Questions tagged [banking]

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

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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 ...
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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 ...
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1 vote
1 answer
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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
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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'...
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3 votes
2 answers
98 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 ...
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1 vote
2 answers
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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 ...
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0 votes
1 answer
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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 ...
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2 votes
3 answers
237 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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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 ...
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0 votes
3 answers
146 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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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
316 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 ...
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3 votes
2 answers
171 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 ...
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2 votes
2 answers
183 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 ...
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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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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 ...
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6 votes
2 answers
179 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 ...
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-2 votes
1 answer
132 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 ...
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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 ...
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0 votes
1 answer
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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 ...
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1 vote
0 answers
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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 ...
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0 votes
2 answers
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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 ...
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1 vote
0 answers
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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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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 ...
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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 ...
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-1 votes
1 answer
136 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 ...
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2 votes
0 answers
80 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, ...
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1 vote
1 answer
61 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:
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0 votes
3 answers
292 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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2 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 ...
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0 votes
1 answer
356 views

well, I fell for the sugardaddy scam

So, long of the short. They offered to pay off my meager credit card debt. I was able to cancel all the payments but one. I called my bank and reported a fraudulent payment. It was for $211. So, am I ...
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2 votes
0 answers
37 views

Bank tell me it is safe to wait for real-estate loan offer

I'm trying to buy a real-estate and I have already signed a sales agreement. The bank tells me it is slow currently to print an "Offre de prêt" (loan offer), and has given an "Accord de prêt" ...
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4 votes
1 answer
92 views

Declining Binding Arbitration of credit cards and banks (after sign up)

Recently Chase was making a change to its user agreement and was automatically assuming your consent to abide by binding arbitration unless you opted out explicitly by sending them a snail mail with a ...
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2 votes
1 answer
106 views

Can I sue an at Will employer?

I work in Minnesota which is an at will state at a nationwide banking institution. I was hired in June and was told I would be doing the work of what I now know to be a site in a different state. To ...
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2 votes
1 answer
149 views

Can I cashout 25 BTC without proof of provenance?

Back when Bitcoin was worth under 10 USD, a friend sent me 25 BTC as a gift. Since that time, I moved them around different wallets and don't believe I still have the original wallet where I received ...
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3 votes
1 answer
342 views

Credit union holding car note, refuses to provide details of how payments have been applied

A credit union financed a car note for me. I never knew them before the loan transaction and I only have the car note there. Recently, my payments seem to not lower my loan balance as much as it ...
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-2 votes
1 answer
171 views

Can I sue the bank that allowed a wire scram to go though without my authorization

My son was scramed on the computer by allowing access to his computer to uninstall a program .The company was going out of business , so they offered a refund . there was a glitch on the computer and ...
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11 votes
2 answers
4k views

Can a landlord force all residents to use the landlord's in-house debit card accounts?

[asking regarding state law in Ohio, U.S.A. only] Recently I have noticed landlords issuing their residents a debit card with attached bank account. This is typically implemented without prior notice ...
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3 votes
1 answer
4k views

Can an employer force all employees to open bank accounts in the employees' names?

[asking regarding federal law in the U.S.A. only] Recently I have noticed low wage employers such as fast food and retail requiring employees to open a bank account through the employer. Such ...
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1 vote
1 answer
56 views

Locked out of my own 401k/IRA [closed]

I had a 401k plan with a company that I left several years ago and since went out of business and so their 401k plan was rolled over into a generic IRA plan. I want to roll the IRA over into the ...
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0 votes
3 answers
169 views

Legal options for someone going through my bank statements

So I live at home with my mother and brother. I pay rent, comparatively not much but the amount was agreed upon. The other day I got home from work to find out she had not only gone through my bedroom ...
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1 vote
2 answers
2k views

Authorized Signature on a bank check to a customer

Does the person who is given permission to sign as the "Authorized Signature" (at the bottom of the bank check) have to sign exactly as the real Authorized Signer or just use one's own style to sign ...
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4 votes
2 answers
1k views

Bank is not depositing my promotion bonus

I opened a bank account in response to a promotion in a big bank (I'm in the US). Originally it was saying "if I keep my money (50K) for 60 days, I get $600". The agent at the branch didn't say ...
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-1 votes
1 answer
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Unauthorized use of checking account

Can a friend legally write checks and use debit card on my account without authorization?
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0 votes
1 answer
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Is it legal to let overseas family member use my address for a bank account (US)?

I have a family member who is a US Citizen, but currently lives overseas. They want to open a US bank account and are asking me if I would be ok for them to use my home address for the account. In ...
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1 vote
2 answers
287 views

Can a US bank disallow a lawful permanent US resident from opening an account?

Can a US bank disallow a lawful permanent US resident (LPR) from opening an account? Definition of lawful permanent US resident: Lawful permanent residents (LPRs), also known as “green card” ...
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0 votes
1 answer
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Under what circumstances can a banker cut your line of credit?

I was once offered, and accepted, a line of credit for X. Apparently, I violated the terms (I believe that I made a late payment), and my line of credit was cut in half. What is the legal doctrine or ...
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