) on hand and is afraid to put it in a bank. Should he be? [closed]

My friend was paralyzed from an injury when he was a teenager (about 30 years ago now). He has amassed about 55K in cash from being a small time marijuana dealer. He literally keeps it next to him at ...
1 vote
0 answers
43 views

How do banks (in Switzerland and elsewhere) protect bank secrecy while adhering to government oversight?

Are banks in countries with strong secrecy laws (like Switzerland) letting the government see their account balances for oversight and tax compliance purposes? If so, wouldn't that defeat the purpose ...
0 votes
1 answer
1k views

Storing Bank Account Number and Sort-code in the Database [closed]

I need to store UK Bank Account Number and Sort Code in my MYSQL database to send the users payments. The PHP/Laravel site will be hosted on AWS with SSL & off-course the Account Number and Sort ...
1 vote
0 answers
76 views

In UK law, are any business banking contracts considered unfair and therefore unlawful?

The bank we use for our business banking charged us US$1,300 recently. We incurred the charge by mistakenly initiating two identical transfers on online banking between accounts which have two ...
0 votes
2 answers
61 views

Does installing or removing software legally constitute modifying a device?

The terms of service for my bank's mobile banking include this: USER MOBILE BANKING SECURITY RESPONSIBILITIES Ensure the Mobile Device is updated with the latest system software provided by ...
1 vote
0 answers
62 views

Is there any legal obligation to banks to offer only one "purpose" field in online banking systems?

I have used numerous online banking interfaces in Germany for money transfer between accounts. While they can be quite different in terms of features such as auto-completion, storage of reusable ...
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1 answer
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Is it illegal for a leasing agent to share previous tenants direct debit form?

I am a tenant of a residential property in Victoria Australia. I requested my rental ledger and direct debit form to apply for a new property. My rental agent has (accidentally???) sent me the direct ...
0 votes
3 answers
137 views

Can Banks legally use Encrypted Ledgers like in Private coins?

Seeing so much news about blockchains and banks I have a question that I may need your help. Taking in consideration the Bank Secrecy Act, can a Bank use a completely Encrypted Ledger? KYC is still ...
-1 votes
1 answer
137 views

Bank manager withdrew funds from my account without my authority can I sue her and the bank

I deposited a large cashiers check payable to myself into my account this morning. I tried to buy eyeglasses but I only had $100.00 available in my account. I called the bank and the Mgr clms there’s ...
2 votes
0 answers
82 views

Are banks in the US allow to publicly disclose the amount of the checks a bank customer is trying to cash in at the bank along with the customer name?

I read on https://abcnews.go.com/amp/US/black-man-sues-detroit-bank-alleging-racial-discrimination/story?id=68484056: Gordon said a confidentially clause in his settlement with his former employer, ...
1 vote
1 answer
63 views

Do financial regulations require banks to collect marital status, annual income and liquid net worth in the United States?

Do financial regulations require banks to collect marital status, annual income and liquid net worth in the United States? Wealthfront is claiming so when creating Individual Cash Accounts:
0 votes
3 answers
303 views

is it illegal for users to store money on a website?

I am aware that there are legal things that need to be considered if someone wants to start their own bank. However people earn money by selling on a website and people spend their money and transform ...
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3 votes
1 answer
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Can I switch my user's payment provider without their consent?

My company uses a payout provider that pays out money to our users. However we have decided to switch to a different payout provider and we are wondering how to inform our users. During this migration ...