vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Strictly speaking the terms arise from double entry book keeping terminology, and don't exactly relate to their common English usage, which is part of the confusion. All double entry book keeping operations consist of a (debit, credit) tuple performed on two different books (ledgers).  The actual arithmetic operation performed by a debit or a credit depends on the book keeping classification of the ledger it is performed on. Liability accounts behave the way you would expect - a debit is subtraction, and a credit is addition. Asset accounts are the other way around, a debit is an addition, and a credit is a subtraction.  The confusion when dealing with banks, partly comes from this classification, since while your deposit account is your asset, it is the bank's liability. So when you deposit 100 cash at the bank, it will perform the operation (debit cash account (an asset), credit deposit account). Each ledger account will have 100 added to it. Similarly when you withdraw cash, the operation is (credit cash, debit deposit). However the operation that your accountant will perform on your own books, is the opposite, since the cash was your asset, and now the deposit account is. For those studying math, it may also help to know that double entry book keeping is one of the earliest known examples of a single error detection/correction algorithm.
I quit diligently reconciling monthly statements some years before everything was online, when I realized that for years before that, every time I thought I found a mistake, it was always my own error. I was spending a fair amount of time (over the years) doing something that wasn't helping me. So I quit. That said, I do look at the statements and/or check the transactions on a regular basis (I now use email notifications of automatic deposits as the trigger, and then look over withdrawals, too) to make sure everything looks appropriate. I'm less concerned about a bank error than I am about identity or account theft.
If you're fiscally responsible, go ahead and use a megabank.  Honestly, in all of the horror story experiences I've seen where someone went into honest details, they were trying to skate by with pointlessly risky decisions at the extreme bottom end of the financial spectrum. Nearly all of the complaints boil down to overdraft fees for people who run their account down to less than $10 and then get upset when something unexpected happens.  For example, when banks re-order purchases from largest to smallest, so that users would have to pay a larger quantity of overdraft fees...that can literally only happen if you've tried to spend more than you have in the account. It's mathematically not possible for that to happen any other way. So yes, I think everyone can agree re-ordering is shitty, but those overdrafts are also 100% preventable by *not trying to spend more than you have*.  Most people just want to jump on the gripe train, and they aren't going to share the real details of their situation, if they even understand them.
True.  My wife is in banking, and typically it is the poorest of the poor that live in the negative and pay all the overdraft fees.  She has one guy that earns just enough to bring him back positive, and then he pulls out all his overdraft allowance and starts the cycle all over again.
"We change it every so often to reduce fraud. This is idiocy. They receive regular payments. They are asking the people who pay them to regularly change where their money is being sent. This increases their exposure to fraud dramatically as each time the account is changed, there is a risk it will be changed to an account they do not control. This is a huge red flag. Confirm that this is authentic and, if so, insist that they sign an agreement accepting all liability for the risks this crazy policy causes, otherwise, you should refuse to go through the effort of confirming new accounts and risking typing or communication errors on a regular basis. This is definitely a ""what were they thinking?!"" kind of thing. If it's not fake entirely. (This answer assumes that you were given a correct explanation, that they change it regularly believing that will reduce fraud.)"
I have USAA and the home loan process was a nightmare.  My account was also compromised but I caught it immediately because they sent me an alert of a large sum of money being transferred to my checking account, so there is that.  I just found out that Navy Federal finally accepts Army veterans (it hadn't up until a couple of years ago) so I have an account with them just so I can get different loan options and credit card rates.  Navy Federal has minimums for getting ATM refunds while USAA doesn't, so for now I just have a savings account with them.
(Assuming in the US) There are several possibilities, but to be honest anyone here is only going to be able to make guesses.  To get the answer, the account holder (your girlfriend) is going to have to contact the bank and ask them directly.      Some possibilities include:  Suspicion of money laundering, suspicion of possible illegal activities in the account (e.g. check kiting), suspicion of possible prohibited activities (not necessarily illegal, but as defined in the account agreement, they may not allow activity related to gambling or pornographic businesses, for example), suspicion of business activity taking place in a non-business account, insufficient KYC (Know Your Customer) information on the account (such as they did not or could not verify required information during the account opening process), a negative ChexSystems report (for example, they found out through ChexSystems she had derogatory information reported on another account at another bank previously), or extended period of time it was overdrafted (usually 30+ days).    I should also add that any bank/credit union has just as much a right to close an account with a customer, as the customer has the right to close their account with the bank/credit union, at any time, without notice.      In *most* cases (although not all), when a bank closes an account, they will send a letter to the address on file for the account beforehand explaining the reasons.  Have her check her mail.      Are you sure the account is actually *closed*, and not just *blocked*?   It could just be in a blocked status due to overdraft or some other reason, which is very different from being closed.      As for where the direct deposit went - if the account is truly closed, then the money is being returned back to the company that initiated the direct deposit - usually takes 2-3 business days.  Your girlfriend will have to contact the company's payroll department to arrange other means of payment, such as a check.      In any case, it's all speculation at this point until the bank can be contacted to find out the real reason why.  (Tip for the future:  Look at switching to a bank that has 24/7 customer service)
They have recently launched an iphone app 'Billguard' in UK which does accounts aggregation which is similiar to mint.com. You can also use try 'Ontrees' iphone app which is another account aggregation software. I am using Yodlee Money center Website for past 4 years which support lot of bank internationally including all major UK banks and creditcards.
In addition to @mhoran_psprep answer, and inspired by @wayne's comment.  If the bank won't let you block automatic transfers between accounts, drop the bank like a hot potato They've utterly failed basic account security principles, and shouldn't be trusted with anyone's money. It's not the bank's money, and you're the only one that can authorize any kind of transfer out.  I limit possible losses through debit and credit cards very simply. I keep only a small amount on each (~$500), and manually transfer more on an as needed basis. Because there is no automatic transfers to these cards, I can't lose everything in the checking account, even temporarily.
"Assuming the question is ""will they close it for inactivity (alone)"".. the answer is ""Nope"" ... unequivocally. Update: < My answer is geared to credit Cards issues by companies that deal in credit, not merchandise (i.e. store cards, retailer cards, etc).  Retailers (like Amazon, etc), want to sell goods and are in the credit card business to generate sales.  Banks and credit companies (about whom I am referring) make their money primarily on interest and secondarily on service charges (either point of use charged to the vendor that accepts payment, or fees charged to the user).> The only major issuer I will say that it might be possible is Discover, because I never kept a Discover card.  I also don't keep department store cards, which might possibly do this; but I do doubt it in either of those cases too. My answer is based on Having 2 AMEX cards (Optima and Blue) and multiple other Visa/MC's that I NEVER use... and most of these I have not for over 10+ years. Since I am also presuming that you are also not talking about an account that charges a yearly or other maintenance fee..  Why would they keep the account open with the overhead (statements and other mailings,etc)? Because you MIGHT use it.  You MIGHT not be able to pay it off each month.  Because you MIGHT end up paying thousands in interest over many years.  The pennies they pay for maintaining your account and sending you new cards with chip technology, etc.. are all worth the gamble of getting recouped from you!  This is why sales people waste their time with lots of people who will not buy their product, even though it costs them time and money to prospect.. because they MIGHT buy. Naturally, there are a multitude of reasons for canceling a card; but inactivity is not one.  I have no less than 10+ ""inactive"" cards, one that has a balance, and two I use ""infrequently"".  I really would not mind if they closed all those accounts.. but they won't ;) So enjoy your AMEX knowing that your Visa will be there when you need/want it.. The bank that issues your Visa is banking on it! (presuming you don't foul up financially) Cheers!"
"This is probably skewed, because most people see their credit-cards as ""emergency savings"".  But the real problem happens that once you have an emergency, it turns into two.  1) *Emergency*  2) Maxed out credit-card emergency."
I keep several savings accounts. I use an online-only bank that makes it very easy to open a new account in about 2 minutes. I keep the following accounts: Emergency Fund with 2 months of expenses. I pretend this money doesn't even exist. But if something happened that I needed money right away, I can get it. 6 6-month term CDs, with one maturing every month, each with 1 month's worth of expenses. This way, every month, I'll have a CD that matures with the money I would need that month if I lose my job or some other emergency that prevents me from working. You won't make as much interest on the 6-month term, but you'll have cash every month if you need it. Goal-specific accounts: I keep an account that I make a 'car payment' into every month so I'll have a down-payment saved when I'm ready to buy a car, and I'm used to making a payment, so it's not an additional expense if I need a loan. I also keep a vacation account so when it's time to take the family to Disneyland, I know how much I can budget for the trip. General savings: The 'everything else' account. When I just NEED to buy a new LCD TV on Black Friday, that's where I go without touching my emergency funds.
This really should be a comment, but I can't yet. The question desperately needs a location tag. In at least some countries(New Zealand), the default action on all insufficient funds transactions is to refuse the transaction. Credit cards are the only common exception. Every bank operating in NZ that I know of acts this way. Sometimes there is a fee for bouncing a transaction, sometimes not, that depends on the bank. Any other option must be explicitly arranged in writing with the bank. Personally, coming from a country where declining transactions is the default, I'd be shocked and angry to be stuck with an automatic transfer from another account. Angry enough to change banks if they won't immediately cease and desist.
Another thing to factor in are deals provided by banks. In general, banks care about new customers more than their existing customers. Hence they explicitly restrict the best deals on credit cards, savings accounts, etc, to new customers only. (Of course, there are occasionally good deals for existing customers, and some banks choose not to discriminate.) If you have many different bank accounts, you are making yourself unavailable for switching bonuses and introductory rates.
I'd imagine it is the same for an adult. The money probably gets withdrawn and that's it.  However, if the scammer were to go to a branch in person, I'd imagine there would need to be some sort of photo identification to withdraw money. If it were online, then the scammer would also need the account holder's username and password.  Either way, chances are that once the money is gone, it's gone - unless the scammer can be found. Even then, the scammer might not have that money anymore.
"I'm not a fan of ""You have $2000 worth of transactions before you have to give us your checking account number"", even though they are nice enough to let us delete and recreate our accounts.  I wonder how many of the cuts are engineers and how many are bureaucrats."
They are the worst.  I knew all about these deceptive practices when I decided to open a checking account for my business with them in 2015.  I was working in a remote place and it was one of the two banks that had locations germane to both work sites.I didn't like signing up with them because of all this bullshit but hey, they had the branches, right?  Then I found out they were charging my workers $5 to cash checks.  Pressured them to open an account or else: $5.  Fuck you and the carriage you rode in on, Mr. Wells.  I went to the other small regional bank and even though they don't have a slick web interface that makes it easier for me they DON'T charge my guys to get their money.  Never again.
Look for people who have done business with them. If you don't know anyone who has used their services, look for a company that at least has a brick and mortar branch in your area. Being able to deal with them face to face is a must. Have you checked with your local bank?
"It's called a ""checkbook register"" -- learn what it is and how to use it properly (not only recording your transactions &amp; maintaining your own running balance, but also including ""reconciling"" it with your bank-issued statements or online transaction listings) and you will *not* overdraw.  It's [fairly basic stuff](http://www.practicalmoneyskills.com/spanish/pdf/teachers/specialneeds/lev_3/lesson_06/6_3activity.pdf) but it never ceases to amaze me how many (supposedly ""smart"") people fail to do it properly (if at all)."
Very difficult to pay a credit card bill on a one off payment. Once you have selected HSBC card and used the secure key to confirm bill payment, in my experience it comes up error.mafter 3 attempts i was locked out of the account. Mush easier to use an account from another bank to pay the bill.
Now I don't know the history of banks but from the overall idea of a bank, it seems like they were created to help people organize and have control of their money. I think they've changed a lot, and every company is out to make money, but the bottom line is that they're there for you. You don't have to use a bank if you don't want to (though it may be difficult to get through life without doing so).  Lol why would I get downvoted, that doesn't make any sense.
Why do savings accounts for businesses offer less yield than bank accounts for individuals?  The money held in savings account on a collective average substantial amount stays with the Bank. The Bank is better able to predict and thus invest this money in individual savings account in market to make more money. Money held in Business accounts are unpredictable and can get withdrawn, the Bank is thus not able to predict the behaviour and hence not able to invest this better to get good returns, hence the interest offered is low. Most Banks have special products for Businesses that would give better return but come with some kind of lock-in or minimum balances.
&gt;banking practises thrive through deception.  and &gt;A bank is in other words, just moving money from A to B and then making profit out of thin air due to the capitalistic systems nature  and  &gt;they are private govt agencies  I realize these are just snippets, but from other debate threads it seems there is a lot of misinformation about what banks are. I have only taken a few finance classes so I was coming here to see what /r/finance thinks a bank is.   Sorry if I let me own bias show in my post, I wasnt trying to let it. But I still havent seen anyone mention the benefits of credit. It seems most peoples perception of a bank is very simplistic.
This is more of an economics question than personal finance. That said, I already started writing an answer before I noticed, so here are a few points. I'll leave it open for others to expand the list. Advantages Disadvantages Advantages Disadvantages The flip-side to the argument that more users means more stability is that the impact of a strong economy (on the value of the currency) is diluted somewhat by all the other users. Indeed, if adopted by another country with similar or greater GDP, that economy could end up becoming the primary driver of the currency's value.  It may be harder to control counterfeiting. Perhaps not in the issuing country itself, but in foreign countries that do not adopt new bills as quickly.
It’s more convenient for both you and the bank; its much simpler to handle things electronically than it is to go through paperwork. Also, its eco-friendly and by saying that they care about the environment, banks earn brownie points with environmentally-conscious customers.
"The purpose of taking a ""secured loan"" is to build credit. This might be done by someone who had a bad stain on their credit history such as a bankruptcy or foreclosure, or possibly by someone just out of school (presumably with few or no student loans),and no credit history. Not everyone needs to, or should do this, however. The advantage for a borrower is that s/he gets to create a record of repaying a loan that will partly mitigate the bad credit history. The advantage for the bank is that it is ""no risk,"" because the savings account is the security for the loan. That would make it willing to ""lend"" to a bad credit risk."
What do you see as the advantage of doing this? When you buy a house with a mortgage, the bank gets a lien on the house you are buying, i.e. the house you are buying is the collateral. Why would you need additional or different collateral? As to using the house for your down payment, that would require giving the house to the seller, or selling the house and giving the money to the seller. If the house was 100% yours and you don't have any use for it once you buy the second house, that would be a sensible plan. Indeed that's what most people do when they buy a new house: sell the old one and use the money as down payment on the new one. But in this case, what would happen to the co-owner? Are they going to move to the new house with you? The only viable scenario I see here is that you could get a home equity loan on the first house, and then use that money as the down payment on the second house, and thus perhaps avoid having to pay for mortgage insurance. As DanielAnderson says, the bank would probably require the signature of the co-owner in such a case. If you defaulted on the loan, the bank could then seize the house, sell it, and give the co-owner some share of the money. I sincerely doubt the bank would be interested in an arrangement where if you default, they get half interest in the house but are not allowed to sell it without the co-owner's consent. What would a bank do with half a house? Maybe, possibly they could rent it out, but most banks are not in the rental business. So if you defaulted, the co-owner would get kicked out of the house. I don't know who this co-owner is. Sounds like you'd be putting them in a very awkward position.
The only advantage of changing all your money now to the new currency is that you might get a better conversion rate now than later, so you get more of the new currency and you may pay a lower percentage fee for changing a larger sum of money. However, regarding the better conversion rate - you will not know this except with hindsight. The disadvantage of changing all at once is that if you have changed too much and need to change back to your own currency or a third currency, you will be charged fees and lose on the conversion rate twice. If you know how long you are going to be in the new country, say 12 months, maybe start by converting an amount you think you will be spending in a month. If you spend more then you can change a bit more the next month, or if you spend less change less the next month. If you find you are spending similar amounts for the next month or so, then you can budget on the amount you may be spending for the remainder of your stay and then convert this amount over. If you have a little left over at the end of your stay maybe reward yourself with something or buy a present for someone special back at home. If you need a little more, just convert this amount in the last month or so.
An advantage of using a major credit card is that they act as a buffer and source of recourse between you and the merchant. Cheated and the store won’t answer you letters? Call Visa (or more accuratly, call the number on the back of the card). (That is, #2 on this answer, which you can also reference for a whole list of benefits.)
High-interest checking / savings accounts are often a better choice than CDs today for three reasons.  At the time this question was asked, CDs were probably a better answer as rates were much higher.  Since CD rates have plummeted in recent years, and because a CD is only semi-liquid, i.e., even if you ladder CDs, an early withdrawal fee often means foregoing the interest on that particular CD which you withdrew. 1.) On the other hand, high-interest checking and/or savings accounts are very viable options these days. There are several options available that earn ~1%+ APY. It's not quite that simple, and there are a few gotchas: If you run into the balance cap problem, of course nothing is stopping you from having multiple accounts across different banks. 2.) The high-interest bank accounts are fully liquid able to be liquidated at anytime (without foregoing interest). 3.) A minor benefit is that the high-yield savings account is low maintenance whereas CD laddering is pretty hands on and may require physical trips to your bank.  (If you know of a way to automate the process more, please comment or edit.)
"These good rates all tend to be ""on up to $X"" where X is some low'ish number that could require multiple accounts. They often also come with other strings, like set up automatic deposits/withdrawals, and use debit card at least 15 times per month. The two you mention have these flaws, whether or not it's worth it depends on if you are happy to meet those requirements and how big your emergency fund is.  Personally, I'd rather get rewards on a credit card than use a debit card, and I don't want to open a bunch of accounts, so I have a boring savings account with a pretty low interest rate for my emergency fund. It's liquid, earns some interest, and I don't have to think about it."