Ask MetaFilter questions tagged with finance and banking

Figuring out if a bank loan has been charged off?

Anonymous — Thu, 12 Nov 2009 12:43:58 -0800

Figuring out if a bank loan has been charged off? Is it possible to find out if one particular loan made by one particular bank has been charged off (or "written off")? The details, as much as I can relate: it is a single loan (not securitized), for millions of dollars. It is a mortgage loan, I checked the recording documents and can see that the mortgage has not been officially discharged. No news reports about Bank X writing off Big Loan, no analyst reports discussing it. I'm not turning up anything useful at the FDIC or OCC sites, but could be missing something. Nothing in the SEC filings for Bank X. Is there anywhere that would have a record of big loan write-offs? It seems like something that should be reported -somewhere- . I thought of credit reports, but Lendee is a company, not a person. This is in the US.

Where to get the best exchange rate to buy a big USD bank draft in Toronto?

winston — Tue, 01 Sep 2009 21:05:47 -0800

How do I get the best exchange rate when I have Canadian dollars in hand and want to make a large payment in US dollars? I'm in Toronto and the recipient is not flexible with regards to payment methods so I need to end up with a certified cheque or bank draft to send. The money is currently in a President's Choice account and they can get me a USD draft but their premium on the exchange rate seems to be 2.5%. Currency exchange businesses usually advertise better rates than that but is there someplace I can walk into with a draft in CAD and walk out of with a draft in USD? Or is there some other option? I'll only need to do this once.

Keeping moneys separate

Precision — Thu, 25 Jun 2009 21:14:19 -0800

What's the best way to keep my summer income separate from my savings? It's the summer between high school and university, and through scholarships (I'm a National Merit Scholar) and working quite a few hours at a part time job during high school, I've managed to save up enough to pay for the entirety of my first year of college, and likely the rest.

I quit my job upon graduating, promptly got bored with my idle time, and got a job waiting tables. I'd like to keep this money separate from my savings/checking accounts at Chase, and either use it at the end of the summer to buy a nice guitar, pay for a trip to Europe, or any number of things. I'm honestly only working right now for the fun of it.

I figure I have a few options: 1) Just tag all the income on Mint as "Summer Income" and tally it that way. 2) Open up another savings account at Chase with my first $300 in income and keep it separate that way. 3) Open up an account at Wells Fargo ($100 minimum balance, no monthly fee for college students) and keep it all over there to ensure it doesn't get mixed in with my money.

What's the most painfree way to do this?

Help me find hard-hitting facts on the recent financial collapse please

willie11 — Wed, 01 Apr 2009 13:47:33 -0800

Please help me find facts about the banking/economic crisis and the impact of the financial meltdown for a demonstration against the no-strings-attached billions for banks while Americans suffer. Your help will be rewarded with a just and fair financial system that works for all Americans and not just Wall Street. Thanks so much! I'm helping organize one of the April 11th rallies for A New Way Forward, previously discussed on Metafilter here. These rallies are being staged across the country by grassroots activists and concerned citizens to demand a restructuring of the failed financial institutions and an end to the no-strings-attached bailout billions that have failed to help anyone but the insolvent banks and financial institutions that put us in this economic crisis in the first place.

Part of our demonstration in Raleigh, NC will potentially involve a "nest-egg" hunt to play off the Easter holiday weekend where participants will search for their now-emaciated financial nest eggs. We're trying to fill these eggs with hard-hitting facts about the impact of America's oligarchical financial system that has amassed unprecedented wealth at the top and left the rest of America on the brink of financial ruin. We're hoping to find 25 - 40 hard-hitting facts along the lines of:

Bank of America has collected $45 billion in federal bailout funds - your taxpayer money - yet they plan to lay off over 30,000 workers while handing out $5.2 million in corporate bonuses.

I'm really hoping for more personal facts about foreclosure & bankruptcy rates to contrast with the lavish spending and counter-productive investments these groups are using our bailout funds for. I'm sure there's a list of these somewhere and I hate to ask others do my work for me, but this demonstration is truly a grassroots movement and, as such, we're all doing four people's jobs at once. Your help with this will be so appreciated. Thanks!

--- Willie

An opportunity, or a pig in a poke?

LN — Thu, 19 Mar 2009 08:21:41 -0800

How do I get the most out of a meeting with a financial advisor I don't particularly trust? I have a meeting this afternoon with a financial advisor at my bank, to discuss investing strategies and wise places to put money in this economy. This meeting was requested by him, not me.

A little background: I dealt with this individual when opening an RRSP for myself eight months ago, and was not at all pleased with how the process was handled. It took a couple of months to get the RRSP set up, because he repeatedly botched the process. Now he wants a meeting with me to discuss my investments (I presume he means the RRSP), but because of past experiences, I am extremely suspicious of him.

Add to this the fact that I am not at all a "numbers person". So much so, the minute he starts talking about the various options the bank offers, my brain ceases to be able to process the information. I might as well be listening to white noise.

I'm prepared to at least talk to the guy, because I understand that it's his job to sell services to the bank's clients, but I want to go in with eyes wide open. I don't want to be sold a pig in a poke!

Financial-savvy Mefites, what are some strategies you recommend for me to get the most out of this meeting?

(This is in Canada, in case that makes any kind of difference)

Credit Card Piggybacking = Bad Idea?

shew — Wed, 04 Mar 2009 12:46:35 -0800

Bank Fraud Filter: A friend has just asked me to add him to my credit card as an 'authorized user' as a way to boost his credit. After doing a little research, I see that 'credit card piggybacking' is a well-known credit-repair tactic. Should I help? First off, let me say that I have excellent credit. I'm nervous about adding an authorized user to my credit card (especially since my friend has pretty bad credit) but I am reading that I don't have to give him any info about the card (or the card), just add him to the account.

After reading a bit more, I see that there are companies that you can pay and they will do this for you (in partnership with a stranger) for a fee (the company takes a cut, pays the good-credit partner).

Here are my questions:

1) Should I do this for my friend? Is there any risk to my own credit?
2) I'm also reading that FICO 2008 has eliminated the authorized user as a credit building option. Is this true?
3) Should I look into signing up with one of these companies for some extra money on the side? Why not get paid if there's no risk...

Where in Toronto can I buy a money order in US Dollars, drawn on an American bank?

winston — Wed, 24 Dec 2008 08:34:21 -0800

Western Union no longer sells US Dollar money orders in Canada. Where in Toronto can I still buy a money order in US Dollars, drawn on an American bank? (The ones from WU were drawn on a Wells Fargo branch in Colorado) My payee won't accept postal money orders, nor money orders drawn on a Canadian bank. CIBC and RBC used to sell money orders or drafts drawn on an American bank, but apparently they don't anymore (assuming the people I spoke to in the branches know what they're talking about).

A money order (or other form of cheque drawn on an American bank) is the preferred payment method.

US Bank accounts with foreign funds?

taschenrechner — Tue, 21 Oct 2008 10:01:06 -0800

Where can I set up an account with a US based bank that will allow me to transfer my Euros and keep them in Euros? I'm in the US, and would like a US-based bank that offers free (or at least low fee) checking and savings accounts, and the ability to maintain multiple currencies in the same account.

So far, HSBC, my current bank, doesn't offer this service unless I get an account with their British branch. If I transfer that money to the account, it gets converted at whatever the rate is when the transfer goes through.

On a side note, when I was living in China, I had an account with Agricultural Bank of China in which I was able to keep simultaneous balances in RMB, USD, HKD/MOP and EUR, (and presumably Dong, Rupees, Wampum, beaver pelts...), but that account is not accessible from outside of China and has a ton of restrictions on it anyway.

FDIC and Corporate accounts

readery — Wed, 01 Oct 2008 05:24:57 -0800

How do corporations deal with the FDIC insurance guidelines? Do corporations with large payrolls keep a payroll account at a different bank? Are businesses holding large amounts of cash moving accounts around now, looking for good stable banks? How are escrow accounts dealt with?

Who's going to be the next Washington Mutual/Fortis/B&B?

fuzz — Mon, 29 Sep 2008 03:31:29 -0800

How can I keep track of the health of European banks? I've got some of my retirement money spread around in banks in Spain, France, and the UK. I'm looking for indicators that help me understand whether my banks are getting in trouble.

Can you give me any Web resources to keep track of which banks are on government watch lists, what the current CDS spreads are, who's got a lot of toxic debt, or any other useful information? Bonus points if you can explain what the indicators mean.

Did UAL's billion-dollar drop affect banking?

anildash — Tue, 16 Sep 2008 11:33:02 -0800

Did the United stock drop have any catalyzing effect on other recent collapses? Obviously, big banks fail because of years of mismanagement, and the credit crunch has an order of magnitude more impact than a single day's blip in even a large company like UAL. But I'm curious if anybody with relevant financial knowledge can identify any connections between the blip caused by the resurfacing of the old Sun-Sentinel UAL bankruptcy story and any of the larger institutions that went from teetering to collapse recently.

Tenuous connections welcome! :)

Wamu failure: Action items?

everichon — Mon, 15 Sep 2008 08:04:55 -0800

We have some money in a Wamu checking account, and an equity loan. Since the word is that Wamu is teetering, what should we expect to happen to the checking account money and the equity loan? Specifically:

* If they get bought up, will we lose anything?
* If they simply fail, will we lose anything?
* Does it make sense to yank our checking account?
* What happens to your loan when your lender folds? (I know you don't get off the hook, I just want to know if there are action items).

Credible returns on investment in virtual world finance?

vizsla — Tue, 12 Aug 2008 21:30:37 -0800

Anybody have experience in investing in virtual world banks/businesses/markets (such as those in SecondLife.com etc)? Do they provide a serious way of making a sensible risk/reward on five or six figure investments? I have found discussion of investing in virtual worlds in this article for example which concludes its very high risk but maybe someone has heard of a viable diversification strategy out there?

Credit cards worth it?

Flamingoroad — Sun, 13 Jul 2008 11:36:03 -0800

I'm thinking of getting a credit card -is it worth it? I'm 22, in the UK and thinking about getting a credit card -I don't feel I need one (not a big or enthusiastic spender) apart from establishing a credit rating -is it worth it?

I understand the benefits -insurance, cash-back etc but it seems like a hassle -I'm perfectly happy just spending money that I have using my debit card.

However, as credit scores are partly based on duration of credit history I'm thinking I should get a credit card if only to prove to future mortgage providers (perhaps 3 or so years in the future) that I'm responsible with credit etc.

As I've also learnt that cancelling cards reflects badly on credit rating so any card I do take out is hopefully going to last me a long time.

I bank with Natwest and am thinking of taking out a credit card with them as it would be easy to pay it off each month with my current online banking setup. But there are no benefits/cash back with it. Aren't credit cards desperate for people to sign up? I might not too excited about credit cards but I don't want to miss out on decent benefits like cash-back etc if there's available.

In summary is it worth getting a credit card and if yes, which is the easiest to use, best 'perks' and recommended over the long term so I don't end up dealing with the 'financial clutter' resulting in opening up other cards in the future?

Any UK specific advice/opinion would be much appreciated!
Thanks

Online banking, credit and investing through one package

Blazecock Pileon — Tue, 24 Jun 2008 23:30:11 -0800

What basic, personal accounting software do you recommend? I would like to track:

• income
• retirement accounts
• out-come, i.e. spending on credit cards and ATM debits

This would preferably be done automatically — the software will contact the banks, credit card companies and other financial institutions electronically and download as much information as possible. We're eight years into the 21st C. and it doesn't seem necessary to spend one to two hours a day manually tracking and entering the day's business-related what-have-yous.

I don't hold investments, but if I gamble I would like to start gambling somewhat intelligently. The software would track investment accounts — and existing retirement account components — automatically on a daily basis. In particular, I'd like to be able to view how parts of my retirement account are valued on a daily basis, which I can't do currently without manually tracking its history in an Excel spreadsheet.

I don't run a small business (yet), so that is not a requirement. If it has the capability to run accounting for a small business that would be a plus.

Another criterion would be that I'd prefer a non-Windows software package, preferably something native to Mac OS X. I can run Windows software within Fusion, but due to cost and integration issues I'd prefer not being permanently locked in to that option. I can run an X11 application, but with the tradeoffs, being able to run something OS X native would be useful.

With that in mind, are there software recommendations you have?

Bank accounts, currency exchange, and financial advice for an American in Hong Kong?

milquetoast — Thu, 29 May 2008 03:05:52 -0800

Moving to Hong Kong for two years, and seeking advice on keeping the finances in order. I've been hired by a company in Hong Kong and will be there for a minimum of two years. I will be paid exclusively in Hong Kong Dollars. However, I have some small recurring bills and such that will need to be paid in USD.

This seems like a pretty typical temporary-expat situation, and I wonder how other people have approached it. In essence, I'm looking for advice on and experience with HK banks and credit cards, and transferring money from HKD to USD at regular intervals without getting screwed on the exchange. Any and all experience with expat finances in HK is appreciated.

Status: US citizen of the Brooklyn type, no debt except rapidly diminishing student loans, one US brick-and-mortar bank checking account, one ING Electric Orange checking account, couple of investment accounts through Vanguard, couple of US credit cards that rook me for 3% when I use them abroad.

Check Debit Madness

East Manitoba Regional Junior Kabaddi Champion '94 — Wed, 07 May 2008 09:42:27 -0800

Our bank account was debited for a check issued by a different bank. What in tarnation? I gave my doctor a $20 check issued from my Small Town Bank account, check number 1234.

My Small Town Bank website informs me that we were debited for $57, allegedly from check #1234. When I click to view the image of the check, it shows a check from someone else's Chase bank account! The name is different, the routing number is different, the bank is different, the account number is different, the check number is different, the amount is different. The only connection is that both checks were payable to the same doctor.

The money is being refunded. Our Small Town Bank advisor said she'd never seen anything like it in twenty years, and blamed my doctor's bank (but was unable to reveal which bank that was). I'm just glad this other person didn't get a $10,000 hip replacement.

So how did this happen and who's to blame?

This is in the USA.

Changing from apples to oranges? No problem!

chan.caro — Thu, 14 Feb 2008 08:14:43 -0800

How do people break into finance (hedge funds, i-banking) when their concentrations in college had absolutely nothing to do with finance? I have been meeting (and reading about) people who have jobs in the financial industry, yet their backgrounds and majors (poli sci, history, etc.) have never entailed related experience that you would normally think is sought after in finance.

I graduated with a degree in journalism and have always found an interest in the banking/finance industry - I'm currently a legal assistant for a law firm whose clients are major banks - but if there is a way to finagle my way into finance, I'd like to know how!

Fun with banking call centres (not).

Flitcraft — Fri, 25 Jan 2008 15:58:11 -0800

Help! What 'eight digit' number regarding my Visa credit card are the Abbey National call centre trying to get from my fiancé? We're in the UK. I have a Co-op Visa credit card. It has two important numbers you normally need to know for paying money into the account: the sixteen digit account code (card number) and the six digit 'sort code' for the bank.

Fiancé, who banks with Abbey, is trying to transfer much-needed money to me using Abbey's telephone banking system, but they're being extremely unhelpful, and insisting that he must also give them an eight digit 'account number' for my card, which I've never heard of. They don't mean the card security number (it's not eight digit), and my account statement has nothing eight digit on it. Does anyone know what this number could be and how I would get it from my bank?

Or alternatively are the Abbey call centre just wrong about this? Their previous record doesn't inspire confidence.

What to do with all that money?

Anonymous — Mon, 14 Jan 2008 15:41:00 -0800

I will soon receive an inheritance of about $100,000-$150,000 (numbers are vague right now). I'm looking for tips and advice for managing that money. I have talked with a financial advisor from one of the major firms about this and they would be happy to help me with my money at the rate of 4.5% per year. Frankly, I view that as extortionary. I even remember once hearing advice that said to not pay more than 1% in fees. This sounds reasonable to me. My current IRAs and other means of saving that do charge, charge less than 1%. I doubt it's 1/5th of a percent. I'm pretty sharp and generally good with money. I think that with the right research, and proper dedication, I can manage this money myself and save scads of fees.

Ideas so far:
1. I have a small amount of debt that I want to pay off immediately. Less than 10K.
2. I have a 13-year-old daughter for whom I want to sock aside somewhere between 20-30K for college. This is very important to me.
3. My mortgage is split 80/15 (the 15 being about $23K). I am toying with the idea of paying off the 15%. The interest on that portion is 8.25%.

For what it's worth, I am a late-thirties male with decent (not great) income and a proven ability to live frugally when I set my mind to it. I have no car payment. Only regular payments are child support, house, utilities, subscriptions etc. Currently, I am paying towards that small amount of debt on a monthly basis.

I need help on figuring out how to manage the rest of the money and my future money since I will ideally be out of debt aside from the mortgage. So, pointers, advice, tips, reading material, ideas, what have you?

email can be sent to AnonyMeFimomoney (at) sbcglobal.net

What will happen if my bank goes bankrupt?

monkeystronghold — Mon, 12 Nov 2007 15:04:06 -0800

What will happen to my money if E*Trade declares bankruptcy? I have a few bank account elsewhere, but the majority of my money is help in various E*trade accounts. This includes checking, savings, brokerage, and CDs. I'm aware that the money in the banking arm is FDIC insured, but what does that really mean? Is all of my money insured? Will it all go away if E*Trade goes under?

Any sort of real world explanations and advice would be appreciated.

The More Bank Accounts the Better?

andoatnp — Tue, 18 Sep 2007 09:56:25 -0800

Any reason not to open a couple more bank accounts for all the gifts/rewards/incentives they offer? Right now I have an old bank account from California (checking and savings) and a credit card attached to it which I use frequently, a new bank account for the city I moved to, which doesn't have any branches of my old bank (checking only), and a credit card with a third bank, that I only use a couple of times a year.

This more than covers any banking needs I would actually have, but a number of local banks are offering various incentives to open an account, most enticingly, 75 dollars in free groceries if I set one up.

If I am financially able to park whatever the minimum amount is in a free checking/savings account for a year, is there any other downside to opening up a couple more accounts for the rewards?

I'm specifically wondering if it does any damage to my credit score, as I understand having a number of unused credit cards would. Is there any other reason not to?

Help me spend my loonies wisely.

flibbertigibbet — Wed, 21 Feb 2007 06:09:13 -0800

Help me learn about personal finances... Canadian style. I'll admit it: I know very little about personal finances, beyond "save for retirement now!"

So, I googled, and found a few good blogs, mostly thanks to get rich slowly, but I am craving more.

So: can you suggest any Canadian personal finance books, blogs, and websites?

Bonus points if they are of the "hello, idiot, welcome to the world of money" genre!

What is the best way to get in on the ground floor of international banking/economics firms? (explanation inside)

Drylnn — Fri, 02 Feb 2007 10:06:00 -0800

What is the best way to get in on the ground floor of international banking/economics firms? (explanation inside) I graduated college (after returning to school, so I was an older student [29] ) with a degree in economics. I want to get into international banking/financial analyst positions with overseas banks/firms (either that, or research/econ analysis positions with similar firms). I'm in a major international city (Miami) and unfortunately, my university wasn't much help outside of its home city (Orlando). I do have 5 years experience in an investment firm, doing various types of analysis, but I don't like saying I was an analyst, because technically, it's not true.

I don't mind working from the ground up, but I do have a 4-year degree and would like a reasonable salary for an entry level, not having to work my way up through via customer service. I do plan to eventually pursue higher education in my spare time.

What approach(es) would you recommend?

Can I ETF to the wrong name?

acoutu — Fri, 05 Jan 2007 15:38:24 -0800

Banking Filter: Can I do an ETF if the bank account number is right but the name is wrong? Last year, I asked about cashing a cheque with the wrong name on it. Flash forward 12 months and I want to know what happens with electronic funds transfer in the same situation.

Google Adsense pays by cash and by ETF. The cheques have both my business name and personal name on them, so I have the choice of depositing to either a business or personal account. However, when you try to set up Adsense for an ETF, it only lists the business name as the account holder. Does this matter? Can I set up the ETF to go to my personal account, which is under my own name?

Thanks.