Questions tagged [banking]

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

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56 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 ...
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2answers
41 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 ...
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50 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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1answer
33 views

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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1answer
128 views

Do Bitcoin banks need a banking license?

Or consider any currency with no intrinsic link to any other currency or form of capital (i.e., not backed by USD or gold or anything like that), and note that the issuer/bank would not itself offer ...
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3answers
118 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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1answer
129 views

Get access to an account of someone living abroad

My brother opened a bank account a couple of year ago in Utah , now he lives abroad and wants to get the money out. He does not have an online banking or a current debit card, only an expired one, but ...
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1answer
126 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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79 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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1answer
48 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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3answers
192 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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1answer
73 views

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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1answer
207 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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34 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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1answer
104 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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1answer
53 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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2answers
106 views

Move money from Germany to Spain

I want to move money I earn working in Germany to Spain, where I am from. What should I take in account or be carefull to do during this transaction? I dont kow the minimum amount of money which I ...
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1answer
107 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 ...
3
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1answer
322 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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1answer
127 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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2answers
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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1answer
1k 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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1answer
53 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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3answers
157 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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1answer
703 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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2answers
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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3answers
2k views

Do I have any options if Chase has closed my account citing payment from fraudulent sources?

A few weeks ago I received a $125 Chase QuickPay from someone on the site localbitcoins.com. Turns out the payment was marked fraudulent, and my account was frozen, whether it was because the user was ...
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1answer
161 views

Bank of America fee Dilemma

I am an Australian citizen. Many years ago, whilst travelling on holiday to the US I signed up for a Bank of America e-banking account. It had no monthly fees and all was well. Every time I went on ...
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1answer
439 views

Can the Feds not put Bank Executives (or their employees) in Prison for Fraud?

I see stories such as this one quoted below where a Wells Fargo exec who headed phony accounts unit collected $125 million. Basically the notion is that big fat cat bankers can swindle people out of ...
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1answer
50 views

Unauthorized use of checking account

Can a friend legally write checks and use debit card on my account without authorization?
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1answer
68 views

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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2answers
224 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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1answer
55 views

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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1answer
131 views

Is Bank responsible for protecting me from fraud?

I applied for a part time job on Indeed to be a “Secret Shopper for Walmart”. I took the bait and was sent a check for 2k and given an assignment to buy iTune cards at two Walmart and do a customer ...
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0answers
84 views

How can a country reclaim money held in Swiss bank(s)?

Suppose, a 3rd world country X had a corrupt/autocratic government in the 90's. Politicians embezzled a lot of public money and deposited them in various banks in Switzerland. In the 2010's, that ...
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3answers
293 views

How do concepts like intent, discrimination, and bias apply to an Artificial Intelligence agent?

Background I work at a financial institution in the United States and have been researching the regulatory impacts of Artificial Intelligence recently - specifically the simple purpose-specific ...
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2answers
266 views

Can a company legally disable a product on the basis it was acquired fraudulently?

I recently bought a product on eBay, that turned out to have been directly bought from the manufacturer with stolen credit card info. A couple months after the purchase, the hardware, which "calls ...
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0answers
52 views

Can a European bank mandate employees to have a deposit account into which salary is paid

Is this allowed under European law to mandate employees to open a local (i.e. same name) bank deposit account and claim salary will only be paid into that account internally? I suppose it must be ...
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1answer
64 views

Which money transfer method is better?

To send money to as an investor to a startup, is it better, for proof of transfer in a possible court case in case of dispute, to write and mail a check or wire directly through banks? If I use the ...
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1answer
49 views

Deficiency judgement period after foreclosure in IL

A friend entered in foreclosure in 2014, for a condo in Chicago, IL (Chase Bank). Some time later he received a form 1099-C for cancellation of debt for around $9K. I know there's a deficiency but, ...
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1answer
70 views

What happens if someone bounces a cheque in US?

From my knowledge, if A gives cheque to B and cheque bounces, then a warrant is issued against A. Is the warrant issued anytime cheque bounces by default ? Or B has to press charges against A for ...
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1answer
52 views

Company wants to hold funds for customers

Are there any licensing or special bank account requirements for our company to hold funds for a customer and later deliver those funds back to the same customer? Similar to a savings account but for ...
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1answer
209 views

Why is the Federal Reserve allowed to “coin Money” and define exchange rates?

According the to United States Constitution Article 1 Section 8, The Congress shall have Power To coin Money, regulate the Value thereof, and of foreign Coin, ... But it is the Federal Reserve, ...
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1answer
537 views

Proving relationship to deceased

My brother in law died recently, we had very little interaction with him in the past 4 year. He himself was a guy from countryside Lithuania and not a very technology educated. He lived for past four ...
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1answer
181 views

Where is the rule guidance on implementing the Collin's amendment?

BACKGROUND The Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into United States federal law by President Barack Obama on July 21, 2010. Section 171 known as the Collins ...
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1answer
1k views

Can a defendant get probation without being convicted of a crime?

I believe my friends are being scammed. I discovered this information on the person in question from a court case December 2017: DEFERRED ADJUDICATION Jury Waived. Defendant arraigned. Defendant ...
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1answer
1k views

Wrong name used on bank account

I know someone who was planning on legally changing their name to avoid detection by abusive family members. When opening a bank account she used her correct social security number, but used her ...
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1answer
247 views

Unauthorized access to bank account

Western Union processed an unauthorized withdrawal of $840 from my bank account, but the reversed the transaction. I am very concerned and a bit stressed out about this given all the security and ...
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1answer
1k views

Will a US bank share any detail about immigration status of a customer?

I know undocumented immigrants can open a US bank account legally and that would come with some benefits for them such as having a credit score (useful for buying properties, for instance) and a ...
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2answers
1k views

Refund after robbery in a bank

If a bank happens to be robbed just after I withdraw money from my account, and the robbers make me hand over my money to them, am I entitled to refund from the bank? I know it may depend on the ...