vania-janet/multiturn-rag-retrieval-data huggingface dataset:
As of now you are doing that. When you start earning larger sums of money, you will not withdraw and keep it in your house. You will leave it in the bank and they will earn money on it( By lending it out at a higher interest rate). When you are broke, that same bank will offer you a credit card or some other instrument that will help you survive. They will charge you money on that and make interest of you. When you have too much money and you start wiring money they will charge you a wire transfer fees. There are more than 500 ways in which banks make money off you. If you plan receiving $100 and $250 all your life and withdraw it immediately and don't plan doing anything else all your life, then you will probably not let the bank make any money off you. However, there are a very few people like that and banks barely lose anything accepting those customers.
Since you are not (yet) legally married, he is a stranger to you and strictly speaking you don't need to worry about the tax impact of his income yet. File on your income alone. That said, you may have to address the money transfer aspect at a later date as banks are getting skittish around money laundering regulations. It's really best if he has his own account for this, especially given you are not married. The worst case scenario is that his income gets frozen due to money laundering regulations and the deposits in your account get treated as (unreported) monetary gifts to you. Again, you should be able to argue out of this but separate accounts make it much easier to do so.
"I think it started when the lines between tech and artist began blurring. Once something becomes insanely popular in Silicon Valley it has a way of, eventually, filtering to the rest of the world. _______________ The rest of your comment is exactly why I tell everyone in /r/Entrepreneur and similar subs to talk to a CPA.  My accountant is the one that convinced me to stop ""freelancing"" and build an actual business. Completely shifted my outlook for the better."
Does the above mean I will not be able to send money to myself or my mother Yes that is right. PayPal will only be used for small trades. The credits into PayPal cannot be used to purchase anything, and will have to be credited back to the linked Bank Account. This is to ensure right reporting and taxes are being paid. You could use alternative Bank channels for getting funds.
If you're the type of moron that keeps several thousand dollars sitting in their checking account then you're either a 1st generation immigrant or just insanely bad with money. And still think going around insulting people is smart. Literally the worst.
"Even for me (I keep a fair bit of ""cash"" on hand because I'm self-employed) it would be a challenge to keep 5k in my checking account all the time when it could be in tax-deferred accounts making me money instead. I put the bare minimum in checking every two weeks as I've found when I leave money there it gets spent."
It's income. Create an income account for it, or use a broader “miscellaneous income” account, depending on how precise you want to be.
Of course, you could get an answer from the calculator, and Congress could change the rules midway through the year -- you might come out better or worse, depending on the nature of the rule changes... that's why I stress that it's an estimate. If you take the job, don't forget to make estimated tax payments! Edit: (some additional info) If you plan on doing this on an ongoing basis (i.e. you are going into business as a contractor for this line of work), there are some tax shelters that you can take advantage of. Most of these won't be worth doing if you are only going to be doing contract work for a short period of time (1-2 years). These may or may not all be applicable to you. And do your research into these areas before diving in, I'm just scratching the surface in the notes below."
Maintain your U.S. bank accounts. Use xe.com to transfer money back and forth.
lol @ savings accounts.  I don't use savings accounts. I just use checking for liquidity and invest everything else. Now if you have a job that prohibits trading on your own account that's understandable but if you have the knowledge might as well use it and make some $$$
Too much work for me. I simply pay TD $109/yr. And make more than that on getting my money to work ~~with~~ for me. If I had been smart I would have opened a credit union account when I first got here, like I had in the states.
"Is it unwise to not have any kind of retirement account? etc. Yes.  :) Why?  Because they allow tax-free growth, and that's always good. and placed it in an online bank's checking account with 0.76% APY. If nothing else, move some of it into an online bank's savings account at 1.2% and the rest into a set of ""laddered"" CDs at about 1.5%. Do that to your ""six months emergency fund"" money, and whatever money you plan on using for a condo DP.   Invest the rest."
What qualifies as a transaction? Does the bill pay count? Otherwise, not sure what you'd do to get 12. If this requires you to actively do something 12x per month, not worth it. But I can easily set up 12 online bill payments.
Do not try to deposit piece wise. Either use the system in complete transparence, or do not use it at all. The fear of having your bank account frozen, even if you are in your rights, is justified. In any case, I don't advise you to put in bank before reaching IRS. Also keep all the proof that you indeed contacted them. (Recommended letter and copy of any form you submit to them) Be ready to also give those same documents to your bank to proove your good faith. If they are wrong, you'll be considered in bad faith until you can proove otherwise, without your bank account. Do not trust their good faith, they are not bad people, but very badly organized with too much power, so they put the burden of proof on you just because they can. If it is too burdensome for you then keep cash or go bitcoin. (but the learning curve to keep so much money in bitcoin secure against theft is high) You should declare it in this case anyway, but at least you don't have to fear having your money blocked arbitrarily.
Payoneer and PayPal both allow you to connect your bank account to withdraw funds, that is likely your best option
Contractors regularly deposit checks like this; if the income is legitimate don't worry. Report it to the IRS as income whether or not the customer issues you a 1099. With deposits like this you should be making quarterly payments to the IRS for your projected income.
A) Q1) No, you beat the system, you benefit from flip side of 'use it or lose it'    Q2) You need to ask, they may have a $50/week limit, or they may divide the amount you wish by remaining time in year. They may also not let you start till next enrollment period. B) Q1) No, in fact, you just lost $400 that you deposited but didn't spend. Q2) You missed the opportunity to spend an extra $1000 as well, but the loss was opportunity not pocket. Q3) Same as Q2 above, ask them. C) These accounts are not coupled. I'd change the law to do so, however, I am not a congressman.
Do you need it? It doesn't sound like it - you seem to be able to manage with just the cards you have.  Will it hurt anything? Probably not either, unless it entices you to spend more than you make.  Another downside might be that you would spend more than you normally would just to have activity on every card. So all in all, I don't see much upside.
That expense ratio on the bank fund is criminally high. Use the Vanguard one, they have really low expenses.
Is this the smart thing to do?   You're essentially borrowing money at 2.7% to keep it in your bank account.  No, that is not a smart financial decision. Pay the difference in cash and replenish your savings with the $1,100 a month. Some other notes:
"Like a lot of businesses, they win on the averages, which means lucrative customers subsidize the money-losers. This is par for the course. It's the health club model. The people who show up everyday are subsidized by the people who never show but are too guilty to cancel. When I sent 2 DVDs a day to Netflix, they lost their shirt on me, and made it up on the customers who don't. In those ""free to play"" MMOs, actually 95-99% of the players never pay and are carried by the 1-5% who spend significantly. In business thinking, the overall marketing cost of acquiring a new customer is pretty big - $50 to $500. On the other side of the credit card swiper, they pay $600 bounty for new merchant customers - there are salesmen who live on converting 2-3 merchants a month. That's because as a rule, customers tend to lock-in. That's why dot-coms lose millions for years giving you a free service. Eventually they figure out a revenue model, and you stay with it despite the new ads, because changing is inconvenient. When you want to do a banking transaction, they must provide the means to do that. Normal banks have the staggering cost of a huge network of branch offices where you can walk in and hand a check to a teller. The whole point of an ATM is to reduce the cost of that. Chase has 3 staffed locations in my zipcode and 6 ATMs. Schwab has 3 locations in my greater metro, which contains over 400 zipcodes. If you're in a one-horse town like French Lick, Bandera or Detroit, no Schwab for miles. So for Schwab, a $3 ATM fee isn't expensive, it's cheap - compared to the cost of serving you any other way. There may also be behind-the-scenes agreements where the bank that charged you $3 refunds some of it to Schwab after they refund you. It doesn't really cost $3 to do a foreign ATM transaction. Most debit cards have a Visa or Mastercard logo.
The 3 options under consultation still looks pretty cheap. I know revolut give you 200 a month free (1.5% after that) but all debit transactions are still free.  So you should still be able to pay with the card without any charges.
As far as I can see, this is an issue of the bank's policy rather than some legal regulation. That means that you'll need to work it out with the bank.  To give you a couple of ideas to work with when you talk with them, maybe something from this list will work: Good luck!
(They do this cos the fee is so high that they can tolerate the risk of the non-assessed loan.) Sometimes (if you ask) they don't let you do it with your own transcations (eg buying the TV), but they do let you do it on automated payements (eg the Rent). On the other hand banks will not let you over draw a credit card. They know exactly how much loan and risk they were going to take. If Bill had most of his transactions going on his credit card, then it would have just bounced at the cash register, and Bill would have remembered what was going on and then transferred the money. There are many ways you can accidentally overdraw your account. Particularly if it is a shared account.
...and charge it back to the customer.  So, I'm confused.  Are the fines designed to discourage future transactions or simply there to provide a cost to the client?  I guess the fact that no bankers have gone to jail over this answers that question.
What bank, and is there restrictions on the trades? (i.e. they only go through once a week?)  I do light medium term trading - maybe 5-10 trades per quarter - and would love to be able to cut out the fees.
Oh yeah, it's SUCH a pain in the ass. /s  People just want things to be done for them. It took me all of 10 minutes to set up a new USAA checking/savings account last week, and another 10 online with a BofA rep to close down my account.
Not sure I understand your question correctly, but you could use ACH to transfer funds between banks without a fee (most banks don't charge, the big ones might, for outgoing).  The downside of course is that an ACH takes 2 to 5 days depending on both the originating and receiving banks. A wire is instantaneous but there is always a fee.
Did you know that bill-pay is a third party system? The way they run it encourages multiple overdrafts, Just last week I had 150$ in fees. Not to mention they recently had a class action they lost in which they were fucking over service members with home loans. I've been with them since 2002, they're just as shady as every other institute that charges you money to use your money.
"Echoing that bank fees are mostly ""because they can"", although partly this is because simply holding onto the money doesn't really pay enough for the physical infrastructure of branches, ATMs and staff. So like a budget airline they make it up on additional fees. But that document doesn't actually say they charge 3% for currency conversion! It's ""0.20% of transaction amount"" for currency conversion, which is not bad (although watch out for the ""spread"" between buying and selling rates). I see ""International POS/ATM Transaction Fee 3% of transaction amount"", which is very different. That's a card fee. The big issue with these is fraud - your card number suddenly being used in a different country will nearly always trigger extra fraud checks. It also involves a much more complicated settlement process. I'm more unimpressed with the monthly service charges and the huge $85 fee for international wire transfers."
The reason this sort of question gets asked over and over again is because it's initially difficult to comprehend how you can possibly be scammed if you have no money in your bank account. Perhaps this would make it easier to understand: Someone approaches you in the parking lot of a mall and says, Excuse me, complete stranger, please take this $100 bill and go buy me a pair of $50 shoes at the shoe store. Then go buy whatever you'd like with the rest of the money. Sounds like a good deal, right? The $100 bill is counterfeit. If it were not, the person would buy the shoes themselves. It doesn't get any simpler than that.
No.  The WSJ prime rate is 4.25%, even the Fed prime rate is 1.75%, way above the 1.20% you'll be making from your savings account. If you are high worth individual with great credit history, the bank might give you a personal loan at 4.25%. They won't care what you do with it as long as they get their payments. If you are not that creditworthy, they'll ask for a collateral, you can mortgage your house for example. It ends up being the sames thing, you get your money and do what you want with it. If you can make more than the interest rate the bank gave you, great, you made profit. The bank however won't agree to lend you money at 0.6% (1/2 of the 1.2% APY your savings account will bring). Why would they when they can loan that at prime rate of 4.25%?? The closest you can get to something like this is if you are a hot-shot wall street money manager with track record of making big profits. In that case the bank might put some money in your fund for you to manage, but that's not something a regular person can do.
Recovering after a card number has been stolen is a nuisance; you need to wade through determining which charges are and aren't legit, update the records of anyone who legitimately has your card on file, not have the card available until the replacement reaches you,  etc. And you may be on the hook for the first $50 of the loss, if I remember correctly, unless (as mentioned) the bank waives that. Plus the risk that the card could be the first step in a larger identity theft attempt. And not everyone is so blase' about the bank losing money. Those costs get passed on to us, remember. And some of us actually respect our banks or credit unions. Certainly cards come with some consumer protection, otherwise nobody who thought about this would want to use them. But it's still worth exercising reasonable care to keep the problem from arising.
On your first point, banks (or any large company) is primarily concerned with maintaining profits. I'm very familiar with this dynamic in media with broadcast vs streaming. They will try hard to charge as much as possible to sustain the stock price, while competitors will be as aggressive as possible to capture market share. This always happens with every industry that gets disrupted. The new entrants will permanently eat away at bank profits, whether they adapt or not.   No comment on your second point. Possibly true, but I don't personally assume that yet.
I heard some financial institution ask for $25 withdrawal fees on TFSA. Watch out for it. TD told me. I will doublecheck. RBC do not charge withdrawal fees. I will check that too.
Unprintable, yes, it's a scam. Nobody will ever have any legitimate reason to run money through your account. Period.
Sure, you'd make an $8.33 during that first month with little extra risk. Sounds like free money, right? (Assuming no hidden fees in the fine print.) I don't know that the extra money is worth the time you will spend monitoring the account, especially after inflation claims its share of your pie.  If you're going to use leverage to invest, you should probably pick an investment that will return at a much higher rate. If you can get an unsecured line of credit at 1%, there aren't a lot of downsides. Hopefully interest rates don't rise high enough to eat your earnings, but if they do, you can always liquidate your investments and pay the remainder of the loan.
"The banks are making *bank* on these fees and for merchants they are not *optional.*  They either have to raise their prices and charge *you* or eat the costs.  The banks are doing nothing to ""earn"" this money.  Now you know I am serious."
It depends on how much your time is worth. Those interest rates from that amount of money will not generate anything convenient. And the effort you make to fulfill the requirements can possibly turn into an overhead cost to getting that $34 a month. For instance, lets say you make $20/hour but you spent an hour trying to figure out how their billpay works. Suddenly not worth it. And if that interest rate is only granted up to $10k, then the compounding effects will be nullified because they won't even grant that same interest rate once the money starts to grow. Hope that helps.
I've got cards with no annual fee that don't get used--I never see a bill from them.
You want to bank with HSBC: From: http://www.offshore.hsbc.com/1/2/international/foreign-exchange-currency/foreign-exchange/faqs HSBC Bank International does not   charge ‘commission’, therefore   offering 0% commission on foreign   currency exchange transactions
To add technical detail to other answers, your (and some commenters') estimates of storing that data is woefully (many orders of magnitude) off. Let's take your 10MB of transaction data per user. You're only estimating text records like in Quicken. Now add on the volume of storing everye check's image. That's 100K (if not 500Kb depending on resolution of the scan) per check. If you have 100 checks per year (not unrealistic, if you pay all utility/morgage bills by check, as well as purchases), you now have 10Mb/year to 50MB/year. Now you're asking for 10 years of this, so you have 100-500MB per customer. NOT 10MB-70MB as you initially assumed. Let's take a mid-range figure, 300 MB. You were estimating using consumer grate cheap-o storage (which Facebook can afford for their data, as they don't store transaction data). Now let's up that to enterprise server hard drives. Your storage costs just rose 2x-5x. Now, typically you'd have RAID. So 2x more. Most large financial institutions have multiple data centers. You typically store all data's copies in those data centers for DR purposes. Your multiplier added another 2x-4x Most production data servers have multiple copies (Write DB server + one or more read-only copies). Multiply by 2x-4x With some rare exceptions, most banks don't just have one central database server. Each major app / business line would have its own DB, so you multiply that by 2x-20x depending on the bank, especially if it's arrived at its size by merging with other banks and has dozens of inherited legacy systems. multiple backups. Regulatory backup requirements means you don't just back up your data once a year. You do it daily, till the data is purged from DB. Meaning, you don't store ONE copy of your transaction in backup.
"All the other answers here are correct, but I'll add one more perspective. I am a business architect at one of the world's largest retail banks. Every day I experience the frustration of trying to get large-scale corporate IT to do anything, so I feel that your question is just one facet of the wider question: ""why are banks so old and busted?"" While it's true that the cost of online, redundant, performant, secure data storage is significantly higher than you anticipate in the question, it should still be well within the capacity of a large enterprise. The true cost is the cost of change. Nothing at a bank is a green field development. Everything is a bolt-on to existing systems. Any change brings the risk that existing functionality will be affected, therefore vast schemes of regression testing (largely manually executed) spring up around even the most trivial developments. Costs scale exponentially with the number of platforms affected (often utterly distinct, decades-old, incompatible platforms that have arisen out of historical mergers and acquisitions). Only statutory, revenue-generating and critical maintenance change is approved. Any form of cost-cutting that increases risk is quickly extinguished. This is because when things go wrong, IT get blamed by their business colleagues. This is because the business colleagues in turn get blamed by the regulators, the media, the customers, and the public at large. Who doesn't cuss their bank when the ATM is unavailable? The bank's IT organization develops a kind of management sclerosis, risk averse in the extreme. Banks can't ship a beta version and patch it later. This ultra-low-innovation approach is a direct result of market and regulatory forces. If you were happy with a bank account that played fast and loose with your money the way Facebook plays with your data, then banking would be much cheaper, much more innovative, and much riskier. To get back to your specific question, some banks actually do offer a much longer back catalog of transactions for download (usually only a few key fields of each transaction though), and the ones that don't most likely don't see it as a revenue generating selling point, and it therefore falls above their innovation appetite."
The only people who should know my online bank password are me & my spouse. Forget it, I won't share that sensitive information with any other company. I might as well give a blank check! Besides, don't banks require people to keep their username & password & PIN private? I signed an agreement to that effect, I think!  So even if I did find the online services compelling enough to try, I would want to check with my own bank first & ask them if it's OK to give my password to somebody else. I wonder what they would say to that!!