BankingTech FinTech

[Discussion] Trading Cryptocurrency peer2peer

February 27, 2021 at 11:39PM

I was wondering if anyone can offer me any advice.

I am from the UK with a UK passport.

I am trading cryptocurrency’s through peer2peer exchanges.

Quick explanation: I post an advert online via an FCA approved website of a sale of crypto.

The customer clicks the advertisement, agrees to buy *x* amount of crypto in exchange for fiat.

In order for the crypto to be sent to them, a payment is required by the customer via bank wire transfer during the trade.

The accounts I have been using to receive payments for p2p trades have been my personal & business bank accounts.

The problem I am facing is the banks keep shutting my accounts down, for reasons they will not disclose.

I think I am triggering AML and fraudulent security software that the banks have in place whilst i'm doing my trades. 20/30 transactions per day.

The process is completely legal, the site I use is regulated by the financial conduct authority and the customers are all KYC registered.

However it is safe to say, the UK banks do not like what I am doing.

So I am looking for an offshore account that, which if possible could accept multi-currency transfers and has instant bank wire transfers available.

This is NOT an evasion of tax, I love the UK, I would love to support my country and I would declare my income taxes, I have even formulated a company to do my part for the British economy. However i'm not even getting a chance to start whilst I am using UK bank accounts.

Can anyone suggest anything or offer any advice? If not, I will be forced to take my business outside of the United Kingdom.

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BankingTech FinTech

[Discussion] Bank Mobile App

February 27, 2021 at 10:20PM

What is the coolest or uniquest feature or option your bank offers on their mobile app?

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BankingTech FinTech

[Discussion] ATM ate my cash ???

February 27, 2021 at 08:03PM

Hi there, I’m a BoA customer and I went to my neighborhood atm to deposit about $400 cash. During the deposit, it returned a $20 cuz it was too crumpled to go through. After that, it displayed a message that there was still money for me to take back. The slot was completely closed. The message continued for about another minute and then the whole thing reboots and doesn’t return my card.

I was able to go inside to get my card back, but there was no evidence of any cash being deposited into my account.

I called and filed a claim but they didn’t even ask for the ATM number. I’m also not 100% on the amount I deposited… my bad for not counting it before putting it into the machine.

Anyone have any luck getting their money back from a huge bank before ? I’m feeling hopeless and stressed !

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BankingTech FinTech

[Discussion] Question about Charge-offs

February 27, 2021 at 07:15PM

For several years I did most of my banking with BofA as I moved around a lot, but settled for a while in San Diego and opened an account with a local credit union with the goal of getting a decent car loan/rate. To start, I opened a checking account with a small deposit and would eventually secure a car loan. In short, I had 2 separate accounts.

Since I still did the bulk of my banking elsewhere, I didn't pay attention to the checking account and there was some monthly subscription that caused it to become overdrawn. It became delinquent in March of 2017 and they apparently charged it off the next month. The overdue amound was $175. I did pay attention to my car loan, paying that off every month. In Oct of 2019 I was in a branch and the manager informed me of the $175 shortfall, and so I paid that amount in full. I was thinking the account was merely frozen and this would settle the tab. I didn't know it had been closed and charged off. I'm not disputing that I owed the money, even though there was never any debt collection attempts for 2+ years.

However, if they wrote off the account in 2017 then how is it they were asking for the account to be settled in 2019? In other words, if I'm paying them money towards an account, and they accepted that money – doesn't that imply that this debt was never really written off, or that the account was still valid? And if they take money in 2019 for a write-off in 2017, do they have to amend their earnings/taxes?


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BankingTech FinTech

[Discussion] Whats the best bank to open a CD account with?

February 27, 2021 at 07:09PM

Got my tax return recently, and honestly my money is doing well, so i figured i could deposit this return into a CD (this was a suggestion, I first considered a savings account, but found interest rates were better with a CD). I just wanted to not have access to this money, but figured why not accrue interest while not spending it? So im trying to research CDs, and was wondering if anyone can point me in a good direction. Im not rich by any means, but i could afford most minimum deposits, even if by barely just enough

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BankingTech FinTech

[Discussion] Wire transfer – sent to the right account but wrong branch

February 27, 2021 at 07:07PM

I recently had to wire funds for an investment from Canada to the US. I used my bank (Simplii Financial) to wire the funds to a Wells Fargo account.

I was asked to wire the funds to WFBIUS6S which is one of the Swift codes for Wells Fargo:

My banks wire lookup function was based on ABA and not Swift so after I made the wire transfer, the confirmation page showed that the funds are being sent to PNBPUS3NNYC.

From looking at the above Wells Fargo link, they are both Wells Fargo routing codes but different branches.

How does the above impact my wire? The account number at Wells was entered correctly. Should I be concerned the funds would be lost?

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BankingTech FinTech

[Discussion] Chase credit card product change

February 27, 2021 at 04:02PM

Does anyone know when I would be able to return to sapphire reserved if I downgrade from it to preferred? Do I need to stay at reserved for a certain time, like a year?

With travel restrictions and Chase freedom unlimited offering 3% back on dining, I don't want to pay the large annual fee. I'd upgrade back to reserved once things open up and I can really utilize the travel benefits again.

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BankingTech FinTech

[Discussion] Need to make a new account with another bank, but have no clue on how that would effect money coming in?

February 27, 2021 at 08:13AM

Hi all, I understand very little about how banks function but I'm in a bit of a situation. I'm also not sure if this is the right subreddit to ask but it's worth a shot.

When I was 15 or 16, I opened an account under my guardians account and used that for all of my money. Now I'm 18 and everything was going fine up until the last stimulus where my stimulus money went to his account and not mine. He didn't tell me about this until he had spent it all, and now I'm worried that he might have some sort of "power" over my money or something, again I'm not exactly sure how it all works.

To avoid this, I wanted to just open an account with a completely different bank and have any money that comes in, including any future stimulus checks, go in the new one and then completely close the old one.

How exactly would that work? Is it possible to have a stimulus go into the new account and not the old? What exactly determines where it goes?

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BankingTech FinTech

[Discussion] opening bank accounts and credit score – need advice – thanks

February 27, 2021 at 08:05AM

recently ive been applying to new banks thru their promotional offers.

my question is, does opening new bank accounts or brokerage accounts effect my credit score?

i have really poor credit score and ive seen posts saying banks will run hard/soft pull on your credit score if you open new bank accounts, loans, insurances, etc. What does that mean?

can somebody clarify my confusion?


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BankingTech FinTech

[Discussion] What is March 1rst deadline?

February 27, 2021 at 02:42AM

What is March 1rst deadline for TFSA/RRSP in Canada? Is it considered as the end of the financial year? If I do a withdraw on my TFSA before March 1rst could I reinvest the same amount in an other TFSA on March 2nd for example? Or the end of the year is December 31rst? Thanks

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