Questions tagged [banking]
for questions relating to the custody, transfer, and management of money by banks.
132
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Legal Repercussions of Inciting a Bank Run
There is a person who claims to be working with “white hats” who has a following on Telegram and other social media sites. He is telling his followers that they need to withdraw all of their money ...
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Are there "banks" (or something morally equivalent) which merely stores their clients' money and doesn't gamble with it? [migrated]
Another year, another major bank or two goes down because it decided to take the money that it was entrusted with it and go gamble. All of them fear "bank runs" because they know that they ...
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3
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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 ...
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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 ...
user49461
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3
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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 ...
user49457
5
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1
answer
858
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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 ...
user49457
0
votes
1
answer
44
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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 ...
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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 ...
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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 ...
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2
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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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2
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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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5
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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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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 ...
Joe Stewart
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1
answer
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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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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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1
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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 ...
2
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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 ...
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5
answers
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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 ...
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2
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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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132
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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 ...
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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-...
user38388
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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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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 ...
user45777
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answer
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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 ...
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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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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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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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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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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 ...
user43328
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5
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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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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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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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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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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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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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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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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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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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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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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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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 ...
user35704
2
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2
answers
344
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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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