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Questions tagged [banking]

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

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11
votes
2answers
3k 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 ...
5
votes
1answer
166 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 ...
4
votes
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 ...
4
votes
2answers
233 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 ...
4
votes
2answers
4k views

Someone withdrew money from my bank account - what are my rights?

Someone withdrew money from my checking account (in several transactions) without my knowledge or permission. I was able to see the withdrawal slips online, and my signature was forged. I reported ...
4
votes
1answer
581 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 ...
3
votes
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 ...
3
votes
1answer
392 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 ...
3
votes
1answer
320 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 ...
3
votes
2answers
98 views

How was the $200,000 minimum income for accredited investors decided?

The SEC has a rule that restricts the definition of an accredited investor to a person who has income in excess of $200,000. (6) Any natural person who had an individual income in excess of $200,...
3
votes
1answer
113 views

Can I use a loan for something other than what I said I'd use it for?

I'd like to purchase some grazing land. I'm half way there with the funds and thought of covering the remaining cost with a loan. This would be a personal loan from a UK bank and not secured against ...
3
votes
1answer
589 views

Effect of Multiple Names on Bank Account

Background: I learned recently that multiple account holders on a bank account keep that account out of probate if one person dies. Or, in other words, if one person dies then the other account ...
3
votes
1answer
48 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 ...
3
votes
1answer
126 views

How does the Bank Secrecy Act affect normal law-abiding citizens?

The Bank Secrecy Act of 1970 was designed to detect money laundering by organized criminals. Among other things, it requires banks to report large currency transactions in excess of $10,000 to the ...
3
votes
1answer
174 views

Is it legal for banks to transfer money without account holder's permission

Suppose someone takes a personal loan from a bank and defaults on a payment. Can the bank unilaterally take money from other accounts he may have at that bank to make the required loan payments? Can ...
3
votes
1answer
251 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 ...
2
votes
1answer
356 views

Felons Allowed Banking License & Right To Discriminate Against Other Felons?

Citicorp, JPMorgan Chase & Co., Barclays PLC, and The Royal Bank of Scotland are all American Felons. https://www.justice.gov/opa/pr/five-major-banks-agree-parent-level-guilty-pleas As a felon ...
2
votes
1answer
2k views

Can landlord require me to pay rent through ACH?

I'm undecided as to whether this question belongs here on in the Money & Personal Finance SE, so apologies in advance if it should be migrated. I'm facing a situation where my landlord had ...
2
votes
1answer
247 views

What is required to open a bank in USA?

What requirements should I meet to start a bank in USA? What are the requirements in other countries?
2
votes
1answer
100 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 ...
2
votes
1answer
92 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 ...
2
votes
0answers
452 views

Internet banking regulations in the UK

I'm writing a report for some University coursework, in which I am supposed to analyse the security of an online bank. I'm trying, with some difficulty, to find any laws/regulations/standards that ...
1
vote
3answers
243 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 ...
1
vote
2answers
196 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” ...
1
vote
1answer
765 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 ...
1
vote
2answers
256 views

How to deal with a cheque fraud in my Westpac (Australian Bank) account?

I sold bitcoins worth of $9500 to a person who told me that he made cheque deposit to my account by using SMART ATM of Westpac bank. When I logged into my Westpac, it was showing that $9500 was ...
1
vote
1answer
9k views

Legal options for unauthorized access to bank account (and how to prove it) [closed]

I've run into an unpleasant situation: https://money.stackexchange.com/questions/75965/mom-keeps-illegally-monitoring-my-bank-account-what-to-do. I was advised to move this question to legal. Could ...
1
vote
1answer
46 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 ...
1
vote
1answer
65 views

Can a retail marijuana shop bank from a locally owned bank outside of their state?

Retail marijuana stores have to deal in cash, as most major banks refuse to deal with them. This causes a very dangerous situation for the store owner, and stories are already circulating about the ...
1
vote
1answer
532 views

Is right of survivorship the same as tenants in common?

What are the practical differences between opening a joint bank account with one's spouse in these ways: Joint tenants Tenants in common Joint tenants with right of survivorship? I am concerned with ...
1
vote
1answer
49 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 ...
1
vote
1answer
52 views

Are US banks required to notify users of debts before passing them to collections?

Say a customer of a large American bank, let's call him Paul, overdrafts on a debit card from said bank, let's call it ABC Bank. There is no notice of an overdraft at the time the money is withdrawn, ...
1
vote
1answer
93 views

Asking a bank to sign a contract?

I was given an opportunity to receive a $1,000.00 bonus for opening a bank account; however, the bank claims that they will "revert the bonus" if the account is closed within six months. The bank ...
1
vote
1answer
159 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 ...
1
vote
2answers
825 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 ...
1
vote
1answer
90 views

Is a power of attorney (in my parent's hands) enough to unfreeze a frozen US bank account?

If somebody has to move to Europe from the US, and cannot return, and then has his US bank accounts frozen: Can he give a power of attorney to his parents (European citizens, only European passport, ...
1
vote
1answer
68 views

Sending money from China

I have an uncle in China who is trying to make some investments in Canada. As you may know, there are foreign exchange controls in China, but everybody goes around them. One easy to do it is to match ...
1
vote
0answers
79 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 ...
1
vote
0answers
50 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 ...
1
vote
0answers
45 views

Bank accounts after leaving UK

I wonder what should I do with my bank accounts after leaving the UK. Is it legal or illegal if you still you account in the UK when you are living outside EU now - and if you are not an EU citizen ...
1
vote
0answers
67 views

What is the legal definition of an “as of” date in the banking world?

My American Express credit card account is being sold to Barclaycard because JetBlue was not able to "reach terms" with American Express. JetBlue has been sending communications via email that this ...
1
vote
0answers
1k views

Questions about private mailbox address used for LLC in California

I recently created an LLC using a private mailbox to keep my home address private in public records (in California). I work from home so using my home address is not an option due to privacy concerns. ...
1
vote
1answer
332 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 ...
0
votes
1answer
51 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 ...
0
votes
1answer
46 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 ...
0
votes
1answer
137 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 ...
0
votes
1answer
122 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 ...
0
votes
1answer
62 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 ...
0
votes
2answers
99 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 ...
0
votes
1answer
44 views

What are the relevant U.S. laws that cover businesses that disburse cash?

I'm interested in starting a business that sends customers rolls of quarters (and maybe at most 1-2 per week at most), e.g. for paying for laundry washing and drying machines. I'd like to be able to ...