vania-janet/multiturn-rag-retrieval-data huggingface dataset:
There are lots of reasons why a crook would want you to do this: counterfeit check scam, laundering money, trying to get your account information, getting you used to doing questionable things and then escalating, seeing whether you're the kind of person to go along with bad ideas, etc.  There are not, however, much in the way of good reasons for it. I gather you can withdraw money from your bank without an ATM fee. This I am assuming from the fact that it is being proposed that you withdraw money from your account, and the fact that this is how pretty much all non-predatory banking works. If this person's bank won't let them withdraw money without a fee, something is seriously wrong, and they should get an account at your bank. Do they get charged for using a live teller as well? If not, how is getting money from you easier than getting it from a teller? How much is the fee? If the fee is $2, and you're making $10/hour, that's 12 minutes of wages. Does it take less than 12 minutes to complete this transaction (including the time this other person is spending)? This cartoon comes to mind: https://xkcd.com/951/
I have won a large amount of money on an online casino. How reputed is the company? Have you done any research around it? It has taken 2 months for me to see any payouts. Last week I received $2300 check from them.  Did you win everything in the same period? If so there is no reason why they sent you a smaller check of $2300 instead of the full amount. This should raise a red flag. Why would someone write multiple checks. The only valid reason is you won in different months. The payout for first month was $2300 and they sent a check. The payout for next month is large amount ... the request for Bank Details. that they would rather wire me the money and they are asking for my banking account number and routing number. Although giving bank account number and routing has some risks. This is the fundamental information that is need to make a credit to your account directly. You would be giving this to quite a few entities / people. In most countries, this information is printed on every check that you write from your account. Is this safe? Or am I stupid for even considering this? Online world is full of traps and this could be a scam. So proceed with extreme caution. Insist of check. In worst case open a different savings account, that does not allow direct debits, does not have over draft, etc. Use this to receive money and move it into your regular account.
Everyone would like a savings/checking account that has the same liquidity as others but pays multiple times as much, but such a thing would break the laws of finance.  The thing keeping savings and checking accounts cheap isn't particularly the FDIC insurance but the high liquidity and near certainty that you will not lose money.  In all of finance you are compensated for the risk (and perhaps illiquidity) you bear.  If you insist on a risk-free and highly liquid investment, you will get the risk-free and highly liquid rate, which is currently around 1%. Doesn't matter what type of investment it is (savings, money market, treasuries, etc.).  Money market funds, in particular, were designed to be a replacement for savings accounts.  They have decent liquidity and almost no risk (and no FDIC insurance).  But they earn about what good savings accounts do, because that's what risk-free investments earn. If you wish to earn more you must decide what you will give up: Decide on one (or both) of those to sacrifice and you will find yourself with options.
When I have been faced with this sort of situation I have done the split at the bank.  They had the ability to recognize the deposit as a payroll transfer and split it the way I wanted. I put a specific amount of money into checking, another amount of money into the mortgage, and a specific amount of money into another fund. The balance, whether it was $1 or any other amount, went in to savings. That meant that I transferred the amounts I needed to pay my budgeted living expenses and what ever I made above that went to savings. In months I made extra, more was available to be saved.
"If the answer were ""no,"" you still found the 'black swan' type exception that proves the answer to be ""yes,"" right? My experience is this - again just my experience, my bank - When by balance goes below $10, I have the account trigger an email. I wrote a check I forgot to register and subtract, so the email was sent and the account balance in fact showed negative. I transferred to cover the check and the next day, there was a history that didn't go negative, the evening deposit was credited prior to check clearing.  I set up my bills on line. I set a transfer in advance for the same dollar amount as a bill that was due, e.g. $1000 transfer for a $1000 bill. I woke up to an email, and the account showed the bill was paid prior to the transfer. So one line showed going -$900, and the next line +$100 after transfer. Even though it's the same online process. Again, the next day the history re-ordered to look like I was never negative. But even on a day I know I'm having payments issued, I can never just ignore that email.  The first time this happened, I asked the bank, and they said if the negative went until the next day, I'd get an overdraft/short balance notice.  This is a situation to ask your bank how they handle this."
A $2M check is a terrible entré into the banking world because it makes you smell like a criminal or scammer at first introduction. I could deposit one no problem because I have 10 years of history with my bank. But you, you'll need to convince the bank you're the real deal, and give them reason to trust you. Be prepared to that ""trust"" to include depositing some money... at the least, the bank will want to know you're good for the bad-check fees they suspect will follow. Go to a local bank or savings-and-loan that you trust, the smaller the better, and sit down with a banker. Describe your situation honestly and have him open an account and deposit the check. If your burned your ability to open checking accounts with a ChexSystems mark, you'll need to be more selective about banks and be honest about that to the banker. And wait a month for that check to clear positively, believe me your banker will be watching that. At that point, if you want great bunches of the money out quickly, it'll need to be in the form of a cheque or bank check. Cash ain't gonna happen, nor should it. The reason is, again, the RICO laws. Of course, if you are a criminal or scam victim, none of the above applies, sorry."
It's not too difficult. Every state has a few local banks that don't do this shit and with new current technology most have apps and allow you to deposit money without going to the bank itself. Yeah you don't have an ATMs everywhere but the need for ATMs deacreses each year. My local bank will even refunds me ATM charges up to 100$ a year.
Years ago, I had a tenant who bounced a check now and then. I started going to the bank where his account was. With my ID they were agreeable to cashing the check against his account. The teller first checked his balance and only cashed when there were enough funds. One time he was $10 short. I wrote a deposit slip and added the $10 it took to clear the check.  As they say, your mileage may vary, I hear some banks won't even break a large bill for a non customer.
Checking accounts can't pay interest, according to the bizarre and outdated Regulation Q. Under the even more bizarre and outdated Regulation D, you can only transfer money out of savings accounts six times per 4 weeks. Your HSA account is probably set up the way it is because the bank wants to be able to tell people they'll earn interest on their savings (although I'll betcha the current rate is something like 0.000000000001%). As far as I know, there's no reason an HSA couldn't be a straight checking account. You wouldn't get interest but you would get more than 6 withdrawals per month. Or, you could do the transfers yourself from savings to checking just keep enough money in the checking part of the account so that the automatic transfer doesn't kick in.
"See ""Structuring transactions to evade reporting requirement prohibited."" You absolutely run the risk of the accusation of structuring. One can move money via check, direct transfer, etc, all day long, from account to account, and not have a reporting issue. But, cash deposits have a reporting requirement (by the bank) if $10K or over. Very simple, you deposit $5000 today, and $5000 tomorrow. That's structuring, and illegal.  Let me offer a pre-emptive ""I don't know what frequency of $10000/X deposits triggers this rule. But, like the Supreme Court's, ""We have trouble defining porn, but we know it when we see it. And we're happy to have these cases brought to us,"" structuring is similarly not 100% definable, else one would shift a bit right."" You did not ask, but your friend runs the risk of gift tax issues, as he's not filing the forms to acknowledge once he's over $14,000."
"Yup. It's totally legit and it is not a money market account. Though interest rates are so low across the board, this is about as high as savings accounts get and so it is called a ""high-yield savings account"". A number of banks offer these. There are different offerings nation-wide versus local/state. I would use this compare tool at DepositAccounts.com to find them and the blog is very good with updates and trends. Here are some well advertised accounts: If you don't already have a rewards checking account, get one of those first. DepositAccounts.com will direct you to these as well. A reasonable interest rate on rewards checking is 2.5% and up. So much better. The only catches are reasonable - online statements, direct deposit or autopay, and use your debit card 10 or 12 times a month for any transaction amount (groceries, coffee, gas - easy). The other major thing I would consider when opening any account is where you live and the current accounts you have. If you have an AMEX card already, just use their savings account. That way you have unified accounts, faster transfers, your personal information isn't spread thinly around all different banks, you have more leverage with the company as a ""long-standing customer"", etc. As far as using a bank in the state where you live, it simplifies taxes. Two more things: I would always choose a credit union over a bank (and many have excellent rewards checking accounts). If you use Mint, Yodlee, or other financial software, make sure the potential new bank integrates with that service."
I have a bank account in the US from some time spent there a while back. When I wanted to move most of the money to the UK (in about 2006), I used XEtrade who withdrew the money from my US account and sent me a UK cheque. They might also offer direct deposit to the UK account now. It was a bit of hassle getting the account set up and linked to my US account, but the transaction itself was straightforward. I don't think there was a specific fee, just spread on the FX rate, but I can't remember for certain now - I was transfering a few thousand dollars, so a relatively small fixed fee would probably not have bothered me too much.
Is my understanding okay ? If so, it seems to me that this system is   rather error prone. By that I mean I could easily forget to make a   wire some day and be charged interests while I actually have more than   enough money on the check account to pay the debt. Which is where the credit card company can add fees so you pay more and they make more money. Don't forget that in the credit case, you are borrowing money rather than using your own. Another thing that bothers me is that the credit card apparently has a   rather low credit limit. If I wanted to buy something that costs $2500   but only have a credit limit of $1500, can I make a preemptive wire   from my check account to the VISA account to avoid facing the limit ?   If so, what is the point for the customer of having two accounts (and   two cards for that matter...) ? If you were the credit card company, do you believe people should be given large limits first? There are prepaid credit cards where you could put a dollar amount on and it would reject if the balance gets low enough. Iridium Prepaid MasterCard would be an example here that I received one last year as I was involved in the floods in my area and needed access to government assistance which was given this way. Part of the point of building up a credit history is that this is part of how one can get the credit limits increased on cards so that one can have a higher limit after demonstrating that they will pay it back and otherwise the system could be abused. There may be a risk that if you prepay onto a credit card and then want to take back the money that there may be fees involved in the transaction. Generally, with credit cards the company makes money on the fees involved for transactions which may come from merchants or yourself as a cash advance on a credit card will be charged interest right away while if you buy merchandise in a store there may not be the interest charged right away.
Good news! Follow the scam reporting procedure, open a new account (with US Bank if you want, or elsewhere) and close the old one. If it IS being closed by the bank, they'll tell you why, and they'll tell you what your next options are. Ask what can be done. Other commenters are right that bitcoin activity may have flagged it. That activity might actually be against your depository agreement. Or it set off a detection system. Or many other reasons. The bank who services your account is the only place that knows for sure. If I offer them $500 per year will they likely keep the account opened? Otherwise I got to go to singapore open another account Legitimate financial institutions in the United States don't work this way. If there is a legal problem with your tax status in the US, money to the bank won't solve it. Let's call the folks you've talked to ""FraudBank"" and the real USBank ""RealBank,"" because until RealBank confirms, we have no reason to believe that the letter is real. FraudBank will ask for money. Don't give it. Don't give them any further information. Gather up as much information from them as possible instead. Where to send it, for example. Then report that to RealBank. RealBank won't have a way to charge $500/year to you only. If they offer a type of account to everyone that costs $500, ask for the ""Truth in Savings Act disclosures."" Banks are legally required to provide these upon request. Then read them. Don't put or keep your money anywhere you don't understand."
Since I am having the same question so I made couple of phone calls based on some answers above. The 1st one was TD Amertrade: They don't directly accept money from China. The 2nd one was Charles Schwab: NO FEES to accept the money from China whatsoever! Open an account is free with ACH function and more. Hope it helps for anyone who needed.
Thanks. It has taken me some time to understand how all this works, and there are still many gray areas I want to understand further.  The Fed interest rate is the rate charged by banks to loan to each other to balance overnight reserves but only using the reserves they hold at the Fed. That adds no new money to the system, but increases the money multiplier a little since perhaps more loans can be made.   Basically one bank with excess reserves can loan to another bank that needs reserves. The Fed injects no money here, only sets the rate for banks to do this with each other.  When the Fed buys securities that effectively adds that many more dollars into circulation, which then gets hit by the money multiplier, adding a lot of new liquidity.  I think historically the latter tracks increases in the money supply much better than the former. I think the St. Louis Fed has records online for all this dating back to the 1940's or so.
"Did they just only ask ""how much money do you have in a savings account?"".  I followed the links to the gobankingrates.com site and it seems so.  I could have $2M in a taxable brokerage account with the cash portion in MM, $1M in IRA savings, own my home outright and have 0 in a savings account.  A savings account is stupid, btw."
In the case of this story, it would have prevented keyloggers, but you're still susceptible to someone stealing your card or account information. So: In the bank's defense, how does a bank not know that someone didn't wire money to a friend (which is a loss for good), then get some of that money back from his friend while also getting money back from the bank, which had to face the loss. Yes, it sucks, but it's not total madness. As for disputing charges, from personal experience it also depends. I don't use cards whatsoever, so I've never had to worry, but both of my parents have experienced banking fraud where a fake charge on their card was not reversed. Neither of my parents are rich and can't afford lawyers, so crying ""lawsuit"" is not an option for everyone. How often does this occur? I suspect it's rare that banks don't reverse the charges in fraudulent cases, though you will still lose time for filing and possibly filling out paperwork. The way to prevent this: As much as I hate to be the bearer of bad news, there is no absolutely safe place to keep your money. Even if you bought metals and buried them in the ground, a drifter with a metal detector might run across it one day. You can take steps to protect yourself, but there is no absolute guarantee that these will work out. Account Closures I added this today because I saw this question and have only seen/heard about this three times. Provided that you get the cashier's check back safely, you should be okay - but why was this person's account closed and look at how much funds he had! From his question: In the two years I banked with BoA I never had an overdraft or any negative marks on my account so the only thing that would stick out was a check that I deposited for $26k that my mom left me after she passed. Naturally, people aren't going to like some of my answers, especially this, but imagine you're in an immediate need for cash, and you experience this issue. What can you do? Let's say that rent is on the line and it's $25 for every day that you're late.
I wonder if your rational thinking is getting confused by the prospects of getting some deposit from that person? He needs, amongst other things : •online access username  •online access password  Ok, so you have 1000 in your account. They deposit 500 and you are happy. Then they take out all 1500 and you're done :) How can you not think it is a scam when you're giving them your login as well. Here is an analogy. Some stranger asks you for keys of your home (while you're away) and tells you he will just go in place a gift inside your door and go away. Would you give him your keys and come home later expecting a gift to be there and nothing taken away? Is it a scam if the person only wants to deposit into my account, not make a withdrawal? Who is to tell? P.S: Sorry, please don't mind the rest of this answer but from it could also be related to a new relationship that you are in. Going ahead with this might cause you a lot of emotional harm as well. You seemingly trust that person when there are obvious signs that you are being defrauded, possibly in the name of love.
The very first time I bought a new car I wrote out a personal check for $5000 (this was a looong time ago!).  And got a call from the sales person that he had called the bank and was told that I did not have that much money in my checking account!  I explained that I had just that day transferred money from savings to checking.  The sales person accepted that and there was never a problem after that.
"Why would a bank buy government bonds? Why couldn't they just deposit their money in another bank instead?  Generally, banks are limited by laws and regulations about how much they must set aside as reserves. Of the money they receive as deposits, they may loan a certain amount, but must keep some as a reserve (this is called ""fractional reserve banking""). Different countries have a different amount that they must set aside in reserves.  In countries where bank deposits are guaranteed, there is almost always some upper limit to how much is guaranteed. The amount of money that a bank would deposit in another bank would be far greater than the guarantee."
A credit card is not a bank account.  It is, essentially, a contract to extend a line of credit on an as needed basis through a process accepted by the provider(purchase through approved vender, cash advance, etc).  There is no mechanism for the bank to accept or hold a deposit.  While most card issuers will simple retain the money for a period of up 30-60 days to apply toward transactions, I have had a card that actually charged a fee for having a negative balance in excess of $10 for more than 30 days(the fee was $10/month). So no you can not DEPOSIT money on any credit card.  You need an account that accepts deposits to make a deposit.
It was $13,000 in 1996 and it's $12,800 now, just to save people a click.  Edit: and that's only a straight average of accounts and only from Bank of America. It could just be that people have chosen to save with another bank or to keep more money in stocks or retirement accounts rather than savings accounts.  This article is pretty much garbage.
Remote Deposit usually means a scanner and some software and has a monthly fee associated with it (so it only makes sense for businesses, and even then only some businesses). Chase and USAA allow you to make deposits via your iPhone which is aimed at consumers and has some deposit limits associated with it (checks have to be less than some $$). I've used both.  Remote Deposit is super easy, the software usually sucks, but it's too expensive for personal users ($60/month at citibank).  Chase deposits have worked on my iPhone usually after 2 or 3 tries but that did save me from walking to the bank.
In order for you to send me check for $10 you would have to know my banking details. You would have to know the bank number and the account number. Giving you this information does put my funds at risk.  While you would know this for a small circle of friends you wouldn't know this for everybody. My parents have 19 grand kids. They would have to know the banking account information for all 19. While my parents can be trusted with this information their grand children would have to make sure that they had the updated information. Instead they just mail them a check or give them a check on their birthday or other special occasion. Most of the time that money needs to be transferred it is not important that it immediately be converted to cash. The question you referenced is about how the Unbanked function: The unbanked are adults who do not have their own bank accounts.   Along with the underbanked, they may rely on alternative financial   services for their financial needs, where these are available. These people need check cashing places to get money. They don't have a bank account. There is no place for you to electronically send money. Every source of income for them has to start as cash, or be converted to cash. All spending they do is by cash. If they need to pay by check they convert cash to a money order for a fee.