Personal Finance and Money Stack Exchange
Personal Finance and Money Stack Exchange

Questions tagged [banking]

To be used for any generic banking question. If there is a product-specific question, specific tags like credit-card, savings etc. should be used. If there is an entity-specific question, descriptive tags like merchant, community, consumer, small-business should be used.

The bank tag should be merged into banking tag!

bank ~~~> banking

banks ~~> banking

1097 questions
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How can I avoid overdraft fees while moving all of my funds to a new bank?

I called my bank to close my account. The sequence of events they told me was required is: Transfer all of my funds to the other bank (makes sense). Wait up to 2 business days for the transfer to complete. But when I asked: If I transfer all of…
J.Todd
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Why does Bank of America sometimes refer to itself as Banc of America on some documents?

Why does Bank of America sometimes refer to itself as 'Banc of America'? Are they two separate institutions responsible for different things? It's always seemed odd to me.
Matt
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As a US citizen, should I only have $50,000 in non US banks due to FATCA?

The Hiring Incentives to Restore Employment (HIRE) act was enacted March 18, 2010 with the goal of increasing employment in the US. It also included the Foreign Account Tax Compliance Act (FATCA) that has some onerous taxes and regulations on…
Muro
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7 answers

Is it worth it to reconcile my checking/savings accounts every month?

I used to be very diligent in reconciling my accounts with the monthly statement when it came in the mail. Now that I don't receive paper statements, I rarely even look at the statement or bother downloading it from the bank website. I track my…
jjeaton
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3 answers

How do banks maintain reserves?

I'm just starting to learn about the fractional reserve banking system. Suppose a bank has deposits of $100 and the reserve requirement is 10%. The bank gives the remaining $90 as loans. Now suppose on that day, there is a net withdrawal of $2. So…
Sal_99
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6 answers

If a bank is supposedly robbed, can you still withdraw from that bank?

This question has been living in my mind without an answer for a pretty decent while and im just wondering, Can you withdraw from a bank that has been "Robbed"? Or would law enforcement keep it shut down until more money went to the bank?
Joseph Casey
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Is there any danger to giving out a check routing number for a purchase?

Is there any danger to giving out a check routing number for a purchase? I gave out a routing number and now concerned that it could be used to draw out more then I authorized.
Otto Richter
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1 answer

Refund to old credit card

I sent back a pair of cleats to Nike and they issued the refund to the card that was originally billed. I assumed it would go to checking account, but it never did. Wells Fargo told me I have never had a Visa debit card ending in 9106. Is there any…
Cindy Johnson
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4
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2 answers

My ex sold our car that still had money owed

My ex sold a car that he and I bought together. Both of our names are on the title. We both still owe 10k on the car. But now that the car is gone the banks are coming after me. Is there anything I can do? I am not sure how he was able to sell the…
Tiffany
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3 answers

Good yield vs. safer route (Checking vs. Savings)

My checking account yields just over 3% APY. This may sound very high, and it is for a checking account, but it's a credit union and they make money off the multiple transactions I have to use their debit card for to get that rate. My (online)…
RunChiRun
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4
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4 answers

If it's so hard to beat the market, why do banks invest billions in active portfolio management (and why do they have any customers?)

It's well known that beating the market is difficult, and most actively managed funds aren't really doing all that much better, especially after accounting for fees. So if that's the case, why the hell do banks invest so much money in active asset…
fefew
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What is the downside to using the "First National Bank of GameStop"?

I am sure some of us have seen the meme about the "First National Bank of GameStop". Now at first it sounds very funny and hilarious, which it is, but I'm in a special scenario where I am located in pretty much nowhere where I am hundreds of miles…
user47930
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Can I access my bank funds without a card or knowing the account number?

Can I go to the bank and get money when I don't know my account number, don't have a card by just giving the my name on the accounts?
Shaven Grier
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2 answers

How does it look to jump around from bank to bank?

I've been with Bank of America for almost 10 years. They just told me that they are going to convert my free eBanking account to Bank of America Core Checking. Doing so I would have to pay $12/mo or keep $1500 in my account. But I notice there is a…
Diversity
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How do some banks have such short account numbers?

Mitsui Sumitomo and Lloyds Bank (among others, I presume) use 7 digit bank account numbers. It seems that if they have more that 9,999,999 customers, they wouldn't be able to route transactions to the new ones. While I couldn't find an exact figure…
Omegastick
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