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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?

Thanks!

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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: https://www.wellsfargo.com/com/international/resources/routing-numbers/

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

Small-savings inflows are down to a trickle

February 27, 2021 at 04:51PM
Collections seen inching up by 3% y-o-y in FY21 on falling rates, rising equities
via Business Line – Money & Banking https://bit.ly/3ksOUSW
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BankingTech FinTech

‘Insurance sector transforming, stakeholders must work together’

February 27, 2021 at 04:12PM
BCG and India Insurtech Association report highlights fundamental shifts
via Business Line – Money & Banking https://bit.ly/3svsBik
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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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Out of office: what the homeworking revolution means for our cities

February 27, 2021 at 04:00PM

Employees’ reluctance to return to full-time commuting after a year of Covid means change is afoot for companies

Susanna* has spent most of lockdown in back-to-back Zoom meetings. It is a major change for the senior banker, who used to commute to London from her home in rural Lincolnshire and regularly travelled across the country to meet business customers face to face.

The 55-year-old does not miss the 5.30am alarms or spending three nights a week away from her husband and son. And she appreciates the way the bank’s management has banned calls between noon and 1pm – now dubbed “golden hour” – and cuts video meetings off after 50 minutes to give staff a brief buffer. But working from home has felt relentless, and after nearly a year she is longing to return to some sort of normality.

I have been really impressed with how productive we can be without being together in a building

Continue reading… via Banking | The Guardian https://bit.ly/2Mu94zq