I have no idea how the bank even pulled that data in the first place. Either way, there's plenty of cash out there, so banks can basically handpick whoever they consider a "suitable" client. Doesn't look like a particularly bright move to me...
Adam Fox3 said:Holding a Power of Attorney doesn't make you a co-conspirator or a guarantor for someone else's debts. It’s honestly baffling; that woman has absolutely nothing to do with that specific debt, regardless of whether she was the one physically withdrawing the funds or not. But at the end of the day, it all boils down to the discretionary policies of these banks. During these economic downturns, they just seem to invent new hurdles—telling you "don't touch this" or "this isn't covered"—just to make things difficult. It's truly awful.
How can you—or the bank—be so sure she didn't withdraw it? Besides, even if she did, she’s the one who created the debt she's now refusing to pay. It's entirely possible the account holder sued her over it and now it's headed to court. I'm not jumping into the fray, but that's a realistic scenario...
Douglas Harris84 said:So, my girlfriend went to Chase to apply for a loan. The monthly payment would be about a quarter of her paycheck. She’s been at her job for 7 months now—it’s a small private company—and she has a co-signer working for a government agency making about 9 times the monthly installment amount.
The loan is for $5,000 over 5 years, so the monthly payment is roughly $250 . All good so far. They told us at Chase that if the co-signer works for the government, you're basically cleared immediately.
Then, out of nowhere, they hit us with a massive headache.
My girl has power of attorney on a family member's account. They live at the same address, but that person's account is currently frozen by the court. 🙂
Now the bank is insisting that this person clears their debt first—it's just a standard checking account—before they'll even look at the loan application again. 😁
I can't believe this. She isn't the co-signer, and she hasn't touched a cent from that account, but because they share an address and she has POA, the bank is claiming it's technically her debt too, according to unknown rules...
Any advice?
Paying off that debt is absolutely not happening.
P. S. I forgot to mention They won't let her remove the power of attorney because the account is under a court order. 🙂 Basically, there's zero way to intervene here.
That's easy for you to say, but she could have... since there’s a court freeze on it, I don't think you can really blame the bank here.
Gerald Thomas11 said:I’m not claiming to be an expert here, but if you look at the logic...
A tax ID is essentially what you need if you're filing as a taxpayer in Canada. My take is that anyone should be able to walk into a bank and open a non-resident account without much fuss.
And what exactly do you mean by a foreign currency account? They use the Euro in Canada.🙂
That’s true. I had my account set up before they passed that law, but once it went into effect, I had to go back and provide my tax ID. You really think the IRS isn't going to care about suspicious transactions moving through your account?
Taylor Hill25 said:So, I'm going to be receiving US dollars through PayPal, so I was thinking about opening a dedicated USD account... but then again, if I end up withdrawing cash from ATMs over in Canada, won't they just convert everything straight into Euros? I feel like I could lose a massive chunk of change on those conversion fees if that happens...
If you're planning on hitting an ATM in Austria (though you could just use your card or find an ATM in the US), you might be able to go into a branch and withdraw actual dollars. Just keep in mind, if we're talking "a lot of money," you're definitely going to end up on the IRS's radar.
Andrew Booth29 said:Just try playing around without collision insurance... Once you're forced to file a claim when you aren't even at fault—only to realize the insurance provider is being difficult about paying out the damage—that's when you'll truly understand why having coverage is worth every penny.
Does anyone in their right mind actually use their collision coverage if they didn't cause the accident?😕
You can find all the details on any leasing company's website. There are a few other factors you should weigh up besides what you mentioned:
-if maintaining a high credit score for the business is a priority, operating leases might be the way to go. -from a tax standpoint, financing is often better due to how VAT works. -and so on...
Honestly, your best bet is to run this by your accountant. At my company, we have one vehicle on a finance lease and another that we just paid off upfront. We’ve been happiest with the outright purchase since we don't have to deal with interest or late fees.
Where are you getting the idea that you don't need a director (an authorized person)? 🤷 You don't necessarily need staff, but you absolutely have to have an authorized person on record... Also, why are you conflating the owner with the director? Those are two completely different roles... (even if one person happens to do both)
jadepanther46 said:I lack significant experience in entrepreneurship, though I intend to acquire 🙂 I am currently evaluating an online retail venture specializing in baby gear. A few questions arise: does anyone here have experience in a similar niche? Furthermore, is establishing an LLC mandatory, or is there a more cost-effective legal structure available? My objective is to launch this operation with minimal capital investment and as little bureaucratic friction as possible.
Find someone who already owns a brick-and-mortar shop. You handle all their online sales, and they give you a discount or a cut of the profits.
I’d also suggest going for it, but make sure you're buying the car you actually need, not just one that looks better idling in the driveway than the neighbor's.
Joe is confusing the terms owner versus director. Look, you can definitely start a company where the founder/owner has nothing to do with the CEO or the person in charge. It could be the same person, sure, but it doesn't have to be.
Susan Ward2 said:Hold on a second—where are you getting that from? Every accountant and small business owner I've talked to says a director doesn't need to be officially employed anywhere, whether it's their own firm or elsewhere...
Just a heads-up: if you go that route, the car stays on the company's books, and if things go south, you could end up losing it entirely. In situations like this, an operating lease is usually the smarter move.
Lisa Adams54 said:When you say "everyone," does that include us poor unemployed folks? I feel like every time I think something is easily accessible here in the States, I go to apply and realize you actually need a steady paycheck—makes me look pretty foolish.
I'm looking at their website and, predictably, it doesn't specify. But this part caught my eye: Where can the Mastercard Prepaid gift card be used? You have access to over 25 million terminals and 943,000 ATMs across the country and abroad, all marked with the Maestro/Mastercard logo.
So, is this a legitimate Mastercard—basically a debit card that works anywhere Mastercard is accepted online—or is it some sort of quasi-card, like a Visa Electron compared to a real Visa? This Maestro/Mastercard distinction has me a bit worried.
And what about the Mastercard Prepaid Refresh card? Aside from being reloadable, how much does it actually differ from the one mentioned above? Basically, could someone without a job get their hands on it?
I mean, what does having a job have to do with it? The name "prepaid" pretty much explains itself—you load up $100$5000 and spend it until it's gone, then just top it up again.
3. It’s got nothing to do with where you shop. You don't even need to explain anything to them since they just bill you for the full amount anyway. 5. Nope.
I don't have a line of credit, just an American Express revolving card, but in my experience, these revolving cards are full of bad intentions. They’re basically just waiting for any excuse to trigger a high-interest revolving loan. I always pay off the full balance. The first time I did this, I actually asked why my statement looked the way it did. Everything was fine for a bit, until three months later when they suddenly activated a revolving credit line on me. I spent half an hour on the phone with customer service—because honestly, they couldn't even explain what the issue was themselves—only for them to tell me that ATM withdrawals aren't included in that balance and get billed separately. 😠 Same thing happened recently; even the annual fee doesn't count toward the balance being calculated. 😠
There isn't even a single "total balance due" listed on the statement!😲😲😲
I'm not sure why you can't do that at Bank of America. I had the exact setup you're looking for, though it wasn't a CD, just a standard client account. 🤷
Well, you're right about that, min. Technical requirements are mandatory for certain industries, but in your case, they'd only kick in if you were actually running an agency.
Nah. If we're talking about running a business out of an apartment. By the way, don't you have a bathroom in there? Yeah. If we're talking about a travel agency.