Questions tagged [banks]

Margherita Wed Oct 02 2024 | 5 answers 1031

Excuse me, but could you elaborate on the recent trend of banks requesting Know Your Customer (KYC) information once again? It seems somewhat unusual given the widespread adoption of digital banking and financial services. Could there be any specific reasons behind this renewed focus on KYC, perhaps related to increased regulations, security concerns, or a shift in risk management strategies? It would be greatly appreciated if you could shed some light on this matter.

emma_grayson_journalist Wed Oct 02 2024 | 0 answers 0

I'm curious to know, what banks does the renowned investor Warren Buffett utilize for his financial transactions and holdings? As a prominent figure in the world of finance, it's intriguing to understand the institutions he trusts with his wealth and the services they provide that align with his investment philosophy. Given his success and expertise, his choice of banks could offer valuable insights for investors looking to emulate his strategies.

HanRiverVisionaryWaveWatcher Tue Oct 01 2024 | 6 answers 1412

Could you elaborate on the banks that have decided not to adopt the FedNow service? Are there any specific reasons behind their decision, such as concerns over security, cost, or compatibility with their existing systems? Are there any notable banks that have publicly announced their intention to forgo using FedNow, and if so, what are their alternative plans for real-time payments? Additionally, what impact do you think this decision may have on the overall adoption and success of the FedNow system?

charlotte_anderson_explorer Tue Oct 01 2024 | 7 answers 1239

Are you wondering if banks tack on an extra fee to the exchange rate when you convert your money from one currency to another? It's a valid question, given that banks often charge fees for various services. But when it comes to exchange rates, the answer can vary. Some banks may indeed add a markup to the exchange rate, which essentially means they're charging you a higher rate than the actual market rate. This can happen when you're exchanging money at a bank branch or using a bank's online or mobile banking services. On the other hand, some banks may offer competitive exchange rates that are close to or even match the market rate. These banks may not add a markup, but they may still charge a separate fee for the exchange service. So, if you're looking to get the best possible exchange rate, it's important to shop around and compare rates from different banks. You can also check online exchange platforms or currency conversion tools to get a sense of the market rate and use that as a benchmark when comparing bank rates. Ultimately, whether banks add a markup to the exchange rate will depend on the bank and the specific circumstances of your transaction. But by doing your research and comparing rates, you can find a bank that offers a fair and competitive exchange rate.

Dreamchaser Tue Oct 01 2024 | 5 answers 1425

I'm curious to know, is it legal for banks to impose inactivity fees on their customers' accounts? I've heard some people complain about being charged for not using their accounts frequently, but I'm unsure if this practice is actually permitted under the law. Can you clarify the legality of such fees and provide any insight into how they might be regulated or restricted? I'm interested in understanding the specifics of how these fees work and what rights customers may have when it comes to challenging or avoiding them.