hiddenviper13 said:wiredlynx28, it’s probably for the best you didn't mention how easy it is to just carry cash around out there. Makes banks feel pretty much obsolete, doesn't it? 👋
A foreign currency checking account (unlike a foreign currency savings account) doesn't trigger any IRS reporting issues, so you're clear there. I'm just not sure if they even offer a standing order for automatic currency purchases—might be worth checking with Chase. Plus, you're looking at about $1.75 a month in maintenance fees, not to mention the sting of the conversion spread when switching from dollars to another currency!
Sarah Morris57 said:Do I seriously have to answer stuff like this?
I honestly don't get why they even care about the last one—like, what's the point?... I guess with the first two, they're just trying to gauge if I'm some kind of flight risk or something. 😬
No, those first two questions are mandatory under the FATCA agreement, which the US is a signatory to. It means all banks have to hand over financial data on Americans—and anyone else with income the IRS wants to track—straight to the tax man.
Banks have a legal obligation to perform KYC—know your customer—and honestly, nobody’s arguing with that, provided they don't start digging into your private life.
rustyangler402 said:How can I transfer cash from a Mastercard to a checking account without getting hit by massive fees (or at least minimizing them)?
If I try to handle this directly through the bank—specifically Chase—they want to slap me with a 4.5% fee, which seems pretty ridiculous to me.
Does anyone know of a better way to do this?
Nope.. There’s zero money on a credit card. Using a Mastercard to pull cash is just taking out a loan—and a pricey one at that. The only real debate here is whether you think the interest rate is a rip-off or not...
copperfox172 said:The funds hit my checking account at 8 AM yesterday and they still haven't pulled the money or unblocked everything... seriously, how long does this take?! I thought it would clear for processing immediately, but apparently not 😠
The bank is required to notify the Federal Reserve once funds land in a frozen account. After that, the Federal Reserve sends the collection orders to the bank, the bank processes them, and if every single debt is covered, the Federal Reserve finally tells the bank to unfreeze the account.
1. Why on earth is there a bank listed in the recipient field instead of an actual name? 2. And this authorization number request... anyone else think that's sketchy? 3. Which bank actually holds your account anyway?
Peter Morgan3 said:I suppose I’m such a vital cog in the machine that they desperately need to track my height, weight, whether I own a dog, and if I frequent any local bars... As if anyone cares. I couldn't care less about conspiracy theories, cults, or whatever else is trending. ☕ Regarding banking, I had some rather unpleasant experiences with Hippopotamus and Raiffeisen Bank. After switching over to Bank of America back around 2004, I've been satisfied with both the service and the fees. However, since I only utilize their most basic service package, my objectivity on the matter may be limited. If I carried a mortgage, credit cards, or significant savings, I might pay closer attention to the fine print, but as I mentioned, I have none of those concerns, so it isn't really my business.
By the way, if memory serves, when I opened my account with them, I wasn't required to provide anything beyond the standard documentation. 🤔
Back in 2004? Nobody was asking for all that then. A lot has changed with federal laws and regulations since then.
Brian Moore12 said:Both Republicans and Democrats are doing the same thing—kissing the banks' asses instead of working for the people. This whole CHF at 6.39 thing is just theater for the naive. The GOP isn't any better. I've been paying my bills through Fidelity Investments for ages. I won't even touch online banking because I refuse to feed those greedy bankers. I just hope I live long enough to see the day when I can actually open a checking account at Fidelity.
Yeah, but only if (when) the IRS decides to start acting like a bank.
Look, an American Express card isn't a checking account, so it isn't frozen. Besides, how are you supposed to pay the statement balance on its due date if every single bank account is locked up? And once those charges go unpaid, then the card gets blocked too.
Same bank or a different one? If it’s the same bank, the funds should already be sitting in the recipient's account, if it's a different bank, you've got a slim chance—provided you call the sending bank immediately.