vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"I would say a lot of the answers here aren't quite right. The main issue here is that banking is a highly oligopolous industry - there are few key players (the UK, for example, has only 5 major banks operating under a variety of brands: it's all the same companies underneath) and the market is very, very hard to enter owing to the immense regulatory burden. Because the landscape is so narrow and it's possible to keep close tabs on all  your competitors, there's no incentive to spend money on shiny new things to keep up with the competition - the industry is purely reactive.  If nobody else has an awesome, feature-filled online portal, there's no need for any one bank to make one.  If everybody is reactive, and nobody proactive, then it's a short logical deduction that improvements happen at a glacial pace. Also take into account that when you've got this toxic ""bare-minimum"" form of competition, the question for these people soon turns to ""what can we get away with?"" which results in things like subpar online portals with as much information as you like delivered on paper for a hefty charge, and extortionate, price fixed administrative fees.  Furthermore your transaction history is super valuable information.  There are one or two highly profitable companies who collate international transaction data and whose sole job in life is to restrict access to that information to the highest bidders.  Your transaction history is an asset in a multibillion dollar per year industry, and as such it is not surprising that banks don't want to give it out for free."
This link might help determining if American Express is willing to offer a card in the UK. I did it the other way around when moving from the UK to the US and getting a US card was pretty painless; I also didn't have to close the UK card, although I'm probably going to do that fairly soon. You will need a UK bank account so your employer can pay you; If it is a big enough employer their HR department might have deals with a local bank; a smaller employer might simply be able to refer you to their bank to help you open an account there. My first bank account in the UK after moving over there from Germany was with HSBC (then Midland Bank) - HSBC seems to be pretty open towards customers moving to the UK. Plus, they're pretty much everywhere. If you're planning to come back to the US and especially if you have any US-based ongoing expenses, I'd keep at least one bank account in the US open (but keep an eye on it).
The statement in Wikipedia is generic. Whether a particular Bank would charge as per above example or not would be in the card holder's agreement.   So if you do not have any dues, and on 10th April you charge $1000, and on 13th April you charge $500. Statement date is 18th April. Grace Period to pay is say 10th May.   If you do not pay in full by 10th May, and say you only pay $500, Bank would charge interest from 19th April to 10th May for $1500, post 10th may they would charge interest for $1000 balance. Further all fresh purchases would be charged interest from day 1. Net Net Morale of the story is do not carry / revolve money on Credit Card. For all practial purposes use a credit card as a convenience card.
"First of all, it's quite common-place in GnuCash (and in accounting in general, I believe) to have ""accounts"" that represent concepts or ideas rather than actual accounts at some institution.  For example, my personal GnuCash book has a plethora of expense accounts, just made up by me to categorize my spending, but all of the transactions are really just entries in my checking account. As to your actual question, I'd probably do this by tracking such savings as ""negative expenses,"" using an expense account and entering negative numbers.  You could track grocery savings in your grocery expense account, or if you want to easily analyze the savings data, for example seeing savings over a certain time period, you would probably want a separate Grocery Savings expense account. EDIT: Regarding putting that money aside, here's an idea:  Let's say you bought a $20 item that was on sale for $15.  You could have a single transaction in GnuCash that includes four splits, one for each of the following actions: decrease your checking account by $20, increase your expense account by $20, decrease your ""discount savings"" expense account by $5, and increase your savings account (where you're putting that money aside) by $5."
You can do this if you merge Credit Cards with personal loans. You will have to pay 1 upfront fee but you can bounce a balance between 4 CCs almost indefinitely if you do it right. You have to have good credit though.
Banks are not your friends, they are not performing services for you because they like you. They are a business, and they make money by borrowing money from you at low interest and loaning it out at higher interest. They are trying to persuade you to deposit more money (however briefly) in their bank so they can loan out more money. They are probably also counting on the fact that most folks won't go to the trouble of setting up accounts at multiple banks with the interlocking automatic transfers, in order to meet the required deposit threshold. That lets them save on the interest payments to consumers that are individually tiny, but significant in the aggregate.
"Perhaps it's the terminology ""fee"" that makes it a little confusing. I'm not sure whether it's due legislation or if it's tradition but banks and money changers in my country don't charge ""fees"". Instead they advertise separate prices for buying and selling money. For example they'd normally advertise: USD, we buy: 4.50, we sell: 4.65. It's a business. Just like selling cars or lemonade selling money only makes sense if you sell it at a higher price than what you bought it for. Regardless of what you call it it's the profit margin for the seller."
"An alternative to a savings account is a money market account.  Not a bank ""Money Market"" account which pays effectively the same silly rate as a savings account, but an actual Money Market investment account.  You can even write checks against some Money Market investment accounts. I have several accounts worth about 13,000 each.  Originally, my ""emergency fund"" was in a CD ladder.  I started experimenting with two different Money market investment accounts recently.  Here's my latest results: August returns on various accounts worth about $13k:  - Discover Bank CD:  $13.22  - Discover Bank CD:  $13.27  - Discover Bank CD:  $13.20  - Discover Savings:  $13.18  - Credit Union ""Money Market"" Savings account:  $1.80  - Fidelity Money Market Account (SPAXX):  $7.35  - Vanguard Money market Account (VMFXX):  $10.86 The actual account values are approximate.  The Fidelity Money Market Account holds the least value, and the Credit Union account by far the most. The result of the experiment is that as the CDs mature, I'll be moving out of Discover Bank into the Vanguard Money Market account. You can put your money into more traditional equities mutual fund.  The danger with them is the stock market may drop big the day before you want to make your withdrawl... and then you don't have the down payment for your house anymore.  But a well chosen mutual fund will yield better. There are 3 ways a mutual fund increase in value: Here's how three of my mutual funds did in the past month...  adjusted as if the accounts had started off to be worth about $13,000: Those must vary wildly month-to-month. By the way, if you look up the ticker symbols, VASGX is a Vanguard ""Fund of Funds"" -- it invests not 100% in the stock market, but 80% in the stock market and 20% in bonds.  VSMGX is a 60/40 split.  Interesting that VASGX grew less than VSMGX...but that assumes my spreadsheet is correct.  Most of my mutual funds pay dividends and capital gains once or twice a year.  I don't think any pay in August."
Wire transfers are the best method.  Costs can vary from $10 to $100 or more, depending on the banks and countries involved.  There's rarely any saving using the same bank, although HSBC may have reduced charges if you have Premier accounts in both countries (for a one-off transaction, it may not be worth the effort to open an account). However, that cost is insignificant compared to your possible losses on the currency exchange.  Assuming your money is currently in Hong Kong Dollars (HKD), it will need to be converted to US Dollars (USD). One place where it could be converted is at your Hong Kong bank.  You'll get their retail rate. Make sure you are aware of the rate they will use, and any fees, in advance.  Expect to pay around 2-3% from the mid-market rate (the rate you see quoted online, which doesn't fluctuate much for HKD-USD as the currencies are linked). Another place where the currency could be converted is at your US bank.  You really don't get any control over that if it arrives as HKD and is then automatically converted into your USD.  The rate and fees could be quite poor, especially if it is a minor US bank that has to deal with anther bank for foreign currency. For amounts of this size, it's worthwhile using a specialist currency conversion company instead.  Currency Fair in Ireland is one.  It's a peer-to-peer exchange that is generally the best deal (at least for the currency pairs I use).  You wire the money to them, do the exchange on their site at a rate that is much closer to 0.5% from the midrate, then the money is transferred out by wire for a few dollars.  Adds a few days to the process, but will possibly save you close to US$1000.  Another established option is Currency Online in New Zealand. There are probably also specialist currency exchange companies in Hong Kong. The basic rule is, don't let the banks exchange currencies at rates that suit them, use a third party that offers a better rate and lower fees.
They do. The $260 already accounts for fees, I just left that out as I didn't believe it necessary info for the question of how to solve for group B.   Edit : Oh, you mean accounting for the 1.5% interchange for group A? Yeah, I didn't do that. For group A we weren't given a number for monthly spend but we were told that they carry an average monthly balance of $3000.
Be aware that ATM withdrawals often generate hidden fees, which are not obviously declared. Many banks operate e.g. with a currency exchange fee, giving you an exchange rate some 1-2% lower than actually applicable. If you withdraw larger amounts, such a currency exchange fee easily adds up to what you would have paid for a wire transfer, where you would get a better exchange rate. Although it's probably much hassle for you to change banks, another option may be to find a bank which operates both in France and the US. Banks with different national branches often offer cheap and fast wire transfers between same-bank accounts in different countries. E.g. Citibank used to offer such services, but I am not sure if they still serve private customers in France.
Yes there is regulation in place see here Quote from the page Instant-access savings accounts   As with current accounts, if a bank is to reduce the interest rate on an instant-access savings account it generally has to give two months’ notice. Other savings accounts   To change the interest rate on other savings   accounts, such as those with a notice period and cash ISAs, a bank   should give you reasonable notice that it intends to make a ‘material   reduction’. A reduction is consider to be ‘material’ if you have £500 or more in   your account and the interest rate falls by more than 0.25% at one   time or by 0.5% or more over 12 months. This should give you enough time to move your money to another   account, without penalty, if you are not happy with the reduced rate.
Bank of America, for example, is a part of the Global ATM Alliance, which lets clients of taking an interest banks use their debit cards to withdraw money at any Alliance ATM without paying the machine's operator an access fee, in spite of the fact that you may at present be charged for converting dollars into local currency used for purchases. Citibank is another well known bank for travelers because it has 45,000 ATMs in more than 30 countries, including popular study-abroad destinations such as the U.K., Italy and Spain. ATMs in a foreign country may allow withdrawals just from a financial records, and not from savings so make sure to keep an adequate checking balance. Also, ATM withdrawal limits will apply just as they do in the U.S., but the amount may vary based on the local currency and exchange rates. Weigh the benefits of other banks :- For general needs, online banks and even foreign banks can also be good options. With online banks, you don’t have to visit physical branches, and these institutions typically have lower fees. Use our checking account tool to find one that’s a good fit. Foreign banks:- Many American debit cards may not work in Europe, Asia and Latin America, especially those that don’t have an EMV chip that help prevent fraud. Or some cards may work at one ATM, but not another. One option for students who expect a more extended stay in a foreign country is to open a new account at a local bank. This will let you have better access to ATMs, and to make purchases more easily and without as many fees. See our chart below for the names of the largest banks in several countries. Guard against fraud and identity theft:- One of the most important things you can do as you plan your trip is to let your bank know that you’ll be abroad. Include exact countries and dates, when possible, to avoid having your card flagged for fraud. Unfortunately, incidents may still arise despite providing ample warning to your bank. Bring a backup credit card or debit card so you can still access some sort of money in case one is canceled. Passports are also critical — not just for traveling from place to place, but also as identification to open a bank account and for everyday purposes.
"The most important thing to look at is the FDIC insurance. Savings accounts are covered. Money markets - not necessarily. Online savings accounts provide rates of ~1%. Look at American Express, Ally, Capitol One, ING Direct, E*Trade, etc. The ""pledge"" basically brings EverBank into the same list, as they all have similar rates. Being top 5% of competitive accounts is not that hard, because there are thousands of banks around, you know. 0.76 is not the highest rate available. American Express currently give 1% on their savings account. Re moving the money a lot - depends on the amounts, but when the rates were higher, I moved around a lot. Now, it just doesn't worth the trouble, although I would move for 0.25%."
"But it's also true that the FDIC (or equivalent) insurance account doesn't have enough to cover all deposits.  The FDIC may come in handy if your local FDIC member bank goes belly up and a few hundred depositors need to be made whole.  However, in a national crisis, where the government is ""legally"" stealing funds, that FDIC insurance is a joke.  I do agree though, if you have more than the insured amount in a single account, split it up."
If you are concerned about FDIC coverage, then yes, you can spread your money across multiple banks. The limit is $250k, so after you invest in property, 4 banks should do it.  That having been said, in my opinion, it would be a waste to keep all this money in a bank's savings account. You will slowly lose value over time due to inflation. I suggest you spend a little money on an independent fee-based investment advisor. Choose someone who will teach you about investing in mutual funds, so you can feel comfortable with it. He or she should take into account your tolerance for risk, look at your goals, and help you come up with a low cost plan for investing your money.  It's certainly okay to keep the money in a bank short-term, but don't wait too long; take steps toward putting that money to work for you.
"Yes, merchants may charge a fee for using a credit card. For a credit card transaction, interchange fees flow from the merchant to the card issuer. This is why Australians are seeing a boom in ""Debit"" MasterCard/VISA cards - the issuing banks make income when you select ""Credit"".  These costs can be passed from the merchant to the customer as a ""Credit Card Fee"". For an EFTPOS transaction, the interchange flows the other way, from the card issuer to the acquiring bank (The merchant's bank).  As an aside, the setup of these fees is why some large supermarket chains in Australia restrict you from selecting ""Credit"" with a scheme debit card (MasterCard and VISA are 'schemes').  They are 'acquirers' in the payments networks and they make interchange fees when you hit ""Savings"" and pay if you hit ""Credit"" - therefore where you can hit either ""Credit"" or ""Savings"" they prefer (and may force) you to press ""Savings""."
The main concern I'd have is that something will happen to the account while it's unattended.  While you may not have any money in it to risk, you could have a fraudulent check written against it that causes you to incur NSF fees. Your bank also might change its no-fee policy (I assume these are no-fee accounts, or there's an obvious drawback).  If it does, it's possible you might not notice, and again then the fee might be assessed, overdrawing you and causing additional NSF fees.
Being into Business since years and having clients worldwide I receive a lot of payments via wire transfers. Some in business and some in personal checking accounts. I have never been charged by my bank for any incoming wire. And by the way I bank with HSBC and BoA in the US. Actually the charges on the account depends on the type of account you are opening/holding with the bank. With a tight competition in the finance and banking industry you can always demand the bank for the services you want and the pricing you want. The best thing to do is ask your bank if they can wave those incoming wire charges for you and if not you have a whole bunch of options.
Set up a meeting with the bank that handles your business checking account. Go there in person and bring your business statements: profit and loss, balance sheet, and a spreadsheet showing your historical cash flow. The goal is to get your banker to understand your business and your needs and also for you to be on a first-name basis with your banker for an ongoing business relationship. Tell them you want to establish credit and you want a credit card account with $x as the limit. Your banker might be able to help push your application through even with your credit history. Even if you can't get the limit you want, you'll be on your way and can meet again with your banker in 6 or 12 months. Once your credit is re-established you'll be able to shop around and apply for other rewards cards. One day you might want a line of credit or a business loan. Establishing a relationship with your banker ahead of time will make that process easier if and when the time comes. Continue to meet with him or her at least annually, and bring updated financial statements each time. If nothing else, this process will help you analyze your business, so the process itself is useful even if nothing comes of it immediately.
"Yes, it is possible.  Although there may be red tape for a business account, Alliant Credit Union offers completely online signup and their representatives are reachable by email. You'll probably need to send in the LLC articles this way http://www.alliantcu.com/checking-accounts.html (as pointed out by @littleadv this site defaults to ""personal checking"" accounts, there is a business checking tab which doesn't generate a direct link, some might miss that) And even if there are a ton of regulations that some pencil pushers at larger banks anecdotally cite (without citing), there will be enough banks that don't care. Good Luck"
Yes, a business account at Chase bank offers free incoming wire transfer fees when you keep a minimum balance of over 100k. It's the only one I have found.
"Here's a hack for getting the ""free"" checking that requires direct deposit. Some effort to set up, but once everything is in place, it's all autopilot. (If your transfer into savings is higher than your transfer out of savings, you'll build up a nice little stash over time.) I don't know if there are deposit amounts or frequencies that you must have to qualify for the free account, if these are public or secret, or if this works everywhere. If anyone else has experience using this kind of hack, please leave a comment."
"There are some banks that offer ""pot"" accounts like this (off the top of my head I think Intelligent Finance does, although they call them ""jars"").  The other option for charity specifically would be a CAF account:  https://www.cafonline.org/my-personal-giving/plan-your-giving/individual-charity-account.aspx"
Commercial banks are not allowed to create real money.  The confusion comes from the different ways money is counted.  In M2, deposits count as money.  So if you take $100 and deposit it in the bank, M2 will count the $100 deposit as money, as well as the $100 cash the bank has from the deposit.  So under M2 the money supply has increased by $100, but no real money was created.  Commercial banks can't create real money out of thin air, and they can't loan out money they don't have.
"Like you said, it's important to keep your personal assets and company assets completely separate to maintain the liability protection of the LLC. I'd recommend getting the business bank account right from the beginning. My wife formed an LLC last year (also as a pass-through sole proprietorship for tax purposes), and we were able to get a small business checking account from Savings Institute and Trust that has no fees (at least for the relatively low quantity of transactions we'll be doing). We wrote it a personal check for startup capital, and since then, the LLC has paid all of its own bills out of its checking account (with associated debit card). Getting the account opened took less than an hour of sitting at the bank. Without knowing exactly where you are in Kentucky, I note that Googling ""kentucky small business checking"" and visiting a few banks' web sites provided several promising options for no-fee business checking."
The easiest and cheapest way I can think of is the online bill pay service that most banks use. It's free for both of you; regardless of what the bank has to go through to get the payment to its destination, they generally eat the costs. You can use this to pay anyone from your rent to your electric company to your cousin Vinnie. However, I do not think that a business checking account has this feature. Instead, most corporate cash accounts typically have an ACH service attached to them, where for some small, fixed fee like 25 to 50 cents per transaction, they will accept transfer requests in an ACH format. This is how your electric company does auto-debit (if you let them), and how banks do online bill pay to most corporate payees; they, and their bank account numbers, would be verified by and kept on file with each bank that moved a substantial volume of money to this payee.
"Yes, you can create a PayPal business account without having formalized a business with government filings and whatnot. At its simplest terms, ""having a business"" is simply ""doing business as"" (D/B/A) a trade name.  You can use the address of a Private Mail Box such as those provided at the UPS Store.  Ask any kid with a lemonade stand or a box of Girl Scout cookies - you only need to engage in government formalities like registering an LLC or getting a tax EIN when you cross certain thresholds of activity, and paying for things is generally not it.  Also, some of businesses, for some relationships, will require the business formalities like an EIN, which in turn will require creating a trade name and registering it with the state.  For instance if you set up a traditional credit card merchant account, they'll probably want that."